Wong questions what the amnesty program actually fixes
Wong asks about the $573 million collectible and $744 million uncollectible debt figures and what the program fixes that current tools have not. Lee explains the program incentivizes respondents to cure violations and that DOF is working to convert some uncollectible debt to collectible.
Thank you, Minority Leader.
Question, Commissioner Lee.
You mentioned that
The DOF has figures of $573 million in ECB debt that is collectible.
Is that right?
Yes.
Okay, and then you already written off another $744 million as uncollectible.
Yes.
Is that right?
And that is for this year?
Yes, as of now.
Can you explain this new amnesty program?
What are you fixing that your current tools have not been fixing?
I mean, do we have like another year from now, are we going to see the same two figures except with the numbers being different?
But what are you fixing?
Because as I see it, there will still be uncollectible debt.
So are you closing that gap?
What are you trying to fix?
It's addressing a number of different issues, right?
We're trying to get respondents to be responsive to their existing violations and cure them and pay the violation costs.
There will be some in the uncollectible category that might come in and say, now, okay, we will comply.
And so we are looking at different ways that we can convert some of these uncollectible fines into collectible, and which we do every once in a while when we get new information.
We find that a business had been deemed uncollectible after previous attempts to address their violations, and we find new information, we move it from the category of uncollectible to collectible.
And so we're hoping that through not only this effort,
But the other efforts we're putting in place within the Department of Finance, they will be able to better collect into the future.