COA: 4 GOCCs have unaccounted P3.787-B DAP funds

MANILA, Philippines - Four government-owned or controlled corporations (GOCC) have over P3.787 billion in Disbursement Acceleration Program (DAP) funds unaccounted for, based on a Commission on Audit (COA) report released last Monday.

State auditors said the entire amount includes some P2.405 billion that has remained unutilized and more than P1.382 billion disbursed but unliquidated.

The COA report said the National Electrification Administration (NEA) was the biggest recipient of DAP funds at P2.578 billion, followed by the Philippine Institute for Development Studies (PIDS) which got P856.809 million. The National Dairy Authority (NDA) received P254.442 million while the Philippine Fisheries Development Authority (PFDA) got P98 million.

The COA report said the unused amount should be returned to the national treasury, considering that the Supreme Court has already declared DAP as unconstitutional.

DAP was supposed to be a stimulus program introduced in October 2011 to speed up public spending and boost economic growth by using government savings to fund projects and programs.

The COA report submitted to the Office of the President, the Office of the Senate President and the Office of the Speaker of the House of Representatives on Oct. 1 said the DAP objective of accelerating government spending was not attained in the case of the four GOCCs due to delays, slow or non-release of funds to project proponents.

State auditors said P2.405-billion DAP funds released to the GOCCs remain unused as of Dec. 31, 2013, including P1.58 billion given to NEA, P560 million to PIDS, P167.44 million to NDA and P98 million to PFDA.

As for the money already spent, state auditors said P1.382 billion including NEA’s P998.189 million, PIDS’ P296.809 million and NDA’s P87.002 million, should be properly liquidated.