In 2019 alone, PITC received P9.66 billion in new fund transfers from client agencies for the procurement of goods. In 2018, the funds transferred by government offices to PITC amounted to P14.89 billion. Funds intactTrade Secretary Ramon Lopez, the PITC chair and trade chief, said all funds held by the company for requesting agencies were intact. PITC’s procurement “undergoes very strict procedure,” which explains why it is lengthy, Lopez told a news briefing. If the bidding fails, the funds are returned to the agency and to the national treasury, Lopez said.

Source: Philippine Daily Inquirer November 23, 2020 21:05 UTC