As part of the presidential directive to return public funds lost to corruption and defunct projects, the Department of Public Works and Highways (DPWH) pledged to ensure the retrieval of performance bonds relating to irregular flood control projects.
DPWH Secretary Vince Dizon said they will work with the Insurance Commission (IC) to recover the money through insurance or bond mechanisms as an effort to hold errant contractors accountable and to recover misused public funds.
Under a memorandum of agreement signed between the DPWH and the IC, both will cooperate on the speedy processing of insurance claims for ghost and substandard infrastructure projects.
According to the MOA, 30 percent of the project cost may be returned under these insurance claims, depending on the degree of non-compliance or poor workmanship.
The initiative will not only recover public funds but also strengthen transparency and accountability in the DPWH, according to Secretary Dizon. Aileen Lor
