MANILA, Philippines — Senate Minority Leader Franklin Drilon on Monday said he suspects over P33 billion in taxpayer money were parked in a little-known state-run trading company under the Department of Trade and Industry. Initially, he said there were at least 18 billion “parked” and “sleeping” in the coffers of the Philippine International Trading Corp. ADVERTISEMENT“After looking at the audited financial statement, I suspect it’s over P33 billion,” he said in an interview over ABS CBN News Channel. “The latest financial statement as of December 31, 2019 indicates that customers’ deposits in PITC is P33.4 billion. Now, assuming that there are also some private sector deposits which is not much, so you are talking about funds to the tune of P33 billion in government funds deposited in a small trading firm,” Drilon added.

Source: Philippine Daily Inquirer November 23, 2020 02:59 UTC