The Office of the President (OP) has actually built up P436.9 million in unliquidated cashcash loan, according to the Commission on Audit (COA).
In a 2013 report on the OP, the COA stated moneycash loan to regular and special disbursing officers due for liquidation since December 31, 2013 has actually reached P436,928,955.35.
Of this amount, P425,614,804.99 or 97.41 percent was not settled by previous administrations, while the present administration has yet to liquidate P11,089,554.33.
“Our analysis of the accounts Advances to Officers and Employees (148) and Other Receivables (149) showed that the overall outstanding balance as of December 31, 2013 totaled up to P598,117,305.18, which 26.95 percent or P161,188,349.83 were cash advances (CAs) granted during the year, therefore not yet due and demandable, leaving a balance of P436,928,955.35 as the unliquidated CAs due as of the year end,” auditors stated.
“The money advances granted under accounts 148 and 149 amounting P4,246,875.12 and P156,941,474.71, respectively, are those given to officials and staff members of the OP in connection with their main local and foreign journeys, as well as confidential expenditures that are not yet due for liquidation and/or yet to prescribe at the end of December 31, 2013,” they stated.
More analysis revealed that P11,089,554.33 of the total quantity of advances due for liquidation was for the current administration and P425,614,804.99 pertainedrelated to the previous administrations, they added.