SEC execs liable for misuse of P83.2 million — CoA report By Gerry Baldo 09/05/2011

SEC execs liable for misuse of P83.2 million — CoA report

By Gerry Baldo 09/05/2011

Officials of the Securities and Exchange Commission (SEC) could be held liable for the misuse of its funds for maintenance and other operating expenses last year.

In a report by the Commission on Audit (CoA), the SEC was found to have wrongly spent P83.2 million for its medical benefits. The amount was part of its P100 million allocation for maintenance and other operating expenses and capital outlay.

CoA also said the SEC violated CoA resolution 2005-001 which prohibits the procurement of health care insurance from private companies.

The audit report said at least P6.9 million was transferred to the SEC Employees Association Inc. for the purchase of medical insurance from Medicard Philippines Inc., a private medical insurance firm..... MORE

Source:  The Daily Tribune

URL: http://www.tribuneonline.org/metro/20110905met1.html