Sunday, October 7, 2012

udit finds Philippines lost $3.02b to misuse of state funds

MANILA (AFP) - The Philippines lost 101.82 billion pesos (S$3.02 billion) through misuse of state funds and assets during the latter years of ex-president Gloria Arroyo's rule, government auditors said on Saturday. The Commission on Audit highlighted anomalies that mostly occurred in the 2007-2009 period in its investigation of more than 61,000 government agencies last year. "Most audit findings categorically indicate pecuniary loss on the part of the government, as a result of violations of law, rules and regulations," said the report, first posted on its website on Saturday. More than 4,000 cases of unauthorised expenses, unaccounted for cash advances, uncollected duties, fictitious claims, missing assets, or abandoned projects, cost the government 101.82 billion pesos, it said. The total is equivalent to 5.6 per cent of the country's budget this year.