PS-DBM: Investment still intact

A high-ranking official of the Procurement Service of the Department of Budget and Management on Tuesday assured that the more than P3 billion worth of high-yield investment in government banks, which was recently flagged by state auditors, is still “intact.”

PS-DBM executive director Dennis Santiago said they are already reviewing its audit observation memorandum from the Commission on Audit, which flagged the P3 billion investment, saying it is unauthorized and executed outside of its mandate.

“We are already reviewing the audit observation on the high-yield savings account and shall revert to CoA to address the AOM,” Santiago said.

“The amount of P3 billion is intact, and I am for the return of the money to the national treasury soon as we have properly clarified the nature of the funds with CoA,” he added.

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