Observations and recommendations
Audit findings
Review all 15 audit observations for CY 2024: 6 financial audit findings and 9 other financial issues. Each includes its regulatory basis and recommendations.
Bases for qualified opinion
- 1Insufficient disclosures in the Notes to Financial Statements₱1,012,776,538.24Insufficient disclosures in the Notes to Financial Statements on the reported balances of the Receivables, Inventories, Property, Plant and Equipment (PPE) and Biological Asset accounts, and failure to disclose relevant Reconciliation Statements, limited the user's understanding of the financial statements.
- 2Failure to include data in the Continuing Appropriations section of the SCBAAFailure to include the data in the Continuing Appropriations section of the Statement of Comparison of Budget and Actual Amounts rendered the statement incomplete and unreliable.
- 3Accuracy of Cash in Bank, Local Currency Current Account cannot be ascertained₱111,348,807.21The accuracy of the Cash in Bank, Local Currency Current Account balance of ₱111,348,807.21 cannot be ascertained; 19 unreleased checks amounting to ₱2,294,313.33 and 3 cancelled checks amounting to ₱20,125.00 were not reverted back to Cash in Bank.
- 4Improper classification of asset account of Rice Processing Center₱2,712,092.67The Rice Processing I (Building) funded by the Department of Agriculture Regional Office No. VIII amounting to ₱2,712,092.67 was retained in the Construction in Progress account despite its completion, along with the purchased Multi-purpose Rice Mill totaling ₱1,105,500.00, due to an unpaid amount of ₱246,411.15 as of December 31, 2024.
- 5Due from NGO/PO recorded as Donations (20% Development Fund livelihood assistance)₱1,500,000.00The Municipality erroneously recorded as Donations the ₱1,500,000.00 livelihood assistance sourced from the 20% Development Fund, without submission of Liquidation Reports.
- 6Unliquidated fund transfers from Department of Tourism₱1,848,820.00Fund transfers from the Department of Tourism Regional Office No. VIII covering the period CY 2017–2019 totaling ₱1,848,820.00 were not yet liquidated despite the release of funds, thus overstating the Due to NGAs account by the same amount.
Findings and recommendations
10 of the 15 observations are editorially linked to related recommendations in earlier audit reports. These links do not imply that COA assigned one status to each current finding.
Reference amount: ₱1,012,776,538.24
| Account | Balance (2024) |
|---|---|
| Receivables | ₱111,505,379.05 |
| Inventories | ₱12,413,996.39 |
| Property, Plant and Equipment (PPE) | ₱885,440,099.30 |
| Biological Assets | ₱3,417,063.50 |
| Finding total: COA text reports 89.84% | ₱1,012,776,538.24 |
Dividing the reported finding total by audited total assets gives 89.56%, not the 89.84% printed in the finding. Its PPE row is also ₱885,440,099.30, while the audited SFP/Note 9 reports ₱881,193,508.92.
Related prior recommendations
- AAR CY 2021-4Not implemented
- AAR CY 2017-1Implemented
The badges summarize the referenced Part III rows. Mixed action-level statuses may be condensed editorially at the row level.
Regulatory basis
- IPSAS No. 1 Paragraph 127
- Section 80.2, Volume 1, NGAS Manual for LGUs
- COA Circular 2016-004
Recommendation
LCE to direct the Municipal Accountant to supply the required disclosures in the Notes to Financial Statements
Regulatory basis
- IPSAS No. 24 Paragraph 22
- COA Circular 2016-004
Recommendation
LCE to direct the Municipal Accountant to immediately supply the required information in the SCBAA
Reference amount: ₱111,348,807.21
| Fund | Balance |
|---|---|
| general Fund | ₱76,967,044.97 |
| sef Fund | ₱742,213.14 |
| trust Fund | ₱33,639,549.10 |
| CIB-LCCA Balance | ₱111,348,807.21 |
| Fund | Unreleased Checks | Total Amount |
|---|---|---|
| general fund | 6 | ₱2,250,274.54 |
| special education fund | 9 | ₱27,201.09 |
| trust fund | 4 | ₱16,837.70 |
Fund labels follow Tables 5–6 and the bank accounts in Note 4. Table 3 reverses the SEF and Trust Fund labels.
19 unreleased checks totaling ₱2,294,313.33 and 3 cancelled checks totaling ₱20,125.00 were not reverted to the CIB-LCCA account.
| Date | Check No. | Payee (redacted) | Amount |
|---|---|---|---|
| 02-26-24 | 1401406 | Redacted for privacy | ₱5,625.00 |
| 03-25-24 | 1401708 | Redacted for privacy | ₱9,500.00 |
| 05-29-24 | 1402379 | Redacted for privacy | ₱5,000.00 |
Payee names are redacted for privacy. See the official COA report for authoritative records.
Related prior recommendations
- AAR CY 2023-1Partially implemented
- AAR CY 2019-2Not implemented
The badges summarize the referenced Part III rows. Mixed action-level statuses may be condensed editorially at the row level.
Regulatory basis
- Sections 74 and 111, P.D. No. 1445
- Sections 43 and 44, Volume I, NGAS Manual for LGUs
Recommendation
Revert unreleased and cancelled checks to CIB-LCCA; strictly observe the disbursement process
Reference amount: ₱2,712,092.67
The Rice Processing Center I building costing ₱2,712,092.67 and a multi-purpose rice mill worth ₱1,105,500.00 remained classified under Construction in Progress in the Trust Fund, with an unpaid balance of ₱246,411.15 not recognized as accounts payable. The Trust Fund CIP composition was ₱10,833,411.19 for infrastructure assets and ₱7,497,946.82 for buildings and other structures.
Related prior recommendations
- AAR CY 2023-4Implemented
- AAR CY 2023-3Implemented
The badges summarize the referenced Part III rows. Mixed action-level statuses may be condensed editorially at the row level.
Regulatory basis
- COA Circular 2015-009
- PAG to IPSAS 17
- IPSAS 1
Recommendation
Reclassify CIP to proper asset accounts; recognize accounts payable and depreciation
Reference amount: ₱1,500,000.00
Related prior recommendations
- AAR CY 2023-7Not implemented
- AAR CY 2023-6Partially implemented
The badges summarize the referenced Part III rows. Mixed action-level statuses may be condensed editorially at the row level.
Regulatory basis
- Memorandum of Agreement
- COA Circular 2015-009
Recommendation
Reclassify to Due from NGO/PO; recognize as expense only upon liquidation; submit lacking disbursement vouchers
Reference amount: ₱1,848,820.00
Unliquidated fund transfers from the Department of Tourism totaled ₱2,638,820.00, of which ₱790,000.00 pertains to 2014 BUB projects and the 2017 YCRRP retained an unutilized balance of ₱423,245.00. The Due to NGAs account was overstated by ₱1,848,820.00.
| Date | Particulars | Amount |
|---|---|---|
| 10/17/2014 | 2014 BUB | ₱280,000.00 |
| 11/14/2014 | 2014 BUB | ₱120,000.00 |
| 11/14/2014 | 2014 BUB | ₱90,000.00 |
| 09/29/2015 | 2014 BUB | ₱90,000.00 |
| 09/29/2015 | 2014 BUB | ₱210,000.00 |
| 12/27/2017 | 2017 YCRRP | ₱261,900.00 |
| 12/27/2017 | 2017 YCRRP | ₱654,750.00 |
| 12/27/2017 | 2017 YCRRP | ₱305,550.00 |
| 12/27/2017 | 2017 YCRRP | ₱5,238.00 |
| 12/27/2017 | 2017 YCRRP | ₱436,500.00 |
| 12/28/2018 | 2017 YCRRP | ₱582.00 |
| 12/28/2018 | 2017 YCRRP | ₱33,950.00 |
| 12/28/2018 | 2017 YCRRP | ₱72,750.00 |
| 12/28/2018 | 2017 YCRRP | ₱29,100.00 |
| 12/26/2019 | 10% YCRRP | ₱48,500.00 |
| Total | ₱2,638,820.00 | |
Regulatory basis
- COA Circular No. 94-013
- COA Circular No. 97-002
Recommendation
Prepare/submit FUR; adjust Due to NGAs; return unutilized YCRRP balance
Reference amount: ₱4,158,275.54
84 personnel had unliquidated cash advances for travel, of whom Finding 7 reports 38 with multiple advances and 11 with advances outstanding for three years or more. Counting the rows in Table 12 gives 39 and 12, respectively. The highest individual balance was ₱281,157.00 and the highest number of advances per individual was 10. The table’s balance rows sum to ₱4,124,407.54, which differs from its printed total of ₱4,158,275.54.
Related prior recommendations
- AAR CY 2022-2Not implemented
The badges summarize the referenced Part III rows. Mixed action-level statuses may be condensed editorially at the row level.
Regulatory basis
- Section 22, Executive Order No. 77
- COA Circular No. 97-002
Recommendation
Refrain from approving additional cash advances; issue demand letters; enforce withholding of salary
Reference amount: ₱258,233,195.28
Of ₱503,542,210.18 insurable properties, only ₱250,584,992.36 were insured with the GIF of GSIS. The COA finding reports ₱258,233,195.28 as uninsured, while the complete table nets to ₱252,957,217.82because its transportation-equipment row is negative. The source prints premiums of ₱2,635,518.24, while the two premium rows sum to ₱2,635,508.27.
| Insurable Properties | Cost | Accumulated Depreciation | Net Book Value |
|---|---|---|---|
| Buildings | ₱175,324,074.21 | ₱25,023,488.99 | ₱150,300,585.22 |
| School Buildings | ₱17,472,789.36 | ₱496,856.69 | ₱16,975,932.67 |
| Hospital and Health Centers | ₱19,128,753.35 | ₱348,411.39 | ₱18,780,341.96 |
| Markets | ₱5,667,779.01 | ₱2,838,940.58 | ₱2,828,838.43 |
| Slaughterhouses | ₱24,484,641.26 | ₱1,199,744.66 | ₱23,284,896.60 |
| Other Structures | ₱82,989,239.33 | ₱24,214,147.52 | ₱58,775,091.81 |
| Machinery | ₱608,450.00 | ₱521,961.92 | ₱86,488.08 |
| Office Equipment | ₱12,481,113.88 | ₱13,994,170.35 | -₱1,513,056.47 |
| Information and Communication Technology Equipment | ₱24,642,560.40 | ₱18,407,441.05 | ₱6,235,119.35 |
| Agricultural and Forestry Equipment | ₱17,801,279.51 | ₱10,270,595.82 | ₱7,530,683.69 |
| Construction and Heavy Equipment | ₱20,243,113.00 | ₱18,602,644.10 | ₱1,640,468.90 |
| Disaster Response and Rescue Equipment | ₱3,394,358.00 | ₱1,015,132.67 | ₱2,379,225.33 |
| Medical Equipment | ₱1,625,245.41 | ₱595,679.63 | ₱1,029,565.78 |
| Technical and Scientific Equipment | ₱44,500.00 | ₱46,268.46 | -₱1,768.46 |
| Other Machinery and Equipment | ₱623,583.35 | ₱195,978.90 | ₱427,604.45 |
| Motor Vehicles | ₱48,439,950.09 | ₱14,471,493.64 | ₱33,968,456.45 |
| Watercrafts | ₱1,005,904.25 | ₱957,332.83 | ₱48,571.42 |
| Other Transportation Equipment | ₱3,407,510.56 | ₱1,549,468.78 | ₱1,858,041.78 |
| Furniture and Fixtures | ₱13,961,041.16 | ₱9,151,491.59 | ₱4,809,549.57 |
| Other Property, Plant and Equipment | ₱30,196,324.05 | ₱29,173,409.45 | ₱1,022,914.60 |
| Total | ₱503,542,210.18 | ₱173,074,659.02 | ₱330,467,551.16 |
| Uninsured Properties | Cost | Less: Insured | Uninsured |
|---|---|---|---|
| Buildings and Other Structures | ₱325,067,276.52 | ₱192,455,650.00 | ₱132,611,626.52 |
| Machinery and Equipment | ₱81,464,203.55 | ₱0.00 | ₱81,464,203.55 |
| Transportation Equipment | ₱52,853,364.90 | ₱58,129,342.36 | -₱5,275,977.46 |
| Furniture, Fixtures and Books | ₱44,157,365.21 | ₱0.00 | ₱44,157,365.21 |
| Net table difference | ₱503,542,210.18 | ₱250,584,992.36 | ₱252,957,217.82 |
Related prior recommendations
- AAR CY 2023-2Partially implemented
- 2021-2Not implemented
The badges summarize the referenced Part III rows. Mixed action-level statuses may be condensed editorially at the row level.
Regulatory basis
- R.A. No. 656
- COA Circular 2018-02
Recommendation
Ensure all insurable properties are covered under GIF; complete physical count; submit consolidated PIF by April 30
Reference amount: ₱4,000,000.00
Of the ₱4,000,000.00 appropriated for livelihood assistance under the 20% Development Fund, ₱1,460,000.00 was obligated and ₱1,260,000.00 was distributed to associations, not adherent to the applicable guidelines.
Related prior recommendations
- AAR CY 2023-6Partially implemented
- AAR CY 2023-7Not implemented
The badges summarize the referenced Part III rows. Mixed action-level statuses may be condensed editorially at the row level.
Regulatory basis
- Sections 3.2 and 4.0, DBM-DOF-DILG JMC No. 1 dated November 4, 2020
- Memorandum of Agreement
- COA Circular No. 2007-001
Recommendation
Ensure 20% DF projects are well-planned; stop distributing without proper evaluation and documentation
Reference amount: ₱3,734,458.00
Fund transfers from DOLE totaling ₱3,734,458.00 were distributed to 15 workers’ associations under the Group Livelihood Formation & Enhancement Projects (Buri & Tikog Plantation and Processing), per MOA dated December 20, 2023, with insufficient documentation.
Regulatory basis
- P.D. No. 1445
- DOLE-Department Order No. 239-23
- COA Circular No. 2012-001
Recommendation
Refrain from distributing livelihood assistance without proper documentation and compliance
Reference amount: ₱37,342,155.42
| PPA | Overrun |
|---|---|
| Purchase/ reproduction of IEC materials | ₱22,950.00 |
| Declogging of drainage and river/ Construction of flood erosion control | ₱1,073,973.71 |
CY 2023 supplemental LDRRMFIP PPAs amounting to ₱12,847,022.52 were disbursed through the General Fund instead of the LDRRMF-Special Trust Fund.
Related prior recommendations
- AAR CY 2023-9Implemented
- AAR CY 2022-12Implemented
The badges summarize the referenced Part III rows. Mixed action-level statuses may be condensed editorially at the row level.
Regulatory basis
- COA Circular No. 2012-002
- COA Circular No. 2014-002
Recommendation
Utilize LDRRMF per approved LDRRMFIP; support changes with ordinances; transfer amounts disbursed from General Fund to LDRRMF-STF
Reference amount: ₱23,142,064.25
Commendable 100% utilization rate of GAD Fund. The total appropriation was ₱23,142,064.25 with a 100% utilization rate.
Regulatory basis
- PCW-DILG-DBM-NEDA JMC No. 2013-01, as amended by JMC No. 2016-01
- Article 454, Rule XXXVI, IRR of R.A. No. 7160
Recommendation
Align GAD Accomplishment Report with approved GPB; support changes with augmentation, re-alignment, supplemental budget or ordinances
Reference amount: ₱4,172,561.47
| Particulars | GSIS | Pag-IBIG |
|---|---|---|
| Beginning Balance | ₱2,016,907.37 | ₱555,900.13 |
| Amount Withheld | ₱19,770,774.41 | ₱2,228,341.79 |
| Amount Remitted | ₱18,218,448.19 | ₱2,180,914.04 |
| Net Under-Remittance | ₱1,552,326.22 | ₱47,427.75 |
| CY 2024 Unremitted Before Prior-Year Payments | Not separately stated | ₱182,508.21 |
| Ending Balance | ₱3,569,233.59 | ₱603,327.88 |
Net combined under-remittance is ₱1,599,753.97. Appendix F prints ₱1,734,834.43 by combining the GSIS net amount with the differently defined Pag-IBIG current-year amount.
Related prior recommendations
- AAR CY 2023-10Partially implemented
The badges summarize the referenced Part III rows. Mixed action-level statuses may be condensed editorially at the row level.
Regulatory basis
- Section 69(1), P.D. No. 1445
- Section 36, COA Circular No. 92-382
- IPSAS No. 1
Recommendation
Reconcile discrepancies; remit immediately the reconciled balance of Due to GSIS and Pag-IBIG
Reference amount: ₱75,988.34
Withholding taxes of ₱21,915,102.76 were collected in CY 2024, of which ₱21,886,207.63 was remitted, leaving ₱28,895.13 unremitted for CY 2024 plus ₱47,093.21 from prior years, for a total unremitted balance of ₱75,988.34. Net under-remittance was ₱7,337.06.
Related prior recommendations
- AAR CY 2023-11Implemented
The badges summarize the referenced Part III rows. Mixed action-level statuses may be condensed editorially at the row level.
Regulatory basis
- Section 69, P.D. No. 1445
- BIR Revenue Regulations No. 2-98
Recommendation
Identify details of prior years' outstanding balance; remit immediately the unremitted balances
Reference amount: ₱255,135.22
| Position | Amount |
|---|---|
| Municipal Government Department Head I / Municipal Treasurer | ₱67,978.11 |
| Municipal Government Department Head I / Municipal Budget Officer | ₱37,725.43 |
| Municipal Government Department Head I / MDRRMO | ₱37,008.20 |
| Municipal Government Department Head I / Board Secretary V | ₱46,076.41 |
| Municipal Government Department Head I / Municipal Accountant | ₱26,474.98 |
| Municipal Social Welfare and Development Officer | ₱21,945.72 |
| Municipal Government Department Head I / Municipal Engineer | ₱8,512.35 |
| Municipal Government Department Head I / Municipal Tourism Officer | ₱9,414.02 |
| Total paid to 8 department heads | ₱255,135.22 |
Individual names are redacted for privacy. See the official COA report for authoritative records. 8 department heads received overtime payments totaling ₱255,135.22.
Regulatory basis
- Sections 6.0 and 7.0, CSC-DBM Joint Circular No. 02, s. 2015
Recommendation
Stop the payment of overtime services to department heads
Prior years’ audit recommendations
| Reference | Audit Observation | Status | Reason for Partial / Non-Implementation |
|---|---|---|---|
| AAR CY 2023-1 | Accuracy of CIB-LCCA balance of ₱222,979,149.84 cannot be ascertained; understatement of ₱532,437.81 due to unadjusted cancelled checks and non-preparation of monthly Bank Reconciliation Statements. | Partially implemented | Not reported |
| AAR CY 2023-2 | Deficiencies in accounting for PPE totaling ₱622,563,261.85 (variance of ₱620,948,128.99 between RPCPPE and accounting records; non-provision of depreciation for some PPE). | Partially implemented | Lack of man power. |
| AAR CY 2023-3 | Completed projects and equipment recorded as PPE in the Trust Fund totaling ₱58,796,474.24 not transferred to the General Fund and not depreciated. | Implemented | Not reported |
| AAR CY 2023-4 | Eighteen (18) completed projects totaling ₱53,943,142.70 not reclassified from Construction in Progress to the appropriate asset accounts. | Implemented | Not reported |
| AAR CY 2023-5 | Deficiencies in the implementation and utilization of the LGSF-SBDP of the NTF-ELCAC: privately-owned project sites, 20 projects not included in the AIP/LDIP, undisbursed fund of ₱11,618,096.44, and ₱36,623.79 paid as honoraria. | Partially implemented | On-going processing of transfer of ownership. |
| AAR CY 2023-6 | Deficiencies in the planning, budgeting, contract submission and implementation of PPAs charged to the 20% development fund (37 perfected contracts not timely submitted; unimplemented continuing and current appropriations of ₱18,318,250.34 and ₱7,800,000.00; over-utilization of ₱1,388,245.36; ineligible expenses of ₱446,777.95). | Partially implemented | Lack of man power. |
| AAR CY 2023-7 | ₱1,000,000.00 of the 20% Development Fund distributed as livelihood assistance to fifty (50) associations without complete documentation. | Not implemented | Inadequate compliance. |
| AAR CY 2023-8 | Purchase of lot intended for Public Cemetery at Brgy. Guirang amounting to ₱650,000.00 disbursed despite absence of complete supporting documents; title not yet transferred to the Municipality. | Partially implemented | Process of transfer of title is on-going. |
| AAR CY 2023-9 | Accounting and reporting guidelines on the receipt and utilization of CY 2023 LDRRMF totaling ₱31,956,847.19 inadequately met. | Implemented | Not reported |
| AAR CY 2023-10 | Failure to remit intact the full amount withheld to GSIS, PhilHealth, Pag-IBIG and DBP; net over-remittance of ₱617,585.78 and unremitted balance of ₱3,655,373.56 as of year-end. | Partially implemented | On-going. |
| AAR CY 2023-11 | Unremitted withholding taxes to BIR totaling ₱24,114.76 for CY 2023 and ₱44,536.52 for prior years. | Implemented | Not reported |
| AAR CY 2022-2 | CY 2022 cash advances amounting to ₱30,858,597.81 not supported with complete documentation. | Not implemented | Filing lapses; some supporting documents are attached in the Disbursement Vouchers while others are attached in the Liquidation Reports. |
| AAR CY 2022-3 | PPE balance of ₱495,919,128.20 unreliable: items of ₱2,923,450.14 below the capitalization threshold, over-depreciation of ₱2,007,370.96, and PPE Ledger Cards and Property Cards not maintained. | Not implemented | Adjustments and disclosures in the Notes to FS were not prioritized. |
| AAR CY 2022-4 | Year-end balance of Accounts Payable in the General Fund (₱18,649,407.81) could not be ascertained (insufficient documents, erroneous entries of ₱1,179,097.83, unreported payables over two years old). | Partially implemented | Lack of manpower. |
| AAR CY 2022-5 | Drugs and Medicines and Medical, Dental and Laboratory Supplies procured (amounting to ₱5,484,090.35) recorded as expense outright instead of recognizing the corresponding inventory account. | Not implemented | Recommendation was not given preferential attention; lack of manpower. |
| AAR CY 2022-7 | Vaccination ancillary supplies totaling ₱411,400.00 lacking supporting documents; purchases of ₱502,945.00 charged outright as expense instead of inventory. | Partially implemented | Not reported |
| AAR CY 2022-10 | Failure to set-up receivables for Real Property Tax and Special Education Tax for CY 2022, understating RPT and SET receivables by ₱8,097,681.20. | Not implemented | Lack of manpower. |
| AAR CY 2022-11 | Payments to 967 job order personnel amounting to ₱44,445,381.66 not supported with certification and individual job order contracts. | Not implemented | Recommendation was not given preferential attention. |
| AAR CY 2022-12 | Deficiencies in the utilization and reporting of LDRRMF: prior years' unexpended balance of ₱15,448,793.83 excluded from the CY 2022 LDRRMFIP and ₱15,261,732.76 not transferred to the Special Trust Fund. | Implemented | Not reported |
| 2021-2 | PPE balance of ₱505,269,491.23 unreliable: items of ₱1,468,078.50 recorded as PPE despite not meeting the ₱15,000.00 capitalization threshold; one-time cleansing of PPE accounts not availed. | Not implemented | Recommendation was not given preferential attention. |
| 2021-4 | Notes to Financial Statements for CY 2021 did not extensively disclose relevant information; reconciliation statements and supporting schedules not submitted. | Not implemented | Recommendation was not given preferential attention. |
| 2021-6 | Propriety of the bidding process could not be ascertained; non-submission of relevant documents and perfected contracts within five working days from execution. | Not implemented | Partial implementation. |
| 2021-8 | Propriety, regularity, legality, validity and accuracy of check disbursements totaling ₱9,440,598.86 could not be ascertained due to non-submission of supporting documents. | Not implemented | Partial implementation. |
| AAR CY 2020-1 / 2016-2 / 2014-2 | Inventory balances totaling ₱24,266,001.99 unreliable due to erroneous recording of procured goods and non-preparation of RIS and RSMIs. | Not implemented | Not reported |
| AAR CY 2020-3 | Deficiencies in the utilization and recording of the Bayanihan Grant to Cities and Municipalities (BGCM). | Not implemented | Not reported |
| AAR CY 2020-6 | Non-compliance with procedural, documentary and posting requirements for emergency procurement under the Bayanihan Act, resulting in incomplete documentation. | Not implemented | Not reported |
| AAR CY 2019-1 | Validity and existence of the Road Networks balance of ₱215,107,469.27 could not be ascertained due to non-compliance with COA Circular No. 2015-008. | Not implemented | Not reported |
| AAR CY 2019-2 | Validity and accuracy of the combined CIB-LCCA balance of ₱188,861,271.96 could not be ascertained due to non-preparation of Bank Reconciliation Statements for seven bank accounts. | Not implemented | Not reported |
| AAR CY 2018-1 | Validity of the Due from Other Funds balance of ₱176,048,660.89 could not be ascertained: subsidiary ledgers not maintained and financial statements of InFRES I/II and ARCP II not submitted. | Not implemented | Not reported |
| AAR CY 2017-1 | Validity and accuracy of assets and liabilities totaling ₱193,641,568.65 and ₱47,246,481.48, respectively, could not be ascertained due to absence of subsidiary ledgers, inadequate disclosures and improper recording of loan amortization. | Implemented | Not reported |
Suspensions, disallowances, and charges
| Particulars | Balance Jan 1, 2024 | Balance Dec 31, 2024 |
|---|---|---|
| Notice of Suspension | ₱14,420,531.08 | ₱14,420,531.08 |
| Notice of Disallowance | ₱306,031.89 | ₱306,031.89 |
| Notice of Charge | ₱0.00 | ₱0.00 |
| Total | ₱14,726,562.97 | ₱14,726,562.97 |
No notices were issued in CY 2024. Notices of Suspension and Disallowance pertain to previous administration/s; none for the current administration. Unsupported balances: ₱4,493,566.69 (Notice of Suspension) and ₱71,588.00 (Notice of Disallowance).
Remittance schedules
| Category | GSIS Remittances | Pag-IBIG Remittances |
|---|---|---|
| Jan | ₱1,448,039.46 | ₱159,749.73 |
| Feb | ₱1,445,580.30 | ₱135,368.54 |
| Mar | ₱1,508,928.14 | ₱278,247.12 |
| Apr | ₱1,556,078.96 | ₱44,269.27 |
| May | ₱1,497,684.33 | ₱360,823.72 |
| Jun | ₱1,496,588.95 | ₱10,300.00 |
| Jul | ₱1,487,646.24 | ₱171,950.98 |
| Aug | ₱655.56 | ₱27,469.27 |
| Sep | ₱1,489,777.65 | ₱83,659.78 |
| Oct | ₱1,476,555.62 | ₱611,838.83 |
| Nov | ₱3,089,798.25 | ₱153,439.67 |
| Dec | ₱1,721,114.73 | ₱143,797.13 |
Amounts withheld each month exceeded the remittances made; the schedules below show the monthly under-remittance and running balances.
| BIR Withholding Taxes | Amount |
|---|---|
| Beginning Balance | ₱68,651.28 |
| Total Deductions (Withheld) | ₱21,915,102.76 |
| Total Remittances | ₱21,907,765.70 |
| Under-Remittance | ₱7,337.06 |
| Ending Balance (Unremitted) | ₱75,988.34 |
| GSIS premium: monthly remittances (Appendix F) | Deductions | Remittances | Under (Over) Remittance | Balance | |
|---|---|---|---|---|---|
| Beginning Balance | ₱2,016,907.37 | ||||
| January | ₱1,688,053.35 | ₱1,448,039.46 | ₱240,013.89 | ₱2,256,921.26 | |
| February | ₱1,634,835.40 | ₱1,445,580.30 | ₱189,255.10 | ₱2,446,176.36 | |
| March | ₱1,612,951.94 | ₱1,508,928.14 | ₱104,023.80 | ₱2,550,200.16 | |
| April | ₱1,629,891.16 | ₱1,556,078.96 | ₱73,812.20 | ₱2,624,012.36 | |
| May | ₱1,620,710.88 | ₱1,497,684.33 | ₱123,026.55 | ₱2,747,038.91 | |
| June | ₱1,564,753.65 | ₱1,496,588.95 | ₱68,164.70 | ₱2,815,203.61 | |
| July | ₱1,566,818.07 | ₱1,487,646.24 | ₱79,171.83 | ₱2,894,375.44 | |
| August | ₱1,650,889.65 | ₱655.56 | ₱1,650,234.09 | ₱4,544,609.53 | |
| September | ₱1,678,858.73 | ₱1,489,777.65 | ₱189,081.08 | ₱4,733,690.61 | |
| October | ₱1,661,710.58 | ₱1,476,555.62 | ₱185,154.96 | ₱4,918,845.57 | |
| November | ₱1,713,859.56 | ₱3,089,798.25 | -₱1,375,938.69 | ₱3,542,906.88 | |
| December | ₱1,747,441.44 | ₱1,721,114.73 | ₱26,326.71 | ₱3,569,233.59 | |
| Sub-total | ₱19,770,774.41 | ₱18,218,448.19 | ₱1,552,326.22 | ₱3,569,233.59 | |
Net under-remittance below equals deductions less remittances. Appendix F prints a conflicting subtotal of ₱182,508.21, which is retained here as a source discrepancy.
| Pag-IBIG: monthly remittances (Appendix F) | Deductions | Remittances | Under (Over) Remittance | Balance | |
|---|---|---|---|---|---|
| Beginning Balance | ₱555,900.13 | ||||
| January | ₱173,848.73 | ₱159,749.73 | ₱14,099.00 | ₱569,999.13 | |
| February | ₱190,529.42 | ₱135,368.54 | ₱55,160.88 | ₱625,160.01 | |
| March | ₱190,385.60 | ₱278,247.12 | -₱87,861.52 | ₱537,298.49 | |
| April | ₱191,428.88 | ₱44,269.27 | ₱147,159.61 | ₱684,458.10 | |
| May | ₱185,333.79 | ₱360,823.72 | -₱175,489.93 | ₱508,968.17 | |
| June | ₱177,650.98 | ₱10,300.00 | ₱167,350.98 | ₱676,319.15 | |
| July | ₱177,703.96 | ₱171,950.98 | ₱5,752.98 | ₱682,072.13 | |
| August | ₱176,959.78 | ₱27,469.27 | ₱149,490.51 | ₱831,562.64 | |
| September | ₱166,010.11 | ₱83,659.78 | ₱82,350.33 | ₱913,912.97 | |
| October | ₱167,039.67 | ₱611,838.83 | -₱444,799.16 | ₱469,113.81 | |
| November | ₱165,139.67 | ₱153,439.67 | ₱11,700.00 | ₱480,813.81 | |
| December | ₱266,311.20 | ₱143,797.13 | ₱122,514.07 | ₱603,327.88 | |
| Sub-total | ₱2,228,341.79 | ₱2,180,914.04 | ₱47,427.75 | ₱603,327.88 | |