Wednesday, January 21, 2009

SBMA exec bares anomaly

A DIRECTOR of the Subic Bay Metropolitan Authority yesterday revealed that the SBMA has refused to enter into its books of accounts more than P850 million in disbursements which had been disallowed by the Commission on Audit.

Director Mario Garcia noted that as early as February 16, 2005, the Commission on Audit has been questioning the non-recording of P856,300,753 in disallowances and charges in the books of the SBMA.

Garcia said 99 percent or P854,677,167 was disbursed from 1992 to 1998 while the remaining one percent or P1,623,586 was released from 1998 to 2002.

Quoting the memo of State Auditor Teresita Gequinto, Garcia said the disallowances and charges have become final and executory due to the non-submission of an appeal within the prescribed period.

Garcia said according to Gequinto, the non-entry of the disallowances and charges into the SBMA books was in violation of COA Circular 94-001 dated Jan. 20, 1994.

“That circular prescribes the recording in the books of accounts of disallowances, including suspensions,” he said.

Due to the non-recording of the disallowances and charges into the books, receivables, affected expense accounts and retained earnings were either understated or overstated, Gequinto said in his memo.

Instead of entering the disallowances and charges into the books, Garcia said SBMA allowed the money to be liquidated over the years and is now down to only P37.032 million.

“Still, this amount has not been entered into the books and disallowances as per my initial inquiry. The question now is, what is the reason behind this? Or is anybody behind this?” Garcia asked. Journal online

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