A BILL was filed Wednesday at the House of Representatives seeking to abolish the Philippine International Trading Corporation (PITC) amid procurement issues hounding the agency.
Cagayan de Oro City Rep. Rufus Rodriguez filed House Bill 10221, which will transfer the functions of the state company such as trade-related government-to-government transactions to the Department of Trade and Industry (DTI).
Rodriguez said the Marcos regime-created PITC, which is attached to the DTI.
In seeking the disbandment of PITC under Bill No. 10221, Rodriguez said the state-owned corporation has been hounded by “issues and controversies, including the transfer of P11 billion from 2014 to 2020 by various source agencies, which funds remained unused as of December 2020.”
“These transfers were made to increase the budget utilization rate of government agencies, as funds transferred to the PITC are considered obligated and disbursed already,” Rodriguez said.
He said there are also reports that source agencies are using the interest earnings of billions they turn over to the PITC for bonuses and other emoluments.
Rodriguez added that the PITC was created under Presidential Decree No. 252 to establish and pursue trade with “socialist and other centrally planned economy countries.”
However, as of today, there are only two such economies - Cuba and North Korea, according to Rodriguez.
He pointed out that trade liberation and the passage of Republic Act No. 9184, or the Government Procurement Reform Act, have made the PITC irrelevant and redundant.
The Rodriguez bill mandates the DTI to take over the functions of the PITC upon the latter’s abolition.
Affected personnel would be paid separation or retirement benefits. Funds transferred to the PITC and which have remained unused would be returned to the source agencies.
In a separate bill, Rodriguez has sought the abolition of the Procurement Service of the Department of Budget and Management, which has faced similar allegations of fund transfer and procurement irregularities. (Ben Balce)
