MANILA (PNA) — President Benigno "Noynoy" Aquino III on Wednesday said his Cabinet has unearthed several “explosive” irregularities left behind by the previous administration.

In his first news conference with Malacañang reporters, the President said Finance Secretary Cesar Purisima has informed him about these “midnight deals.” The latter has asked for the re-composition of various government-owned and controlled corporations (GOCCs) and government financing institutions (GFIs) to address the irregularities.

“He (Purisima) felt worried enough to bring it to my attention that they were made aware that there are transactions that need the posting of the right people to prevent undue injury to the public,” the President told the Palace reporters.

The President said he has given his Cabinet officials two weeks to investigate “to get a clear and complete image” of these transactions and the status of their respective agencies.

Asked if the midnight deals were within the scope of the forthcoming Truth Commission, Aquino said, “That is possible, but some are already in the limelight where a lot of very good leads are already present, and they might take the priority.”

“I instructed former Supreme Court Chief Justice Hilario Davide Jr. (head of the Truth Commission), don’t wait to answer each and every issue completely before we start giving the necessary information to relevant authorities…So, it will be a work in progress, but that interest is to demonstrate that justice works in this country,” Aquino added. (PNA)