Treasury: P137B Malampaya Funds intact-A A +A
Wednesday, October 9, 2013
THE Bureau of Treasury (BTr) said Wednesday that the Malampaya Funds amounting to P137.288 billion were intact.
National Treasurer Rosalia de Leon issued the statement after Senator Ralph Recto earlier claimed that the P130-billion Malampaya Funds were missing.
“Sen. Recto’s claims are unfounded and misleading. The remaining Malampaya Fund balance—all amounting to P137.288 billion—is not ‘gone,’ as he says, but perfectly intact in the National Treasury,” she said, noting that the Malampaya Funds were still credited and booked under Fund Code 151, a Special Account in the General Fund (SAGF) managed by the BTr.
The Malampaya Fund was created for the purpose of financing energy resource exploration, development and exploitation programs and projects of government and “such other purpose as may be directed by the President,” as prescribed under Presidential Decree (P.D.) No. 910 issued on March 22, 1976, Creating the Energy Development Board, Defining its Powers and Functions, Providing Funds Therefore, and for Other Purposes.
Malampaya Funds are sourced and collected through the Department of Energy (DOE) from, among others, government share representing royalties and rentals, as well as production share on service contracts and other payments on the exploration, development and exploitation of energy resources, in accordance with P.D. No. 1234 issued on November 8, 1977. The Malampaya Funds are considered income and collections authorized by law that shall be remitted to the National Treasury.
According to the BTr, the total amount deposited by the Department of Energy (DOE) in the Malampaya Fund from March 25, 2002, to September 30, 2013, amounted to P179.338 billion while total Special Allotment Release Order (SARO) releases against the Malampaya Fund during the same period reached P42.050 billion, leaving a balance of P137.288 billion, which is available in the National Treasury.
As funds under SAGF 151, the Malampaya Fund is used to finance energy-related programs of the DOE and/or pay off national government obligations provided for in the General Appropriations Act (GAA). Further, E.O. 848 issued on October 13, 2009, Authorizing the Use of the Special Account in the General Fund (Fund 151) of the DOE for Purposes as may be directed by the President of the Philippines.
From 2004 to 2009, De Leon said that the Malampaya account funded P303 million of energy-related projects, as opposed to P23.3 billion of non-energy related projects.
Under the Aquino administration, she said the Malampaya fund backed P18.45 billion worth of energy-related projects and did not fund any projects unrelated to energy.
Similar to other Special Accounts under the General Fund, the use of Malampaya Fund is automatically appropriated every year, and all releases are governed by SAGF procedures, she said.
Specifically, it requires the certification on actual amount deposited in the account and the issuance of the Special Allotment Release Order by the Department of Budget and Management (DBM), De Leon added. (SDR/Sunnex)