Insurable Properties Not Covered by Government Insurance
Department of Public Works and Highways · 2023
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What Happened?
Category: Asset ManagementIssue: Non-complianceThe government requires all agencies to insure their buildings, vehicles, and equipment under the GSIS so that if a disaster damages them, the government can claim compensation. Many DPWH offices did not insure over 4 billion pesos worth of properties, so they would lose that money if a fire or storm struck.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"Review and evaluation of the PPE accounts and Insurance Polices of DPWH offices revealed that several properties and equipment with book value of at least P4,055,582,536.86 were not insured with the GIF of the GSIS, broken down below:"