IN compliance with the recommendations of the Commission on Audit (COA), the Department of the Interior and Local Government (DILG) said it has closed its four trust fund accounts at the LandBank of the Philippines with a collective aggregate amount of P12.98 million.
The COA said the creation and retention of such accounts as of the end of 2023 lacked any legal basis.
The DILG said the accounts were initially established as depository accounts for funds from other national government agencies to ensure the timely release of money for the implementation of various programs and projects.
The DILG said it was in the process of closing its remaining two accounts: the DILG-National Capital Region Special Project Account, holding P1.116 million, and the DILG Central Office Trust Account, holding P10.025 million.
The DILG said it was collaborating with the Bureau of Treasury to establish a modified disbursement system trust account under the LandBank of the Philippines.
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