P113-M PCGG expenses unaccounted for

MANILA, Philippines - The Presidential Commission on Good Government (PCGG) has failed to account for over $2.540 million or P113.616 million in undocumented expenses incurred last year and charged against the recovered ill-gotten wealth of the Marcos family.

The expenses would be disallowed in audit and the PCGG would have to  reimburse the amount if it fails to submit documents and explain how the money was used, the Commission on Audit (COA)said.

“For CY 2014, the undocumented transactions from the retained fund amounting to more than $2,540,619.06 (P113,616,484.36 at P44.72 per US dollar) excluding accrued interest and expenses,” state auditors said.

“With the long inaction of management on the matter, the Office of the Auditor may be left without any recourse but to suspend or disallow all debits.” 

As of Jan. 1, 2014, the PCGG’s account balance of cash in bank-foreign currency savings account (CIB-FCSA) was $9,294,402.35, not counting accrued interests and expenses, financial records show.

As of Dec. 31, 2014, the same account, created in 2004, where recovered Marcos wealth amounting to $658,175,373.60 in 2003 was kept, showed only $6,753.783.29, the COA said.