More than P10bn in 33 Special Funds at risk

Special Funds, under the Finance and Audit Act, are established by orders passed through the Finance Ministry as public revenues for specific purposes. With many of the funds dating back decades, public officers have battled to properly account for the revenues and expenditure, as more funds have been requested by ministries and passed through the Finance Ministry.

The latest Auditor General’s report released last Friday lists at least 22 Special Funds, but excludes other major ones such as the Youth Development Fund and a few others funded through special levies such as the wheat levy. The Finance Ministry this week revealed that there are actually 33 Special Funds with a cumulative balance of more than P10 billion.