MANILA, Philippines — The Philippine International Trading Corp. (PITC), an attached agency of the Department of Trade and Industry (DTI), has recently held the spotlight as senators deliberated on the proposed 2021 national budget.
According to senators, some P33 billion worth of taxpayers’ money were “sleeping” in bank accounts of the state-run trading firm, which was supposed to procure goods for various government agencies. Lawmakers also questioned its competency to obtain COVID-19 vaccines for the country.
So, what exactly is PITC? Why was it established and suddenly, its track record put in doubt?
State-owned trading agency
Founded on July 21, 1937, then-President Ferdinan…