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Manila Bulletin devider Philippines devider National devider COA reminds LGUs of mandatory insurance of their property, plant, equipment with GSIS

COA reminds LGUs of mandatory insurance of their property, plant, equipment with GSIS

Published Jun 17, 2024 03:41 am

The Commission on Audit (COA) has reminded all local government units (LGUs) to insure with the General Insurance Fund (GIF) of the Government Service Insurance System (GSIS) all their property, plant and equipment (PPE) to assure indemnification for damages or losses on account of forfeitous events.

Insurance of all PPEs with the GIF of GSIS is mandated for all government agencies, except municipalities below first-class category, under Republic Act No. 656, the Property Insurance Law, as amended by Presidential Decree No. 245.

COA Circular No. 2018-002 dated May 31, 2018 also provides that heads of agencies should direct pertinent officials to secure directly from the GIF of GSIS GIF "all insurance or bonds covering properties, contracts, rights of action, and other insurable risks of their respective offices."

COA's reminder was issued in its 2023 audit of Cauayan City in Isabela. It found that the city failed to insure P2.577 billion worth of PPEs with the GIF of GSIS.

It warned Cauayan City officials that their failure placed the local government at risk of non-indemnification for damages or losses on account of fortuitous events.

COA said: "Review of the Financial Statements and other pertinent reports as of Dec. 31, 2023 showed that several property, plant, and equipment (PPE) items with total book value of P2,577,898,273.63 were not covered by insurance. "Non-insurance of these properties defeat the rationale that all insurable assets and properties of the government are adequately covered/insured with the GIF of the GSIS."

It said Cauayan City's uninsured PPEs includes vehicles such as several Mitsubishi Montero, Toyota Innova, Isuzu Crosswind, Isuzu XT Wagon, Toyota Hilux Motor, Iveco dump truck, Ford Ranger, and several others.

Other PPEs that were not insured included school buildings, hospitals and health centers, water supply systems, machineries and equipment, furnitures and fixtures, medical equipment, and other PPEs, it also said.

Thus, COA said it reminded Cauayan City officials to insure their PPEs. It noted that in a letter dated Feb. 13, 2024, the City General Services Officer committed to update and reconcile their records to have all insurable PPEs be insured with the GIS of GSIS.

Related Tags

Annual audit report Audit reports CAUAYAN Commission on Audit (COA) GSIS Cauayan City Commission on Audit Isabela
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