The Armed Forces of the Philippines (AFP) closed more than a dozen of its bank accounts previously flagged by the Commission on Audit (COA).

Col. Ramon Zagala, AFP spokesman, said Monday the military only retained five out of its 20 bank accounts, one with United Coconut Planters Bank and four with Land Bank.

Zagala said the UCPB account is used for payment of procurement under the AFP Modernization Program.

"There are several multi-year contracts being serviced by this account. Closing it now will jeopardize the payment schedule. We have requested the Permanent Committee to retain this account until the procurement it is supporting is completed," he said.

One of the Land Bank accounts is used for donated funds to support AFP Educational Benefit System Office that pays for scholarship of children of soldiers who died or wounded in line of duty.

Another LandBank account is being managed by the AFP Real Estate Office whose funds consist of rentals of military quarters which is also used to support the repair of government quarters and development of housing projects.

Zagala noted that this account is requested to be retained until the AFP finds another to combine it with.

There is also a Land Bank account that contains funds for the pay and allowances for the salaries of Technical and Administrative Officers namely; military doctors, nurses, dentists and other healthcare workers and another account where the proceeds of the sale of bid documents are deposited, for payment of honoraria and to support related administrative requirements of the Bids and Awards Committee members.

Zagala said the AFP is studying how these accounts can be merged to reduce to two or three accounts.

"The AFP assures the public that all funds in these accounts are properly accounted for and disbursed in accordance with accounting regulations," he said. Robina Asido/DMS