MANILA, Philippines – The Commission on Audit has recommended legal action against the Philippine National Bank (PNB) over its failure to submit supporting documents in relation to funds releases from recovered ill-gotten wealth of the Marcos family.
State auditors, in its 2018 audit report released May 21, urged the Presidential Commission on Good Government (PCGG) to file a complaint to compel PNB to provide required documents to verify the disbursement made amounting to P157 million ($2.98 million) from the $5-billion funds.
The PCGG is the government agency with a specific task to go after the ill-gotten wealth of the Marcoses.
The retained funds were created in 2004 and came from the recovered Swiss deposits forfeited in favor of the government in 2003. It is intended for administrative and litigation expenses incurred by the PCGG in its efforts to recover more Marcos illegal wealth.
The disbursement, made between September 2016 to December 2018, were found to be unsupported by any documents as required under the Custodial Agreement between the Philippine government and the PCGG.
COA found that out of the amount disbursed, only $924.50 was duly supported with sales invoice.
According to PCGG, the commission consistently requested the required documents from bank management since February 2018 via letters and “numerous verbal requests through telephone” to no avail.
COA said that as a trustor, the PNB is required to provide the documents needed by the PCGG. Lacking these required documents will lead to difficulty on the part of COA to determine the veracity of the PCGG’s accounts. – Rappler.com