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CoA clueless on veracity of SBMA financial report

  • Written by Ryan Ponce Pacpaco
  • Published in Nation
  • Read: 219

THE Commission on Audit (CoA) has no clues about the veracity of the P4.107 billion accounts receivables reported by the Subic Bay Metropolitan Authority (SBMA) in its 2015 financial statements after all 87 letters of confirmation sent to residents of housing units and eco-zone locators returned without any reply.

CoA bared this when they tried to reach the 57 housing residents and 30 locators to account for P3.495 billion or 85.1 percent of the total account receivables.
   
“Of 57 correspondences sent to residents, 37 were returned with remarks: ‘no one to receive, abandoned, unlocated, different unit owner, or closed/under SBMA control’ while the remaining 20 mails have no reply. As regards the 30 letters to locators, 11 were returned with comments: ‘company closed/under control of SBMA or no one to receive while 19 did not respond,” the COA said.
   
It was also learned from CoA that the said accounts have not moved at all since 2013.
   
Because of the outcome of verification, the commission declared that the possibility of said trade receivables being collected and realized as revenue is now “doubtful”.
   
The CoA likewise criticized the previous administration of the Freeport for having “failed to support its assertions on the correctness or records and validity of the receivables.
   
Reacting to the COA’s findings new SBMA chairman Martin B. Diño, has created an eight-man audit team tasked to review all the doubtful accounts going back several years to determine if there are people and companies who may be held liable.
   
He said the investigation will include former chairman Roberto Garcia, Board of Directors Benjamin Antonio, Wilfredo Pineda, Bienvenido Benitez, Joven Reyes, Francis Garcia, Raul Marcelo, and Cynthia Paulino.
   
“We will seek the truth and go after those who were responsible for any wrongdoing. We will definitely file charges against them,” Diño said.
   
Named by the chairman to the transition and audit team were Atty. Emer Aceron, Atty. Jose Arollado Jr., Rolando Allan Asi, B/Gen. Percival Barba, Rod Banag, B/Gen Arnulfo J. Marcos (ret.), Jose Rey Recinto and  Atty. Victor Pablo C. Trinidad.
   
Aside from the doubtful accounts, Diño also intends to look into the P14.1 million questioned grant and liquidation of cash advances of former SBMA officials in light of the remark from government auditors that inadequate documentation of liquidations “exposed government funds to risks of misappropriation or loss and cast doubt on their regularity.”