Non-Remittance of Pag-IBIG Contributions and Loan Amortizations Within Prescribed Period
Department of Public Works and Highways · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe department collected money from employees for the Pag-IBIG housing fund but did not send all of it to the fund on time. This could delay employees' housing loans and benefits.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"The DPWH had collected or deducted Pag-IBIG contributions and loan amortizations totaling P511,343,096.87 from transactions in prior and current years, net of adjustments, of which P12,738,446.53 was not remitted within the period prescribed under Rule VII of the Implementing Rules and Regulations of Republic Act No. 9679, or the Home Development Mutual Fund Law of 2009, otherwise known as Pag-IBIG Fund."