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SSS, GSIS loans records not updated — CoA

  • Written by Jester P. Manalastas
  • Published in Nation
  • Read: 277

THE Commission on Audit (CoA) has revealed that some six government agencies failed to post on time their collection of members’ premiums and loans.

In its 2015 report, the CoA said the “undistributed collections” amount to P18.188 billion which affected the records of the members and borrowers.

Topping the list of the 2015 Annual Financial Report on Government-Owned or Controlled Corporations (GOCC) is the Social Security System (SSS) with P9.939 undistributed collections.

Reports showed that despite the members and borrowers having paid their premiums and loans on time, the agencies still have not posted the payments in their records, making them appear as delinquent payers.

At second place was the Armed Forces of the Philippines-Retirement and Separation Benefits System (AFP-RSBS) with P4.914 billion, and the Government Service Insurance System (GSIS) in third spot with P2.697 billion.
Others include: Social Housing Finance Corporation, P372.626 million; Home Development Mutual Fund (HDMF or PagIBIG Fund), P264.132 million and Small Business Corporation (SBC), P1.807 million.
Auditors noted that despite the fact that the sums were already with the GOCCs, the collections were not declared in the statement of assets, thereby understating the account and bloating the declared liabilities.
The CoA warned that delays in crediting such collections in the individual accounts of members or borrowers could cause them injury in terms of lower entitlement computation or double collections.
“(T)he collections of premiums and loans (that) have not been posted to the individual member’s accounts affect the accuracy and correctness of presentation of members’/pensioners’ data…ultimately delaying the processing of benefits of members/pensioners,” the state audit agency said in its report.