Misstated Development Costs for Vitas Reclamation Project
National Housing Authority · 2022
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What Happened?
Category: Financial ManagementIssue: MisstatementThe reported development cost for the Vitas Reclamation Project is extremely low compared to the project's total value, suggesting a possible error in the financial records.
Why It Matters
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Original Audit Finding Excerpt
"NHA’s share in the Vitas Reclamation Project amounting to P1.520 billion represents the value of the lot computed based on the total lot area of 253,645 sqm. with a CY 2003 zonal valuation of lot at P6,000 per sqm., reduced by total development costs amounting to P1.684 million"