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MANILA, Philippines — The Department of Interior and Local Government (DILG) has decided to close four of its trust fund accounts amounting to over P12.9 million after it was flagged by the Commission on Audit (COA). In a statement on Saturday, the DILG said its four trust fund accounts at the Land Bank of the Philippines (LandBank) were flagged by COA “for unauthorized bank accounts,” stating that their creation and retention as of year end of 2023 “have no legal basis.” “The accounts were used as depository accounts for funds from other national government agencies,” explained the DILG. Article continues after this advertisement“The accounts were created to ensure the prompt release of funds to support the implementation of various programs and projects,” it added. FEATURED STORIES BUSINESS Philippines posts one of highest economic growth in Asia in 2024 BUSINESS DILG closes 4 trust fund accounts after being flagged by COA BUSINESS Eastern Europe braces for end to Russian gas suppliesAccording to the department, it is also coordinating with the Bureau of Treasury, seeking to open the Modified Disbursement System Trust Account under LandBank. “This account will be used for fund transfers granted or entrusted to the Department and may take effect in January 2025,” it said. In a press briefing on Monday, Roque said the Philippines signed the 5th Protocol to Amend ASEAN Comprehensive Investment Agreement (ACIA) last week. The Philippine Stock Exchange index (PSEi) went up by 0.22 percent to 7,326.41 while All Shares also rose 0.24 percent to 4,024.72. Article continues after this advertisementDILG then noted that it had earlier closed the following accounts: P1.73-million RO IX Trust Regular Account DILG-NCR Local Government Academy Special Project Account with P111,009Meanwhile, the DILG is processing the closing of the P1.1-million DILG-National Capital Region Special Project Account and the P10-million DILG Central Office Trust Account. Subscribe to our daily newsletter |
