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PCGG hit for failure to dispose of ill-gotten wealth

Michael Punongbayan - The Philippine Star

MANILA, Philippines – The Presidential Commission on Good Government (PCGG) has failed to efficiently dispose of recovered ill-gotten wealth.

The disposal of surrendered properties in the PCGG’s annual privatization plan was not attained due to lack of management policy and definite timelines to undertake them, including some dating as far back as 1986, the Commission on Audit (COA) said in a 2015 report released yesterday.

State auditors said the failure to dispose of recovered assets resulted in failure to fully implement the PCGG’s mandate to provide funds for the Comprehensive Agrarian Reform Program.

It also resulted in the deterioration of assets and occupancy of illegal settlers on some real properties, they added.

State auditors said one of the PCGG’s tasks is the preservation and administration of assets under sequestration, and assets surrendered and recovered, preparatory to disposition.

“While we acknowledged the performance of other worthy undertakings, evaluation revealed that accomplishments were not aligned with the annual targets as the remittances were derived from other sources or activities other than the disposals committed under the privatization plan,” they   said.

 

BEACON ELECTRIC ASSET HOLDINGS INC GLOBE METRO PACIFIC INVESTMENTS CORP PLDT SMC
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