The Senate Blue Ribbon Committee is set to probe the use of the Malampaya Fund: philstar/headlines/2014/08/26/1362033/senate-sets-malampaya-scam-probe Training the light on vital matters and transparency are always good measures and contribute to the building of a strong republic. Let’s also hope that the fund has been well used and managed in accordance with the mandate of PD 1234: gov.ph/1977/11/08/presidential-decree-no-1234-s-1977/ Is there still money in the Malampaya Fund? According to the Bureau of the Treasury, yes, there still is, in the amount of P137.3 billion: gov.ph/2013/10/09/btr-p137-3-b-malampaya-fund-intact/ The Malampaya Fund was created by PD 910: gov.ph/1976/03/22/presidential-decree-no-910/ Folks, please take strong note of Section 8 of PD 910: “SECTION 8. Appropriations. — The sum of Five Million Pesos out of any available funds from the National Treasury is hereby appropriated and authorized to be released for the organization of the Board and its initial operations. Henceforth, funds sufficient to fully carry out the functions and objectives of the Board shall be appropriated every fiscal year in the General Appropriations Act. All fees, revenues and receipts of the Board from any and all sources including receipts from service contracts and agreements such as application and processing fees, signature bonus, discovery bonus, production bonus; all money collected from concessionaires, representing unspent work obligations, fines and penalties under the Petroleum Act of 1949; as well as the government share representing royalties, rentals, production share on service contracts and similar payments on the exploration, development and exploitation of energy resources, shall form part of a Special Fund to be used to finance energy resource development and exploitation programs and projects of the government and for such other purposes as may be hereafter directed by the President.” Folks, I suggest Section 8 of PD 910 should be amended. Specifically the part that says “…….. Special Fund to be used to finance energy resource development and exploitation programs and projects of the government and for such other purposes as may be hereafter directed by the President” should be AMENDED to read “…….Special Fund to be used to finance energy resource development and exploitation programs and projects of the government AS MAY BE DIRECTED BY THE PRESIDENT OR AS MAY BE PROVIDED IN THE GENERAL APPROPRIATIONS ACT. What’s your opinion, Folks? Can anyone here among us take this subject matter up with any member of Congress?
Posted on: Thu, 28 Aug 2014 10:10:01 +0000
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