Recto: P130B ‘missing’ from Malampaya fund

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THE Malampaya gas drilling project has generated a total of P170 billion in revenues for the government since it started in 2000, but the Department of Budget and Management (DBM) is clueless as to where a P130-billion chunk of it went, according to Senate President Pro-Tempore Ralph Recto.

Recto on Monday said there were no documents to show which government agencies benefited from the P139 billion or how it was used. He said he wanted to find out what the Arroyo and Aquino administrations did with the fund.

Based on records, the administration of president Gloria Arroyo spent P25 billion of Malampaya funds, while the present administration already spent P15 billion, or a total of P40 billion since the project started.

“I have been studying the Malampaya fund collection since 2010 and there were no documents that will show the P130 billion. Maybe it was used to fund other projects,” he said.


Recto said the DBM needs to come up with a system that will properly trace the funds because the government expects to collect around P30 billion annually from the Malampaya project until 2030.

He has introduced several proposals that aim to reduce power rates or help the Armed Forces of the Philippines or both, using the gas fund.

Senate Bill No. 465 seeks to reduce power rates by using the Malampaya funds to pay debts of the National Power Corporation (NPC) that are being passed on to power consumers.

In his proposal, Recto wants to allocate the net national government share from Malampaya to pay the NPC’s Stranded Contract Costs (SCC) and Stranded Debts portion of the Universal Charge (UC).

“Instead of using Malampaya Fund to finance non-energy related programs and projects of national government agencies, the Fund would now directly benefit power consumers,” Recto said.

If enacted, the measure will provide timely and substantial relief to power consumers. In February the Energy Regulatory Commission (ERC) decided to set the UC for the recovery of NPC’s SCC at P0.1938/kWh, which became effective in March.

In his SB 466, Recto sought the channeling of portion of the proceeds from Malampaya to finance the AFP modernization program.

“The emergence of internal and external security threats has been putting the capabilities of our armed forces to the test. As we stagger to protect our borders in international territorial disputes, our forces struggle to address internal security threats that continue to persist,” Recto said.

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12 Comments

  1. Good work Senator Recto. Please make sure that your exposay is properly replied to by the DBM and strong measures are created to prevent this type of robbery. All Malampaya funds should be accounted for. All funds disbursed by the President whoever he is should be supported by laws and subjected to regular audits to make sure they are used for ;legitimate authorized government expenditures only and not for electioneering or relathieves use. Stop kamag-anak incorporated from having access and control of government funds.

  2. Unless and until the Phil. will have the political will and the courts are independent so that the laws will be executed properly and decisively, the mess in our country will stay. Let the guilty be punished, period!

  3. I don’t want to read this corruption news stories anymore, just the headline its very disheartening. This is unacceptable. the perpetuators or guilty should be locked up for at least 10 years and confiscate all their ill-gotten wealth. there should be no pardon or special treatment for these criminals. the magnitude of money stolen is just devastating and can be attributed to violations of national security. I hope this time these criminals will be jailed for a long time and suffer for their actions including their supporters and accomplices. Its high time.

  4. senator, if you want to reduce power rates, look at the VAT and other taxes. it goes as high as 15% of total cost. government even taxes the overstated system loss and the involuntary subsidy we pay for the lifeline customers and senior citizens. let malampaya fund pay for those taxes and the subsidies. it will reduce rates directly and relieve us of the unjust, involuntary subsidies.

  5. To all Senator & Congressman, Please comet strong support to AFP modernization. That is what they people in the Phil want. Do not listen to the militant group, this group has funded by external or illegal intruder in our territory. People will very happy if we had a strong capability to defend in our territory. This is what they Filipino people want Now.

  6. An very strong ex Arroyo ally, now a very strong PNoy backer, let us hope that Recto will not only target investigating whereabouts of the funds during the Arroyo administration and not the current one. Let us hope Recto will not be another Tan-Pulido and Abad tandem.

  7. joebert banderas on

    grabe na talaga kung magnakaw ang mga politiko at govt officials sa pilipinas bilyon2x akala nila hindi sila mapaparushan sa dagat dagatang apoy sa impyerno,kaawa awa kayong lahat pagdating ng paghuhukom pinili ninyo ang magnakaw.

  8. I sincerely hope that what senator Recto plans to do with the (missing P130 B)Malampaya Fund when found will be truly used directly to benefit consumers in their energy consumptions.

    So many “Perfect Bills” that were written in water in the past, present and future again and again. That is how the Philippine government has been running. Sad but true.

    What a BIG SHAME……..

  9. abraham.magtanong on

    The pinoy government is expert on blaming. Blame it again to gloria macapagal arroyo.your days are numbered mr president.