COA urges PCGG to take legal action versus PNB over Marcos litigation expenses
The Commission on Audit (COA) has called on the Presidential Commission on Good Government (PCGG) take legal action against the Philippine National Bank (PNB).
The COA cited the PNB’s failure to submit the supporting documents for the P157-million litigation expenses incurred in the recovery and transfer of the proceeds of dictator Ferdinand Marcos’s ill-gotten wealth.
In its 2018 annual audit report, the COA said the legal action should “compel submission of the supporting documents in accordance with Section IX of the Custodianship Agreement.”
It stressed that the balance in the PCGG’s foreign currency savings account for charges and disbursements worth P122.49 million became “unreliable” because of the PNB’s lapses.
Only a $924.50 “retainer’s fee” was duly supported with a sales invoice.
“The rest of the disbursements and expenditures were not documented as required such as, debit and credit memos, among others,” read the report.
The PCGG in 2004 authorized the PNB to cover the expenses needed for the recovery and transfer and assets seized from Marcos’s family and cronies.