The NHA-SSS Dormitory and Apartment Loan Program was poorly managed, causing millions in lost opportunities, extra obligations to SSS, costs for evicting informal settlers, and risk of losing foreclosed assets due to unpaid taxes.

Why It Matters

Recommended Actions

• Institute a monitoring system in each of the concerned Office/Department/Unit on the completeness of the reported PN, REM, Deeds and other contracts by placing control series for each type of contract to ensure accurate recording and adjustment of all relevant transactions in the books
• And

Original Audit Finding Excerpt

"Ref. Audit Observations Audit Recommendations Agency Action Pian Action Plan Person/Dept. Responsible Target Implementation Date From To Status of Implementation Reason for Partial/Delay/ Non- Implementation, if applicable Action Taken/Action to be Taken CY 2023 AAR Observation No. 27, page 242 The Trust liabilities account included eight non-moving and long outstanding subsidiary accounts amounting P49.735 million as at December 31, 2023 due to non-preparation of SRDs, among others, affecting the fair presentation of the account in the financial statements, contrary to Item 4.9 of COA Circular No. 94- 013. a. Liquidate and/or return the unused fund including the interest thereof to the Source Agency for those trust liability accounts which are nonmoving and had already been completed; and b. Prepare SRDs for ali trust funds particularly those without separate bank accounts and subsidiary records as at December 31, 2023. Accounting Department Reg 3 Not implemented Not"

Source Document