Uninsured Assets and Failure to Appraise Property
National Housing Authority · 2023
This summary was generated automatically from the source document and may contain errors. It is not an official interpretation and should not be relied upon as legal guidance. Review the original excerpt and source document to verify before citing or acting on it.
What Happened?
Category: Asset ManagementIssue: Non-complianceBillions of dollars worth of agency assets were left uninsured with the government insurance system, putting public property at risk without financial protection against fires, storms, or other disasters.
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 cid 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."