Philippines: House leader bats for audit of ‘trust fund-rich’ agencies
08 Sep 2020

House Speaker Alan Peter Cayetano on Sunday called for an audit of all government agencies with big trust or investment funds and to go after possible corruption activities.

“I think it’s about time that right after the budget (approval), we must look into government agencies with huge trust or investment funds, such as the Pag-IBIG Fund (Home Mutual Development Fund), the Government Service and Insurance System, the Social Security System, [and] the Overseas Workers Welfare Administration,” he said in an interview on Dobol B sa News TV.

“All of these have their revolving fund or trust fund or investment fund, whether government financial institution or an agency of the government. I think we have to have an expert team with a capability on financial forensics who could look at these,” he said.

He said that in his over 20 years in public service, he never heard the Philippine Health Insurance Corp. complain that it was losing funds until its officials admitted that its funds were depleting.

He said the Commission on Audit and National Bureau of Investigation must beef up their financial forensics.

With the right financial forensics team, he said, problems would be spotted right away.

By Rio N. Araja, Manila Standard, 7 September 2020

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