Billions in retention money released before project completion
Department of Public Works and Highways · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency released over a billion pesos in retention money to contractors before the projects were finished or accepted, which violates the rules. At least one district office only partially corrected the problem.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"Retention money aggregating P 1,360,849,819.89 pertaining to 182 infrastructure projects were released to contractors prior to the completion and/or final acceptance of the projects that were not implemented/ completed on schedule or satisfactorily undertaken contrary to item 6, Annex “E” of the same Revised IRR"