Unrecognized Contingent Liability to PHILGUARANTEE
National Housing Authority · 2022
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe NHA has a potential debt of over 4 billion pesos that has not been recorded in its financial statements. This means the true financial position may not be accurately reflected.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"The NHA’s contingent liability of P4.119 billion to HGC, now PHILGUARANTEE, relative to the terminated Smokey Mountain Asset Pool Agreement, has not yet been recognized in the books pending the results of the evaluation, reconciliation, coordination/mediation, and compromise with the parties concerned."