A huge portion of the budget is allocated every year for the 4Ps. Last year, P62.3 billion was budgeted for it. The DSWD, the implementing body of the 4Ps, availed of several foreign loans totaling to P90.03 billion so as to implement five projects. Out of the five, three are still being implemented, which includes the CCT.
Early this year, a $450 million loan was approved by the World Bank. The additional loan is meant to augment the project’s cost for four more years.
The Commission on Audit (COA) revealed that as much as P6.39 billion in funds remained unliquidated as of 2015. Said funds include the conditional cash transfer (CCT) with years in question from 2008 to 2014.
A part of the funds meant for CCT beneficiaries amounting to P1.579 billion was discovered as idle in Land Bank of the Philippines. The funds have remained untouched in government banks and its conduits, with only a portion of the allocated budget reaching beneficiaries.
According to the audit report that was released by the commission this week, there were no recorded withdrawals from the time the accounts were opened from the almost 400,000 beneficiary accounts. Approximately P139 million is the total of said accounts.
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