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Manila Bulletin devider Philippines devider National devider COA flags Tawi-Tawi town for not insuring its P69.9-M property, plant, equipment

COA flags Tawi-Tawi town for not insuring its P69.9-M property, plant, equipment

Published Sep 28, 2024 06:55 am

The Commission on Audit (COA) has flagged the municipality of South Ubian in Tawi-Tawi for its failure to insure with the Government Service Insurance System (GSIS) its property, plant and equipment (PPE) worth P69.9 million.

In its audit report, the COA said that South Ubian's failure to insure its PPE with the General Insurance Fund (GIF) of the GSIS violated COA Circular No. 92-390 dated Nov. 17, 1992.

South Ubian's uninsured PPE included Other Land Improvements (P5,848,110.98), Infrastructure Assets (P47,053,680.98), Buildings and Other Structures (P16,363,750.64), Machinery and Equipment (P118,428), Transportation Equipment (P495,709.22), and Other PPE (P44,567.25), it said.

"Verification of the municipality's PPE disclosed that insurable assets particularly its buildings and other structures are at risk of loss without indemnification in case of fire or other fortuitous event because they were not insured with the property insurance with the GIF of the GSIS," the report stated. 

"Despite this recurring observation and recommendation, the management fails to comply with the requirements of this circular since the local government unit is in process of conducting surveys and assessments to acquire land titles where these infrastructures are located and which requires them ample time to be able to complete the whole process of registration," it added.

Again, the COA recommended that the Municipal Treasurer or Property Officer of South Ubian prepare the report of properties that require insurance coverage and submit this to the GSIS. After which, the audit team should be furnished with a copy for review and verification, it said.

Related Tags

Annual audit report Audit reports Commission on Audit (COA) GSIS Commission on Audit Tawi-Tawi
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