NHA did not insure its buildings and other properties worth over 21 billion pesos with the government insurance agency. They also did not provide the required property value information. This means if something happens like a fire or earthquake, NHA could lose money because they are not protected.

Why It Matters

Recommended Actions

• Account all insurable properties and assets based on their records and reconcile with RPCPPE and RPCI;

Original Audit Finding Excerpt

"The Authority did not insure to the GSIS its various assets with net book value of P21.157 billion and did not provide necessary appraisal value of the property in the required Property Inventory Form, contrary to Section 5 of RA No. 656 otherwise known as the Property Insurance Law and Item 5.1 of COA Circular No. 2018-002 dated May 31, 2018, thus exposing the Authority to losses against any damage or loss due to theft, robbery, fire, earthquake, storm and other fortuitous events."

Source Document