The Commission on Audit said the controversial economic stimulus program of the Aquino administration fell short of its promise of accelerating spending. INQUIRER FILE PHOTO
MANILA, Philippines鈥揟he Commission on Audit (COA) has spoken: The controversial economic stimulus program of the Aquino administration fell short of its promise of accelerating spending.
Contrary to the claims of the government, the COA said the goal of the Disbursement Acceleration Program (DAP) was not met 鈥渄ue to delay/slow/or nonrelease of funds to project proponents.鈥�
In its annual financial report for 2013, the COA also ordered four government-owned and -controlled corporations (GOCCs) to return more than P2.4 billion in unused DAP funds to the national coffers after the Supreme Court struck down portions of the savings-impounding measure as unconstitutional.
Malaca帽ang has defended the DAP, saying it was instrumental in stimulating the economy, which over the past two years posted the highest growth rates in the region after China.
The comprehensive 381-page report on the financial status of 596 GOCCs was submitted by COA Commissioner Heidi Mendoza to President Aquino, Senate President Franklin Drilon and Speaker Feliciano Belmonte Jr. on Sept. 29.
The four GOCCs鈥擭ational Dairy Authority (NDA), National Electrification Administration (NEA), Philippine Institute of Development Studies (PIDS) and Philippine Fisheries Development Authority (PFDA)鈥攚ere also directed to account for more than P1.38 billion in DAP funds that remained unliquidated.
鈥�(The) DAP objective of accelerating government spending was not attained due to delay/slow/or nonrelease of funds to project proponents,鈥� the COA said in its report.
It also discovered 鈥渘onliquidation of funds released to project proponents鈥� of the DAP-funded programs implemented by the NDA, NEA and PIDS.
COA auditors said the GOCCs should 鈥渞eturn the unutilized DAP funds to the Bureau of the Treasury pursuant to the pronouncement of the Supreme Court that the DAP is unconstitutional.鈥�
Voting 13-0 with one abstention, the Supreme Court declared unconstitutional in July Aquino鈥檚 prerogative to treat the savings of government agencies as discretionary funds under the Office of the President.
Hurt by the landmark ruling, the President lambasted the Supreme Court for its supposed 鈥渏udicial overreach鈥� in the affairs of the national government.
Biggest chunk
In its report, the COA said the NEA, which received nearly P2.6 billion, got the biggest chunk of DAP funds released to GOCCs.
However, the agency tasked with overseeing the government鈥檚 rural electrification program failed to account for more than P998 million in financial assistance it released to project proponents.
The PIDS was ordered to return P560 million of its DAP allocation and to liquidate funds it released to its project partners amounting to more than P296.8 million.
The COA said the NDA, an attached agency of the Department of Agriculture, must account for more than P87 million in DAP funds the agency had provided to project proponents and refund over P167.4 million to the National Treasury.
The COA also asked the PFDA to return to the national government P98 million of its DAP allocation that remained unused.
Useful instrument
The annual financial report was meant to 鈥渟erve as a useful instrument to address the advocacy of various groups such as the media, civil society, people鈥檚 organizations, nongovernment organizations and even the international community in attaining transparency in government agencies,鈥� the COA said.
It noted that the GOCCs, some of which were allegedly used by detained businesswoman Janet Lim-Napoles as conduits in the P10-billion pork barrel scam, had combined total assets of almost P9.3 trillion and total liabilities of more than P7 trillion.
鈥淚n general, the excess of total assets over total liabilities indicates the ability of GOCCs to deliver expected services and benefits to the public, its constituents and various stakeholders,鈥� the COA said.
鈥淔urther, the GOCCs鈥� net worth signifies the amount that is available for claims of the government as its major stakeholder,鈥� it added.
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