Bank Accounts Not Transferred to Government Bank
National Housing Authority · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency kept over P45 million in a private bank instead of moving it to a government bank as required, and one small account has been inactive for years, missing opportunities to use the funds.
Why It Matters
Recommended Actions
- Request from respective Courts for transfer/closure of deposit in a private bank for the settled expropriation cases
- And
Original Audit Finding Excerpt
"The 56 bank accounts with book balance of P45.151 million maintained in a private bank have not been transferred to a government bank despite the settlement of the expropriation cases for which the accounts were opened, and one current account with a balance of P5,000 has remained non -moving since April 2013 due to non -monitoring by the Treasury Department. As a result, the Authority lost the opportunity to maximize use of the funds for other prioritized programs and projects."