ADVERTISEMENTLopez donationThe Lopez funds were meant for socioeconomic development and disaster mitigation while the money from Pagcor was intended for financial assistance to law enforcers. The deed of donation provided that the proceeds should be used for economic development projects in accordance with a national priority plan. ADVERTISEMENTCOA reported that the OP was only able to collect the P5 billion from Pagcor on Dec. 29, 2016. The amount represented the share of Pagcor’s net income for 31 months from June 2014 to December 2016 that should have gone to the PSF, COA said. It used to be managed by the Presidential Management Staff until it was transferred to the OP on Oct. 8, 2014.

Source: Philippine Daily Inquirer July 12, 2017 22:41 UTC