NEA COA compliant for 6th straight year

MANILA, Philippines - For the sixth consecutive year, the National Electrification Administration (NEA) has remained to be compliant with Commission on Audit (COA) rules.

The state-run agency, mandated to implement the total electrification of the country, was rendered an unqualified audit opinion for Calendar Year 2012 by the COA. 

Since 2007, NEA has been given an unqualified opinion by the State Auditor after reviewing its financial statements which comprise the balance sheet as of December 2012 and income statement, statement of changes in equity and cash flow statement for the year ended.   

In a COA report, it was noted that this is the 9th consecutive year that NEA remains to be in the black. Since its turnaround in 2004, NEA has consistently posted a positive financial position. 

For 2012, an income of P340.57 million was registered by the agency. This is 118 percent higher than the P155.72 million net income recorded in 2011. 

NEA administrator Edita S. Bueno said the agency has been working hard to maintain its COA compliant status.

 â€œNEA continually strives to live up to its avowed corporate values of absolute honesty, maximum efficiency and total solidarity to be a stable asset to the government,” Bueno said.

Bueno said, “the COA opinion confirms that NEA’s best practices are aligned to good public governance.”

“Together with our partner-electric cooperatives nationwide, NEA constantly finds ways to step up its level of public service,” she added.

For 2012, NEA has remitted P136.548 million to the government representing full payment of its dividends for the net earnings for the year and has paid its full obligation of P111 million to the Bureau of Internal Revenue. 

As the first government-owned and controlled corporation (GOCC) to adopt the COA-developed Electronic New Government Accounting System (e-NGAS) in March 2005, NEA’s processing of financial transactions has been speedier, simpler and more transparent.