DBP stands for Development Bank of the Philippines, not Devastated Bank of the Philippines.
It used to be the largest government depository bank before the Land Bank came into being.
DBP was widely known for its integrity in banking practices, leading the way in the country’s financial market services.
Today, the DBP is just a shadow of itself.
Last year, former Pres. Noynoy Aquino issued an EO merging the DBP with the LBP, with the latter emerging as the surviving entity.
Why DBP is being merged is a big question in itself. Rumors abound that the DBP has been scandalously mismanaged that some unexplained billions in losses are being covered up. The proposed merger was said to be the solution.
In one document supplied us, the COA thru Grace D. Reyes and Emma V. Moises, Audit Team Leader and Supervising Auditor, has issued a Notice of Disallowance dated July 18, 2016, particularizing illegal payments made to Kaisa Consulting Company Inc. amounting to P113,106,936.94 for being contrary to the provisions of RA 9184 otherwise known as the Government Procurement Reform Act.
Among other things, this particular disallowance pointed to the “absence of a detailed breakdown of technical specifications hindered an objective and thorough evaluation of the project.”
Moreover the COA disallowance notice said “The Philippine International Trading Corporation (PITC) was hired as procurement agent for the core banking project for P10.338 million despite PITC’s lack of experience in banking operation.”
The COA disallowance notice also said “Submitted documents showed inconsistencies of information: Bid Bulletin No. 3 clarifies that DBP requirement of cloud portability of the banking solution to be offered y the bidder negates the need to buy hardware as this is already available via cloud providers…”
The COA again thru Supervising Auditor Moises issued on July 22, 2016 a Notice of Suspension, making reference to Observation No.7 of the 2015 DBP Annual Audit report which pertained to DBP’s Business Driven Resources Realignment Structure under Board Resolution No. 0317, series of 2013.
This Notice of Suspension made particular mention to payments of salaries, fringe benefits and other compensation of DBP officers and employees amounting to P6,640,337,994.87.
It covered the compensation areas such as salaries/wages, fringe benefits, SSS, PhilHealth, ECC & HDMF, Medical dental and Hospitalization and Contributions to Retirement/Provident Fund.
Earlier on June 30, 2016, A Supplemental Notice of Charge was issued by COA thru Gladie P. Palomar and Emma V. Moises, Audit Team Leader and Supervising Auditor, respectively, to eleven DBP officials who were found liable for the trading losses amounting to P876,711,506.28 in violation of RA 3019, otherwise known as the Anti-Graft and Corrupt Practices Act.
DBP union officers and members led by Mario Pagaragan, Jr. and Jun Tirado have denounced these anomalous acts and have sent Pres. Duterte a message for assistance and resolution.
Would you believe that the highest monthly compensation received by DBP officials during the PNoy administration was P402,600.00 and the lowest at P180,000.00? What about the perks and bonuses?
Hmm. Pilyo kayo ha? (Email your feedback to fredlumba@yahoo.com.) God bless the Philippines!
