JVFAJoint Venture Framework Agreement (China)
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"The agency paid the private printers a total P1,064,579,059.54 on the basis of unauthorized JVFAs (joint venture framework agreements) entered into with them, having not obtained an exemption form the coverage of NEDA's (National Economic and Development Authority's) 2013 Revised Guidelines on JV Agreement; thus, irregular," COA stated in the audit report released the other day.
They recalled that in 2017, the NPO entered into JVFAs with private printers to "reinforce its capabilities and enlarge its operations", with the private sector infusing resources in the form of equipment, supplies, services and personnel" in order that the state-owned printing agency can augment its current potential.
COA recalled that in its 2017 audit recommendation, the NPO was asked to "rescind/stop" any JVFAs entered into with private firms, unless it is authorized by the president to do so through an executive order.