COA Annual Audit Report on OWWA


COA Annual Audit Report on the Overseas Workers Welfare Administration (OWWA) for the calendar year ended December 31, 2004 under Government Owned Controlled Corporations Cluster VI , Social, Cultural, & Scientific.

Statement of Cash Flows for the Period Ended December 31, 2004:

 

CASH FLOWS FROM OPERATING ACTIVITIES    
   
Cash Received from OFWs 1,617,165,593  
Cash Paid to employees, claimants & other parties (967,507,783)  
Interest Income from Investment 329,405,308  
Cash Deposited in Trust (Note 5) (100,000,000)  
Other Income 36,840,629  
Contributions from PCSO for CMWSF 37,918,833  
   
Net Cash Provided by Operating Activities   953,822,580
   
CASH FLOWS FROM INVESTING ACTIVITIES  
   
Purchase of equipment and properties (11,619,499)  
Decrease in Investments 191,175,029  
   
Net Cash Provide by Investing Activities 179,555,530
   
Net Increase in Cash and Cash Equivalent 1,133,378,110
   
Cash & Cash Equivalent at Beginning of year 1,226,078,588  
Adjustment for Allowance for used Cash Advances (195,044,383)  
   
As Adjusted 1,031,034,205
   
CASH AND CASH EQUIVALENT END 2,164,412,315
     

 

COA  Comments & Observations

 

1)   Recovery of the P550.86 million Smokey Mountain Asset Pool certificates guaranteed by the Home Guarantee Corporation was uncertain.

 

2)     Cash advances granted in CY 2003 and prior years were not yet liquidated as of December 31, 2004.

 

3)    OWWA cannot likely collect booked receivables of P48.75 million representing accrued interest on the installment payments on the contract price in the sale by OWWA to POEA of the property now occupied by POEA.

 

4)   The probability was remote that the agency may be able to collect booked receivables of P38.32 million from the GSIS.

 

5)   Recovery of claims from disallowed payments  amounting to P40,035,370.49 is remote.

 

6)   There was an aggregate discrepancy of P41.15 million between reciprocal  accounts  of the regional Field Units and the Head Office.

 

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