Massive corruption: P6B in PCSO revenues from STL missing – COA

Massive corruption: P6B in PCSO revenues from STL missing – COA

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Related story: One more chance: PCSO chief to appeal Duterte’s suspension of Lotto, STL

The Commission on Audit has issued an adverse opinion on its 2018 audit of Philippine Charity Sweepstakes Office (PCSO) largely due to P6 billion in missing revenues in 2017 and 2018.

The COA audit made by COA Ditertec IV Cleotilde M. Tuazon was issued a month before President Rodrigo Duterte ordered the police and military to shut down PCSO games – lotto, Small Town Lottery, Peryahan ng Bayan, and Keno – effective July 27.

In its audit report, COA “expressed an adverse opinion on the fairness of the presentation of the financial statements of the PCSO.”

COA said this resulted in the understatement of STL revenues by P7.320 billion; retained earnings by P2.983 billion and receivables by P6.034 billion.

Related story: Puro dayaan! Duterte shuts down all PCSO games due to massive corruption

COA also said PCSO has failed to collect P4.607 billion in monthly sales from STL collectors.COA said the funds could have been used for its charity programs. COA said PCSO should have immediately forfeited the cash bonds of the STL agents for delayed remittance.

COA said P684 million – P184 million from forfeited prizes of Keno fro 2015 to 2017 and unused operating fund of P500 million in 2017 – should have been transferred to the Charity fund.

COA also flagged PCSO for:
* More than P500 million variance in its cash balance report;
* Illegal offsetting of P2.6 billion in equity meant for the for the
construction of the PCSO building;
*Failure to forfeit P500 million in cash bonds of six terminated STL agents;
* Erroneous reporting of charity expenses that were overstated by P290
million; charity fund which was understated by P230 million; and
payments for mandatory contributions worth P206 million.

Rewlated story: Breaking: Duterte shuts down lotto, STL, Peryahan, Keno due to massive corruption

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