Unverified financial reports and P1.531 billion RPPP collections from developer
National Housing Authority · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe government trusted the developer's numbers without checking them or requiring audited financial statements, creating the risk that the P1.531 billion in profit remittances could be incorrect.
Why It Matters
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Original Audit Finding Excerpt
"NHA's reliance on unverified financial reports submitted by the developer as the basis for recording its share in the RPPP. These reports contain only summarized information such as gross revenues and other income, net of marketing, selling, administrative, and operational expenses"