The audit report pointed out further that 'the variable unit linked insurance with Cocolife did not undergo the proper evaluation and in-depth study by an investment group of possible investment options so that the CAAP is assured of the most advantageous investment portfolio of its idle funds
The forthcoming upgrading is expected to lure inflow of idle funds
estimated at USD 2.8 billion.
The measure mandates the authority to undertake the following duties and functions: a) formulate a comprehensive and integrated development policy and program for the FBIA and implement, review and update them periodically; b) promulgate rules and regulations on the planning, development, maintenance, operation and improvement of the FBIA; c) levy and collect dues, charges, fees or assessments; d) invest its idle funds
, as it may deem proper; and e) provide services within the FBIA, among others.
"Projects worth P154,648,440 payable through Deposit on Letters of Credit (DLCs) were not implemented, thus resulting in accumulated idle funds
and depriving the government of the benefit that could be derived therefrom," the COA said in its 2018 audit report on the PN.
CITING the P6-billion unused income from the implementation of the Electric Power Industry Reform Act (Epira) due to red tape, Sen.Sherwin Gatchalian moved over the weekend to tap the idle funds
for rural electrification, development and livelihood, rehabilitation of watersheds, as well as environmental enhancement projects.
The committee also previously said that it would file charges of technical malversation against the Budget secretary after it uncovered last week P50bn worth of idle funds
under the DBM and the Department of Trade and Industry (DTI) because of Diokno's alleged revisions on the Implementing Rules and Regulations (IRR) of the Republic Act (RA) 9184 or the Government Procurement Reform Act.
Taiwanese insurance companies, which are looking for viable investment targets for their idle funds
, invested NT$127.24 billion in those sectors between September 2017 and August 2018, according to data from the FSC, Taiwan's top financial regulator.
These include releasing idle funds
held by ministries and state corporations and redistributing equitably to debt repayment and basic service delivery at county level.
Free up idle funds
from in-flight projects during the year.
Also, the city only used 23.7% of its local disaster risk reduction management fund, resulting in P553.6 million idle funds
from the city's disaster fund.
'Those idle funds
that are not used could be diverted to the housing sector to be utilised for a period of time.''