Government auditors flag PS-DBM for its P3 billion bank investment

📆 30/8/2565 10:15:00
📰 MlaStandard

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The 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:

It cited the failure of the PS-DBM to revert the investment to the general fund of the Bureau of Treasury in violation of Executive Order No. 431 issued on May 30, 2004.

The 2012 joint circular said 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. The COA also said that while PS-DBM’s high-yield savings account was terminated and the proceeds were returned to its LBP current account in 2020, the DBP high-yield savings account remained with a balance of P3.001 billion.

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