Laoag City treasurer flees over P85-M missing funds

>> Tuesday, June 21, 2016

By Ariel Paolo Tejada

LAOAG CITY - The treasurer of this city is in hot water following the discovery of missing funds worth at least P85 million from the city government’s coffer.
Elena Asuncion, city treasurer, may face multiple administrative and criminal charges if proven guilty of stealing a total of at least P85 million government funds in the span of 10 years.
The Commission on Audit (COA) found out that the city government maintains zero balances in three bank accounts from the Development Bank of the Philippines, Landbank and Rang-ay Bank.
They also found out that Asuncion has been falsifying deposit slips.
Mayor Chevylle FariƱas has ordered the COA and the Bureau of Local Government Finance to conduct further investigation.
However, the Bureau of Immigration and Deportation here has confirmed that Asuncion has left the country last Tuesday aboard Philippine Airlines flight PR 100 to Honolulu, Hawaii.
Ironically, the Laoag City government was the first recipient of International Organization for Standardization (ISO) in Region 1 for good and transparent governance in 2012.

ISO certification is a set of standards and requirements for the development of a quality management system commonly applied by private corporations and organizations to help ensure that needs and expectations of customers are adequately and consistently met.


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