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COA warns Nayong Pilipino Foundation will be 'out of funds' in 6 to 13 years

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Adrian Ayalin, ABS-CBN News

<p>MANILA - The Commission on Audit on Wednesday has flagged the possible depletion of funds of the Nayong Pilipino Foundation (NPF) in 6 to 13 years if it does not introduce additional sources of funds or revenue.</p><p>In the 2021 annual <a href="https://www.coa.gov.ph/reports/annual-audit-reports/aar-government-owned-and-or-controlled-corporations/#199-5280-nayong-pilipino-foundation-1654497023">audit report</a> on the NPF, state auditors noted that the net balance of the trust and investment fund of the agency is at P754.68 million from P1.232 billion in 2014 or a decrease of P477.318 million or 39 percent. </p><p>Auditors noted that the decrease is not attributed to the purpose for which the fund was earmarked, but rather on the absence of other sources of revenue to finance the operations of NPF.</p><p>It was also noted that based on the lease agreement with a private corporation, the next cash that would be collected by NPF would be in 2035 or 13 years from 2021.</p><p>“Thus, if the financial conditions would not improve, NPF would be out of funds starting 6.5 years to 13 years from CY 2021,” auditors said.</p><p>The audit report also emphasized that the planned construction of the NPF Park in Paranaque, once started, will further compound the funding problems of the agency.</p><p>Auditors also recommended to the NPF that its accounting and financial unit assist the top management in long-term financial planning and in devising plans to address the depletion of funds.</p><p>The NPF management for its part told the audit team that, among others, they are committed to the review of the agency’s current capacities both financially and in its workforce.</p><p>“Further, management committed that at the conclusion of these planning activities, they are to submit to the team a strategic action plan alongside any updates of the actions taken towards addressing the recommendations,” the audit team noted.</p><p>A copy of the audit report was received by Nayong Pilipino Executive Director Gertrudes Duran-Batocabe and the Board of Trustees on May 31, 2022.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/07/22/21/sc-junks-challenge-vs-cutting-of-trees-in-nayong-pilipino-for-mega-vaccination-site">SC junks challenge vs cutting of trees in Nayong Pilipino for mega-vaccination site</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1754968" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div><div> </div>

The Commission on Audit on Wednesday has flagged the possible depletion of funds of the Nayong Pilipino Foundation (NPF) in 6 to 13 years.

COA warns Nayong Pilipino Foundation will be 'out of funds' in 6 to 13 years

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COA warns Nayong Pilipino Foundation will be 'out of funds' in 6 to 13 years

Adrian Ayalin,

ABS-CBN News

Published June 08, 2022 05:30 PM PHT

|

Updated June 08, 2022 05:38 PM PHT

Read More:

Commission on Audit

Nayong Pilipino Foundation

2021 audit report

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