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COA lauds AFP commissary for P282-M profit increase; flags unauthorized bank accounts

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Adrian Ayalin, ABS-CBN News

MANILA - The Commission on Audit pointed out the unauthorized bank deposits of the Armed Forces of the Philippines Commissary and Exchange Service to the Philippine National Bank and the Bank of the Philippine Islands amounting to P308,042,481.87.The COA noted in its 2017 audit report that the AFPCES had a total balance of P303.28 million with PNB and a total deposit amounting to P4.75 million with BPI.It was noted that the AFPCES, which is mandated to provide quality but reasonably-priced goods to military personnel, veterans and their families, should only maintain accounts in “Authorized Government Depository Banks.”The COA said the deposits with PNB and BPI lacked approval from the Department of Finance and the Monetary Board, which dictate which banks are designated to hold government deposits. “The PNB and the BPI are not among those categorized as authorized government depository bank (AGDB). Likewise, there are known AGDB in the vicinity of Camp Aguinaldo where AFPCES is located, that are accessible and can provide banking services,” the audit report said.The deposits with PNB and BPI form a huge part of the total deposits of AFPCES in various banks, amounting to P367,561,178.74.The AFPCES has P34.8 million deposited to the Philippine Veterans Bank, and a total of 24.88 million with the Land Bank of the Philippines.The COA however noted that the AFPCES is already preparing to move their deposits to PVB.“Management commented that the AFPCES Board of Trustees already approved the closure of PNB and BPI accounts and will be transferred to Philippine Veterans Bank,” the audit report said.(The BPI account meantime was already closed effective January 30, 2018.)The deposits of AFPCES come from their sales in 2017 which increased by 12.14 percent or P282.53 million, from P2.33 billion in 2016 to P2.611 billion in 2017. The COA lauded the efforts of AFPCES such as proper coordination with suppliers, promotional activities, new supplier accreditation, all of which resulted to their significant sales increase.“With all its accomplishments, AFPCES has indeed commendably delivered beyond its mandate. Its growing sales performance is an indication that it is well on its way towards its vision of soon becoming a retail facility that can be at par with commercial one-stop shops which cater to almost all of a family’s everyday needs,” the audit report said.Presently, AFPCES has eight convenience stores, six drugstores and two gasoline stations in Metro Manila, as well as 26 provincial outlets. The COA also noted in its audit report that Philippine Army should submit liquidation reports for the P8.72 million AFPCES building project in Camp Siongco in Maguindanao which was completed in 2015.

The Commission on Audit pointed out the unauthorized bank deposits of the Armed Forces of the Philippines Commissary and Exchange Service to the Philippine National Bank and the Bank of the Philippine Islands amounting to P308,042,481.87.

The Commission on Audit pointed out the unauthorized bank deposits of the Armed Forces of the Philippines Commissary and Exchange Service to the Philippine National Bank and the Bank of the Philippine Islands amounting to P308,042,481.87.

COA lauds AFP commissary for P282-M profit increase; flags unauthorized bank accounts

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COA lauds AFP commissary for P282-M profit increase; flags unauthorized bank accounts

Adrian Ayalin,

ABS-CBN News

Published May 07, 2018 06:21 PM PHT

Read More:

COA

Commission on Audit

AFPCES

Armed Forces of the Philippines Commissary and Exchange Service

Philippine National Bank

PNB

BPI

Bank of the Philippine Islands

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