Resurgent BDC targets P750m investment deals
Friday, December 13, 2019
Driving Seat: Lekaukau says the BDC's assets under management hit a record high PIC: PHATSIMO KAPENG
Five years ago, the state investment company was steeped in losses, mainly the result of high profile investment failures in which an estimated P700 million was lost.
While the 2014-2019 strategic plan ushered in recovery, critics of its early years said divestments from various assets were papering over the Corporation’s real state of affairs and propping up profits.
Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...