Unremitted GSIS Premium Contributions and Loan Amortizations
Department of Public Works and Highways · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency deducted money from employees' pay for GSIS but did not send all of it to GSIS on time. A large amount remained unpaid at year-end and even after early 2024 remittances, a significant balance was still outstanding.
Why It Matters
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Original Audit Finding Excerpt
"out of the total GSIS premium contributions and loan amortizations of P2,030,868,038.06 deducted/withheld from the salaries of its officers and employees representing personal share and loan amortizations, the amount of P1,995,824,683.03 or 98.27 percent were remitted to GSIS during the year; thus, leaving an unremitted balance of P35,043,355.03 or 1.73 percent as at year-end. Of the unremitted balance, the amount of P10,483,761.11 was remitted in the first quarter of CY 2024, leaving a balance of P24,559,593.92, mostly due to prior years’ transactions that are subject to refund, adjustment, verification, reconciliation, and/or remittance."