PICC owes gov’t P150M—CoA
Credit to Author: The Manila Times| Date: Sun, 28 Apr 2019 09:25:21 +0000
THE Philippine International Convention Center, Inc. (PICCI) has to remit P150.237 million to the national government, or at least 50 percent of its net earnings for 2017, the Commission on Audit (CoA) said.
In its report from January to December 2018, the CoA said the non-remittance was a violation of the revised implementing rules and regulations (IRR) of the Republic Act (RA) 7656.
PICCI previously said that it remitted its earnings to its parent company, the Bangko Sentral ng Pilipinas (BSP), but the CoA noted that since the government owned the PICC, its required capitalization “was fully subscribed by the Government of the Republic of the Philippines.”
It also cited RA 7656, which defines a GOCC as a “stock or non-stock corporation vested with function relating to public needs whether governmental or propriety in nature, and owned by the National Government directly or through its instrumentalities either wholly, or where applicable as in the case of stock corporations to the extent of at least 51 percent of its capital stock.”
“The dividends amounting to P150,327,174 was not remitted to the national government contrary to the above provision of the law,” the CoA said.
PICCI was created by the BSP under Presidential Decree 520 on the rules of statutory construction.
The PICCI operates the Philippine International Convention Center (PICC) in Pasay, which hosts numerous local and international conventions, meetings and social events. GLEE JALEA
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