Capitol finances ‘remain stable’

CEBU, Philippines - The Cebu provincial government’s financial condition “remains stable,” at least as of May 31 this year.

A total of P27.9 billion remained in the assets of the Capitol after it paid liabilities worth P812 million.

 “Capitol is financially sound,” said Provincial Information Officer Ethel Natera.

“Kung sa mga kompanya pa, kini basehan kung angay pa ba makautang. It is important kung viable ba, makabayad ba ka,” said Ramon Dumayac Jr., assistant provincial accountant.

For the period, Capitol had total assets of P28.7 billion covering its current assets that include, among others, cash (P1 billion); receivables (P302, 774, 319); and supplies (P57, 500, 000).

Also included in its assets were investments totaling P188.2 million and P27 billion for its properties, plants and equipment.

On the other hand, Capitol’s P812-million liabilities covered, among others, payable accounts amounting to P212.3 million, P69 million inter-agency payables (dues to Bureau of Internal Revenue, Government Service Insurance System, Pag-IBIG, among others), P253.2 million intra-agency payables and deferred credits of P179.7 million.

Natera said the liabilities of the Capitol do not cover those in the contract entered into by the provincial government in the previous administration without the authority from the Provincial Board.

Board Member Grecilda Sanchez, who heads the PB committee on budget and appropriations, had disclosed that more than P300 million is still being claimed by some contractors from the Capitol.

However, the present administration under Governor Hilario Davide III refused payment for collections made by the contractors concerned. (FREEMAN)