Due from PCA (Philippine Coconut Authority) remains unpaid since 1979
National Housing Authority · 2022
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What Happened?
Category: Financial ManagementIssue: Non-complianceA receivable dating back to 1979 has never been reimbursed, and despite requests to treat it as a donation and a denied write-off, it remains uncollected.
Why It Matters
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Original Audit Finding Excerpt
"This account is composed of the following: Loans and receivables Accounts receivable consist of mortgage redemption insurance accrued monthly, to be paid by the beneficiaries over a period of up to 30 years along with the amortization of loan. Rental receivable mainly pertains to receivable from the Department of Transportation (DOTr, formerly Department of Transportation and Communications) for the lease of the North Triangle property covered by a contract of lease executed in April 1998. In March 2007, DOTr, NHA and a private entity executed a Memorandum of Agreement (MOA) and Assignment Agreement wherein DOTr assigned its Depot Development Rights Payment due from the private entity and authorized the latter to remit the same to NHA. The NHA, starting July 2007, receives monthly remittances from the private entity. Receivable from installment sales is covered by a Conditional Contract to Sell with terms of up to 30 years. This also recognizes capitalization of amortization and de"