The Commission on Audit (COA) has scolded Palawan provincial officials for availing for the province a P1.26-billion loan from various banks although it is maintaining a P2.08-billion time deposit account in another bank.
COA, in its 2018 annual report for Palawan, criticized officials for failing to observe “sound cash management” as auditors noted that the province has incurred interest expense of P68.26 million for its existing loan but earned only P18.56 from the time deposit account under the General Fund.
Auditors urged Governor Jose Alvarez to “promptly negotiate with the lessees” after amending the Memorandum of Agreement for the immediate settlement of their past due accounts. “Despite, however, having sufficient financial resources in time deposits, the PGP unnecessarily resorted to credit financing for its various programs and project which seemingly does not conform to sound cash management,” said COA.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
LTO: No disallowance from COA on purchase of P3.9M tech gadgetsMANILA, Philippines — The Land Transportation Office (LTO) clarified on Friday that the Commission on Audit (COA) issued no disallowance on their procurement of the P3.9-million worth of
Read more »
COA faults LLDA for P29-million revenue loss from fish cage, fish pen operators
Read more »
Hataman slams AFP official over remark on Jabidah MassacreDeputy Speaker and Basilan Rep. Mujiv on Friday chided a military official for describing the Jabidah Massacre as the “original fake news.” | DYGalvezINQ
Read more »
PH may sign Mindanao railway loan with China during Duterte-Xi meet – PerniaThe Philippines may secure another infrastructure loan from the Chinese government during President Rodrigo Duterte's visit to Beijing next week, a Cabinet official said.
Read more »
Ex-DFA chief Yasay arrested over P350-M bank loan case(3rd UPDATE) Perfecto Yasay is accused of conspiring with associates to secure a questionable P350-million loan from the Banco Filipino Savings and Mortgage Bank
Read more »
COA faults LLDA for P29-million revenue loss from fish cage, fish pen operators
Read more »