The Philippine International Trading Corp. (PITC), an agency under the Department of Trade and Industry, has about P33 billion in idle funds, according to the Commission on Audit.
COA documents showed that the bulk of PITC’s idle funds were in “cash in bank” and held in trust by PITC for different government agencies for the procurement of various items.
According to the COA report, balances of fund transfers from its client agencies amounting to P9.176 billion from 2009 to 2019 “remained unutilized as of Dec. 31, 2019, due to pending procurements.”
The PITC is the second government agency that was uncovered to have idle funds amounting to the billions. On Monday night, the Senate discovered the Department of Social Welfare and Development had about P83 billion in idle funds. SOVEREIGNPH