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PHILIPPINES: AUDITORS FIND UNDECLARED GOLD AND DIAMONDS IN GOVERNMENT VAULT


The audit report recently published by the Philippines Commission on Audit (COA) states that auditors discovered millions worth gold, silver and diamonds in the Bureau of Treasury (BTr) vaults, metal.com reports. These were not recorded in the list of assets by BTr.

The audit revealed a collection of items including stashes of silver coins, a pair of gold watches, gold pens and a few diamond pieces. These items were never appraised nor accounted in BTr’s books. The audit report alleged BTr of understating the total assets reflected in the Financial Statements.

BTr books listed the diamond items as ‘escheated items’, whose ownership have been transferred to the government. However, details of original owners were found missing. In addition, the pieces were undervalued. The two gold pens and gold watches were not appraised at all. The pair of watches bear the faces of the late Former President Ferdinand Marcos and former First Lady Imelda Marcos.



 

 
 
 
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