PS-DBM to return P3-B high-yield investment to Treasury

In a statement sent by the DBM to members of the media on Tuesday, PS-DBM Executive Director Dennis Santiago said “the amount of P3 billion is intact.”

The same 2012 Joint Circular also states that dormant accounts refer to collections authorized by law to be deposited with an authorized government depository bank and have remained inactive for more than five years. “I am one with the Budget Secretary Amenah Pangandaman in giving PS-DBM a chance. Please allow the new administration to reform and transform the agency and provide efficiency and economy in the acquisition of common-use supplies and equipment, which we intend to focus on as part of our mandate,” Santiago said.

PS-DBM is mandated to procure common-use office supplies, materials, and equipment such as, but not limited to, ballpens, papers, stapler, paper clips, folders, and the like for all government agencies.

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Government auditors flag PS-DBM for its P3 billion bank investmentThe Commission on Audit has called the attention of the Department of Budget and Management Procurement Service (PS-DBM) for an unauthorized P3-billion high-yield investment in government banks outside its mandate. READ:
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