Party-list group seeks probe on NCCA’s P1.7-B time deposit

MANILA, Philippines - The Pwersa ng Bayaning Atleta (PBA) party-list group asked Congress yesterday to look into the Commission on Audit (COA) report that the National Commission on Culture and the Arts (NCCA) has placed some P1.789 billion of its funds in time deposits.

PBA spokesman Jericho Nograles said the amount could have gone a long way to support young and aspiring artists in honing their craft.

The NCAA needs to explain why it decided to place its budget in time deposit, which could be tantamount to diversion of public funds, Nograles said.

“We have tens of thousands of young Filipinos who should be benefiting from this fund and yet the NCAA is just making money of it through time deposit,” he said. 

“The big question is, who is getting all the interest income?” he added.

Nograles said many talented but poor young Filipinos are forced to pursue other careers because of the lack of support from the government.

“Filipinos are perhaps one of the most artistic people on this planet but it’s sad that there is barely any support for them. We need to help our young and budding artists so they can truly reach the full potential of their talents,” he said.

The COA earlier disclosed that the NCAA, through the National Endowment Fund for Culture and the Arts (NEFCA), has decided to keep its P1.789-billion fund in a bank to generate interest instead of utilizing it for art and cultural programs and activities.

The COA said keeping the fund in a time deposit is contrary to the rules on the administration of public funds and has resulted in “the immobilization or idleness of such huge amount instead of helping the government in maximizing the use of its scarce resources.”

According to the COA report, as of Dec. 31, 2014, the NEFCA had a balance of P1,789,877,477, which was placed in a time deposit called the High Yield Savings Account under the agency’s Cash in Bank Local Currency, Time Deposits account.

The COA said the NCAA could have violated Executive Order No. 338 issued on May 17, 1996, which requires that cash balances of all government agencies and offices should be remitted to the National Treasury.

PBA first nominee former Rep. Mark Sambar said Congress should investigate this issue as he proposed the creation of the Department of Sports, Culture and Recreation.

Sambar said the proposed culture and sports super body would have the primary mandate of developing and promoting young Filipino artists and athletes.

MET gets facelift

Meanwhile, the NCCA has started the renovation of the Manila Metropolitan Theater (MET) 84 years since it was inaugurated on Dec. 10, 1931.

The NCCA has taken the initiative to restore the MET, which was declared as a historical landmark. It has been neglected for about a decade and was acquired by the NCCA from the Government Service Insurance System in June for P270 million.

Architect Gerard Lico, NCCA consultant, said they would be soliciting financial support from the public for the restoration of the MET.

Lico said members of the Bureau of Fire Protection, students and volunteers joined the NCCA in cleaning the façade of the theater yesterday.

Next year, the NCCA will reportedly get an additional P270 million for the MET’s restoration. 

Lico said the restoration work would be finished within two to three years. – With Evelyn Macairan