Palace orders COA to open GOCC, GFI books
FINANCE Secretary Cesar Purisima has directed the Commission on Audit (COA) to examine the books of government-owned and -controlled corporations (GOCCs) as well as government financial institutions (GFIs), with June 30, 2010, as the cut-off date.
“The date is important for establishing accountability,” Purisima told reporters, adding that financial audits “take a while” to complete.
Of particular interest are the books of the National Food Authority, which reported total liabilities of P171 billion as of May 2010—an amount, he said, that quintupled from a mere P28 billion in 2003.
Purisima said President Benigno Aquino III “presented his findings in the SONA” based on his officials’ “examination of some documents available” to them.
He said the COA would also look into the financial condition of the National Irrigation Administration, National Electrification Administration and Philippine National Railways, among others.
Many GOCCs and GFIs are money-losing entities led by political appointees who often have little expertise in their fields of concern. (PIA-Bohol)
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