Land with geographical issues from terminated project
National Housing Authority · 2023
Severity: HighRecommendation: Unknown
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What Happened?
Category: Asset ManagementIssue: Non-complianceThe agency bought land for a project that was cancelled because of location problems. The land cost a lot of money (P618 million) and now it's just sitting there, possibly not worth what they paid.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"The account also includes the cost of land amounting to P618.708 million under a terminated project due to geographical location issues"