COA bares AFP ‘unauthorized’ P1.8B bank accounts
THE Commission on Audit (COA) bared unauthorized bank accounts of the Armed Forces of the Philippines amounting to P1.8 billion.
In COA’s 2020 audit report, some P18 billion were divided into 20 bank accounts and deposited in various banks, including the Land Bank of the Philippines, Development Bank of the Philippines and United Coconut Planters Bank.
The COA called the attention of the AFP since the accounts were continuously retained without the Permanent Committee’s permission.
The committee, with COA officials as members, was created under the Administrative Code of 1987.
These accounts, as identified by COA, are P1.3 billion in three bank accounts under the AFP Modernization Act Trust Fund-Central Office; P347.4 million in eight bank accounts under the AFP Educational Benefit System Office; P84.3 million in two accounts under the AFP Real Estate Office and P37.7 million in seven bank accounts under the General Headquarters Central Office.
Under the General Appropriations Act of 2020, the balances of all special accounts, trust funds and revolving funds which have no legal basis should be closed or reversed.
In response, the Department of National Defense said it is already processing the closing of the accounts.
“The DND-AFP has been processing the closure of these accounts in adherence to the COA guidelines. However, some accounts cannot be closed outright as these are the depository accounts for our current projects, most of which are multi-year obligations,” the DND said.
