Palawan, Philippines (The Adobo Chronicles) – Yesterday, The Adobo Chronicles reported that the Philippines’ Commission on Audit (COA) has raised some red flags during its audit of the government funds raised from the natural gas extraction project off the coast of Palawan province.
The private service contract provides for a production-sharing scheme in which the government gets 60 percent of earnings from the operation. Part of the government’s share — 900 Million pesos — was allotted for the rehabilitation of farms in 97 towns devastated by powerful storms. Instead, COA alleged that the amount was siphoned off and channeled to questionable non-governmental organizations (NGOs).
(See full story here.)
Well it turns out that even before COA began the audit, the operators of the project already had raised many red flags over the offshore rig (see photo) which led to the fund scam inquiry.
Sometimes, banners do the trick!