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Baka multo? 1.9M CCT Landbank deposits are dormant with up to P50k in one account untouched

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The Commission n Audit revealed that 1.9 million deposit accounts for conditional cash transfer (CCT) beneficiaries are gathering dust in Land Bank of the Philippines.

These deposits, from 2008 to 2017 hold a total of P1.353 billion ranging from a low of P501 to a high of P50,000 that were not withdrawn from 30 to 2,190 days from the pay-out of the Department of Social Welfare and Development (DSWD).

Of these accounts, at least 32,783 deposits with total holdings of P108.6 million have not been not touched by the beneficiaries since these were opened.

In an annual audit report of DSWD, COA said this massive number of dormant CCT accounts not only showed there was no need for financial assistance, these deposits also cast doubts on the eligibility of the beneficiaries.

These deposits represent the P500 monthly health grant (for 12 months) and P300 education grant for each child per month (for 10 months.

“Cash grants are benefits given to the poorest municipalities, homeless and indigenous people whose economic condition is equal to or below the provincial poverty threshold to augment their day today expense. The continuous non-withdrawal of the cash grants only showed that the holders do not need the financial assistance or cash grant and do not really belong to the poorest of the poor as well as may not be eligible to be a CCT beneficiary,” COA said.

What puzzled the COA more was why Landbank did not delist these accounts for dormancy.

COA advised DSWD to recover the idle funds from Landbank; and validate the eligibility of the holders of these dormant accounts.