Uninsured PPE of DPWH Worth P6.445 Billion
Department of Public Works and Highways · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceDPWH did not insure over P6.4 billion worth of buildings, vehicles, and equipment as required by law, so if these are damaged or destroyed it may not get any money back from the government insurance fund.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"Insurable properties and equipment of the DPWH with carrying amount of at least P6,445,042,095.66 were not insured with the General Insurance Fund of the Government Service Insurance System, as required under Sections 2 and 5 of Republic Act No. 656 or the Property Insurance Law, thus exposing the Agency to the risk of non-recovery and/or non-indemnification in case of damage, destruction or loss of properties due to fire, earthquake, storm or other casualties."