THE Government Service Insurance System (GSIS) and the National Housing Authority (NHA) topped the list of 25 government-owned or controlled corporations (GOCCs) with uncollected loans or account receivables totaling P147.728 billion as of the yearend 2022.
This was revealed by the Commission on Audit in its 771-page Annual Financial Report on GOCCs released last month.
Based on COA’s data, the GSIS has P71.777 billion in loans that are considered long outstanding or past due but remains uncollected.
At second spot was the NHA with P62.159 billion, followed at some distance by the National Power Corporation (NPC) with P6.177 billion.
Likewise listed with over a billion in uncollected loans or receivables were the Local Water Utilities Administration with P1.879 billion and the National Development Company with P1.24 billion.
Other government firms with substantial outstanding receivables were the Armed Forces of the Philippines Retirements and Separation Benefits System (AFPRSBS) with P960.93 million; Philippine National Railways (PNR), P750.26 million; People’s Television Network Inc. (PTNI), P675.76 million; APO Production Unit Inc., P494.3 million; Philippine Amusement and Gaming Corp. (Pagcor), P383.61 million; and Tourism Infrastructure and Enterprise Zone Authority (TIEZA) with P309.74 million.
“These cast doubt on the accuracy of the balances of receivables and exposes the GCs (government corporations) to liquidity risks and reduced amount of resources for operations/relending that could have generated additional income,” COA said.
It also recommended that the listed GOCCs intensify efforts to increase collection of receivables and to initiate legal action to enforce settlement of obligations, particularly accounts that have been unpaid for years.
For accounts that are deemed dormant or whose collectability are doubtful, the Commission instructed the GOCCs concerned to evaluate if these would qualify for application for writing off.
