The Department of Science and Technology (DOST) has failed to collect some P251 million from the beneficiaries of its flagship Small Enterprise Technology Upgrading Program (Setup), meant to empower micro, small and medium enterprises, the Commission on Audit (COA) revealed. Under the program, qualified beneficiaries receive financial assistance, with the commitment to refund the money to the DOST once they start earning. ADVERTISEMENTHowever, in its annual audit report, the COA said that due to premature termination of some contracts, the DOST failed to collect millions meant to be returned to them, the COA said. Unsuccessful businessesBut since the businesses of the beneficiaries were not very successful, this led to the DOST’s failure to collect, the COA said. In its recommendation, the COA said the DOST should conduct a technology needs assistance to evaluate the viability of the proposals, prior to approving them.

Source: Philippine Daily Inquirer July 22, 2019 21:32 UTC