PH to create multi-currency account for foreign aid

Posted at Nov 18 2013 02:11 PM | Updated as of Nov 18 2013 10:11 PM

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MANILA - The Philippine government is studying the possibility of creating a single multi-currency treasury account that will be accept all foreign donations from overseas Filipino workers and Filipino associations abroad.

Budget Secretary Butch Abad said overseas Filipinos could simply go to an embassy of the Philippines, make their contributions to the multi-currency account, get a receipt of the donation and see the donation uploaded on the Foreign Aid Transparency Hub or FAiTH web portal.

Abad said the FAiTH monitoring team includes the Department of Budget and Management, Department of Foreign Affairs (DFA), Department of Finance, Commission on Audit, Department of Social Welfare and Development, National Disaster Risk Reduction and Management Council, the Presidential Management Staff and the Presidential Communications Development and Strategic Planning Office under the Office of the President.

He said COA will exercise oversight over the facility.

He also said that since calamities hit the country frequently, there is a need for such a facility to be a regular part of the government.

ANC, November 18, 2013