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COA calls SPDA's attention to properties listed at P1-value

MANILA, Philippines – State auditors have called the attention of the Southern Philippines Development Authority to 10 properties listed in SPDA's books as valued at only P1 each.

The Commission on Audit (COA) said a review of the records of the government-owned or -controlled corporation (GOCC) showed that the properties range in size from 1,644 square meters to 24,000 hectares.

While the properties were acquired between 1975 to 1997, they have yet to be properly appraised to get their fair market value, according to the COA report released on Tuesday, June 19.

Seven lots have no tax declaration numbers, two are not registered under any title, and 3 are occupied by illegal settlers, the records showed.

The 10 properties are the following:

COA said it had already raised the concern to SPDA in the agency’s 2012 and 2014 audit reports.

“The management also admitted the need to appraise the value of these properties as basis in recording for fair presentation in the financial statements, however, no action was made on the appraisal of these properties to date,” the auditors said.

“Failure of the management to appraise these items at fair value violated PAS (Philippine Auditing Standard) No. 16 and understated the land account in the financial statements,” the audit team said.

COA recommended that the SPDA prepare all needed documents to speed up the appraisal and titling of the properties. 

It also recommended the allocation of a budget for the services of an independent appraiser, and to properly record the new values.

In its response to COA's observations, SPDA said it is looking into an Asset Management Division which will monitor the appraisal.

It also told COA it has inquired with the Land Bank of the Philippines regarding the appraisal of the 10 properties.

The SPDA, created in 1975, is attached to the Office of the Pesident. It is mandated to promote the development of the Southern Philippines by initiating or undertaking projects that are corporate and economic in nature. It can also invest in any field as part of its mandate to develop Mindanao. – Rappler.com