Philippine International Trading Corp. returned P5.2 billion to the Bureau of the Treasury in the first half, according to a report to Finance Secretary Carlos Dominguez III.
The PITC’s remittance was in response to Dominguez’s request to the Department of Trade and Industry last year for the state-run firm to return its interest earnings to the BTr to help augment the government’s funds on COVID-19 response and disaster relief efforts.
The Corporate Affairs Group of the Department of Finance reported that PITC also returned P1.89 billion to client-agencies, including the Technical Education and Skills Development Authority, University of the Philippines Los Banos, UP System, Department of Health, among others—for projects identified as no longer necessary, and paid P1.82 billion to suppliers from January to June this year.
The report said that as of end-June, PITC’s fund transfers from different government agencies for various procurement programs amounted to P22.7 billion, down from P31.6 billion as of end-2020.