COA reminds TUP: Don’t stash P746 M in bank

MANILA, Philippines - The Technological University of the Philippines (TUP) should improve its facilities for the benefit of students instead of keeping P746 million in its bank account, according to the Commission on Audit (COA). 

In a 2014 report released yesterday, state auditors said the academic institution’s failure to use the money from its Special Trust Fund (STF) is “depriving the students of the much-needed improvement in the physical facilities of the university.”

The COA report noted that non-utilization of available funds is resulting in the continuous accumulation of cash in the TUP’s bank account. 

For 2014, records show that 46 percent or P140.8 million of the P309.3 million STF budget intended for instruction, research, extension and other programs and projects of the TUP was not spent, including P45.4 million for the procurement projects of its Manila and Taguig campuses.

TUP officials reasoned that while fiduciary funds have been earmarked for projects as approved by the Board of Regents, some projects were not awarded during the year due to failure of public bidding. 

State auditors said school officials should prioritize the upgrading of facilities and equipment and speed up the implementation of the planned procurement projects.

They also said the TUP should assess the need to collect different fiduciary fees to reduce the financial burden of students since a great portion of the fees were added to the bank balance yearly but not utilized for their intended purpose.

In its 2013 report, COA cited the same problems: the university has been keeping money in the bank and not spending the funds to improve its facilities and services.

 

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