Senate to probe P200-B trust fund

The Senate opposition called yesterday for an investigation of the P200 billion in government trust funds held by various state agencies amid reports of massive corruption, misuse of funds, losing investments and a revenue loss of as much as P1 billion a year.

"These funds are imbued with a public character since they are drawn from the retirement, insurance, health and pension funds of both public and private employees," said Sen. Edgardo Angara in explaining the need for an investigation.

He added that the dissipation of these trust funds would result in "irreparable damage" to the contributors of the fund and the state agencies managing the money.

Angara said the minority’s call was based on reports of indiscretion and corruption in the use of trust funds.

"One of these is the P1.2-billion failed investment of the Overseas Workers’ Welfare Administration," he said.

He also cited the "questionable" investments of the Government Service Insurance System and the net loss of P825 million from bad investments of the Armed Forces of the Philippines Retirement and Separation Benefit System.

Other government agencies with massive trust funds that should be investigated, according to Angara, are the Home Mutual Development Fund, the Social Security System and the Philippine Health Insurance Corp.

Angara was joined by fellow opposition senators Tessie Aquino-Oreta, Rodolfo Biazon, Luisa Ejercito, Gregorio Honasan, Robert Jaworski, Panfilo Lacson, Blas Ople, Sergio Osmena III, Aquilino Pimentel Jr. and Vicente Sotto III in calling for a full-blown Senate inquiry into the massive money pool held by government.

The Senate minority has filed a resolution calling for the investigation by an ad hoc committee on trust