Dormant Account Balances with Uncertain Collectability Not Written Off
Department of Public Works and Highways · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency has billions of pesos in old account balances that have not moved for at least five years. It is unclear whether these amounts can still be collected or paid, and the accounts have not yet been fully reconciled or written off.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"116 Account Title 2023 2022 (Restated) Details Amount (In PhP) Accounts Payable 2,349,670.03 2,349,670.03 Due to Officers and Employees 334,950.95 1,264,474.83 Due to BIR 12,347,688.34 12,347,688.34 Due to GSIS 1,045,305.04 1,079,502.63 Due to Pag-IBIG 540,300.27 1,315,336.83 Due to PhilHealth 68,397.07 70,979.57 Due to NGAs 98,389,303.59 98,389,303.59 Due to GOCCs 232,499.49 232,499.49 Due to LGUs 1,491,203.88 1,491,203.88 Guaranty/Security Deposits Payable 4,513,624.04 4,541,021.35 Other Deferred Credits 7,733,186.62 7,733,186.62 Other Payables 10,092,042.10 11,802,637.04 Total 50,343,281,233.12 50,637,001,947.51 29. Dormant Balances Region Office Accounts Amount (In PhP) CO OSEC CIP-Infrastructure Assets 17,879,463,110.52 CIP-Buildings and Other Structures 139,418,596.19 Due from NGAs 553,561,522.65 Due from GOCCs 257,357,047.42 Due from LGUs 57,763,256.69 Due from NGOs/POs 2,571,096.00 CAR RO Adva"