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ACO Calls PCSO for Disbursements P5.89-B Not Related to Charitable Projects
MANILA, Philippines – The Commission on Audit has called the Philippine Philatelic Office for disbursements of 5.89 billion euros in 2017 unrelated to charity programs, warning that this practice may soon deplete the public enterprise (CF) charity fund, rendering it unable to fulfill its primary mandate.
In an annual audit report posted on its website Friday, the ACO noted that for 2017, the PCSO used a total of 18,035 billion FC "This deficit can be attributed to various disbursements / charges at FC for a total amount of 5.890 billion P in relation to national health programs, medical assistance / services and / or charities, as specified in section 6. B of the AR 1169, "the report of the ACO read. Charity Scan Charter Office, 30 percent of the proceeds of the PCSO will be spent on its CF which will be used strictly for the payment of grants to various charitable institutions, such as the Philippine National Red Cross, for their health programs , medical and other
The agency said that a review of the use of the PSC's PSC in 2017 revealed that 318,589 million P were disbursed to the Commission on the PSC. Higher Education for "Strengthening Higher Education Across the Country" and 5.298 billion Bureau of Internal Revenue in payment of taxes on documentary postage stamps related to lotto operations, small-scale lottery (STL) and online Keno games;
A total of 67.98 million pesos was also provided by the staff of the CPSO staff assigned to the PCSO Charitable Clinic and 204.593 million pesos as payment of medical benefits to all employees of the PCSO as part of the Expanded Program of Medical Assistance (EMAP).
these expenditures should have been charged to the OPCF Operating Fund (OF) and not to the CF.
She stated that the management of the PCSO had asserted that a total of 1.5 billion P1 had already been transferred from her OF to her CF, verification of the audit team revealed "That no actual physical transfer of funds from the bank-cash account to the cash-bank of the bank-FC has occurred."
Therefore, the balance of the non-profit fund used amounted to 933,836 million of 31, 2017 reflected in the [PCSO’s] Statement of the use of charity funds for CY 2017 was inaccurate and misleading, the COA report read.
Losses Due to Keno Operations
In the same audit report, the COA also recommended the PCSO to review the operation of its Keno online games due to its income deficit accumulated 4,283 billion pesos from 2006 to 2017.
The COA said that since PCSO started its online Keno Games operations in 2006, it has losses already incurred amounting to 4,282,538,724.56 as of December 31, 2017 "due to payments that exceeded the amount allocated for pricing."
The agency did not buy the management's defense that despite the losses, Keno operations continued to contribute funds for various charity programs According to the ACO, these contributions did not still exceed the amount of the accumulated deficit.
According to the ACO's records, Keno's operations paid only $ 2.845 billion to the PCSO's charitable fund between 2006 and 2017, the deficit that's out. he had caused the State Games' (FP) Games Fund "to exceed the actual amount of CP's contributions to the CF of 1.437 billion."
"It can be concluded, therefore, that The COA's current statement stated that at the end of 2017, the PCSO had a total deficit of 741,574 million pesos in its consolidated FY, mainly due to Keno Operation losses.
The COA said that without the challenge of Keno cit., The consolidated PCSO FP "should have reflected an economy of P440.155 million … instead of the deficit balance of 7,441,574 million."
"If this trend continues, the consolidated price fund could be exhausted," We recommended that management reconsider existing policies and guidelines for Keno operations and determine the cause of the continuing onset the deficit in the price fund … Otherwise, consider the possibility of abandoning Keno Operations if it continues to suffer deficits in the price fund that is detrimental to the stability of the prize-bound prize, "added the COA – Elizabeth Marcelo
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