Delayed financial returns and insufficient recovery of NHA's investment
National Housing Authority · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe government was supposed to earn P11.264 billion from this project within 10 years, but after 12 years it has only received about half of that amount—not even enough to cover the value of the land it put in.
Why It Matters
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Original Audit Finding Excerpt
"despite the lapse of more than 12 years from the Prescribed Closing Date of the JVA, which has already exceeded the estimated payback period of 10 years, the NHA has only received P5.754 billion or 51.08 per cent of the total expected P11.264 billion in financial returns from the Project"