Unclaimed/Unreleased Retention Money
Department of Public Works and Highways · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe department is holding money deducted from contractor payments as a guarantee, but many contractors have not claimed it and the department has not released it. Over P52 million in retention money is sitting unclaimed or unreleased across various offices, with partial progress in resolving these balances.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"a) Unclaimed/unreleased retention money – P52,929,513.57"