Adverse COA Findings Support Duterte's Misgivings about Land Bank of the Philippines

Manila Bulletin, July 24, 2019 | Go to article overview

Adverse COA Findings Support Duterte's Misgivings about Land Bank of the Philippines


By Ben Rosario

Adverse audit observations noted by the Commission on Audit (COA) seemed to support President Rodrigo Duterte's misgivings about the Land Bank of the Philippines (LBP) which he conveyed in his State of the Nation Address on Monday.

In the 2018 annual audit report (AAR) recently released by COA, auditors noted that LBP's credit card receivables account amounting to P401.92 million as of December 31, 2019.

In the executive summary of the audit report, COA also drew attention to the Financial Statement indicating that the LBP's Fair Value Through Other Comprehensive Income/Available-for-sale investments account included undelivered 3,366,800 Meralco shares.

"Likewise corresponding cash dividends earned amounting to P403.481 million and P358.446 million as at December 31, 2018 and 2017, respectively and property dividends of 9,488,394 shares of stock in Rockwell Land Corporation were still unpaid to LBP," the audit agency said.

In his SONA, Duterte scolded the LBP, alleging that it had been focusing too much on commercial operations. As such, the President said the government bank had failed to help the farmers and fishefolk it was meant to primarily help.

"I will give you until the end of July to give me a plan or else I will ask Congress to reconfigure you or whatnot... if there is no viable plan for the farmer then it is all commercial transaction, I plan to abolish it," said the chief executive.

The AAR revealed that audit suspensions and disallowances have reached P2,871,717,704.84 that included P2.81 billion in unauthorized disbursement involving Priority Development Assistance Fund of congressional members and the Development Acceleration Program of the Aquino administration. …

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