Unapproved Remittance of Provident Fund Employer’s Share Totaling P60.500 Million
National Housing Authority · 2024
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What Happened?
Category: ComplianceIssue: Non-complianceNHA paid P60.5 million into its employees' provident fund over two years, but it did not get the required approval from the President's office. This is against government compensation rules, so the payment was not authorized.
Why It Matters
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Original Audit Finding Excerpt
"The remittance of Provident Fund (PF) employer’s share for NHA’s officers and employees to the Provident Fund Association, Inc. (PFAI) without the approval from the Office of the President for the period May 2022 to May 2024, amounting to P60.500 million, upon implementation of the Compensation and Position Classification System (CPCS) is contrary to Item VIII of CPCS for the GOCCs covered by RA No. 10149 under EO No. 150."