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Excess PDIC funds remitted to NG 'unrestricted' - DOF
The Philippine Star
|January 17, 2025
The Department of Finance (DOF) clarified yesterday that the P107.23 billion remitted by the Philippine Deposit Insurance Corp. (PDIC) to the national government (NG) was classified as "unrestricted," allowing it to be used for other purposes.
The DOF said the money remitted by the PDIC was classified as unrestricted under a circular it issued earlier regarding the idle funds of various state-owned enterprises.
Under the circular, the state entities' fund balance was defined as unrestricted fund that includes cash on hand, cash in banks, investment in government securities and other fund balances.
"These are unrestricted, meaning they are free to use for other purposes. These are composed of cash and investment balances and are net of restricted funds," the DOF said.
Esta historia es de la edición January 17, 2025 de The Philippine Star.
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