Remittance of Provident Fund employer's share without approval from the Office of the President
National Housing Authority · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe NHA paid over 60 million pesos into the Provident Fund for its employees without getting the required approval from the President's office, which is against the rules.
Why It Matters
Recommended Actions
- Immediately collect from PFAI the remitted PF employer’s share for officers and employees
- And Amend Section 4.7 NHA MC No. 2022-064.
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."