Undervaluation of NHA's land contribution due to use of outdated appraisal
National Housing Authority · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe government's land was valued using an old 2006 appraisal even though officials knew it was outdated. This meant the government got a smaller share of the project profits than it should have.
Why It Matters
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Original Audit Finding Excerpt
"no new valuation was obtained before finalizing the JVA and the outdated appraisal of P21,000 per sqm was still used in the TOR dated October 1, 2008, and JVA dated August 27, 2009, which became the basis for the NHA's profit and loss sharing in the JVA"