Independent think-tank IBON Foundation said that small and medium enterprises did not benefit from the Disbursement Acceleration Program (DAP) as claimed by the Aquino administration.

The Department of Budget and Management (DBM) reported last week that Php30 billion of the DAP–one of its’ biggest chunks–went to the recapitalization of the Banko Sentral ng Pilipinas (BSP). This was approved by the Office of the President in two tranches: Php10 billion on October 12, 2011 and P20 billion on December 21, 2012.

This DAP item was described in the second tranche as “to strengthen and sustain BSP’s mandate of ensuring monetary and fiscal stability [and to] enhance delivery of credit [to] micro, small and medium enterprises (MSMEs).”

However, Ibon said that the 2011, 2012 and 2013 BSP annual reports show that only 131 MSME loan applications, worth only Php31 million, was approved. “This approved amount is equivalent to just a miniscule 0.1% of the DAP-funded equity infusion,” the think-tank said.

Ibon called on the Palace to be more transparent in accounting for how the billions of pesos of public funds were spent.

“Payments to BSP is just one of the many indications that the DAP list was made to appear consistent with government’s justification that the DAP went to beneficial use, amid questions on its legality,” Ibon stated.