Suspension of Housing Projects Due to Lack of Funds
National Housing Authority · 2023
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What Happened?
Category: Financial ManagementIssue: OperationalMany housing projects are stopped because there is no money to continue them. This could waste billions of pesos and may force the cancellation of contracts, adding to the billions already lost on terminated projects.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"resulting in the suspension of all projects under Government Employees Housing Program (GEHP) and other housing programs, with contract costs totaling P54.894 billion due to lack of funds which, if not properly addressed, might lead to termination that would eventually result in wastage of time, funds, and resources, in addition to P9.484 billion total contract cost of already terminated housing projects as at December 31, 2023."