Land Account Lacking Basis for Valuation and Documents
National Housing Authority · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency has a piece of land worth over 70 million pesos on its books, but there is no proof of its value or ownership, and it has been unresolved for years.
Why It Matters
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Original Audit Finding Excerpt
"On the NGC book, the observation from the prior year is reiterated on the recorded Land account valued at P70.038 million, which remains on the books despite lacking basis for valuation and relevant supporting documents for the transfer made by the then Home Guaranty Corporation (HGC), now the Philippine Guarantee Corporation, in March 2005, pursuant to RA No. 9207 dated March 17, 2003, also known as the NGC Housing and Land Utilization Act of 2003."