COA uncovers 2 unrecorded NEA bank accounts worth Php291M


The Commission on Audit (COA) said that the National Electrification Administration (NEA) maintained two bank accounts worth Php290.665 million not listed in its financial statements.

Based on its report issued on July 30, COA said NEA’s unlisted account in government-owned Development Bank of the Philippines has Php200 million as of December 31, 2020, while its account with United Coconut Planters Bank contains Php90.665 million.

COA confirmed the existence of both accounts through confirmation letters from the said banks.

“Both savings accounts were not reflected in the NEA’s books at year-end and no Subsidiary Ledgers were found for these two accounts,” the report read.

Documents obtained by COA show that NEA’s UCPB account held P90.66 million while the DBP account had P200 million also as of end-2020.

The commission also noted that another one of NEA’s DBP accounts with Php200.653 million, as per the agency’s books, was not confirmed by the bank.

Based on a Rappler report, NEA said it has directed its accounting division to immediately include in its financial statements the two unrecorded bank accounts, as well as to begin verifying the Php200.653 million worth of deposits in the other DBP account.

However, the agency explained that the unlisted funds include balances coming from various online deposits from cooperatives and interest income.

NEA’s COA report was issued three weeks before Pres. Rodrigo Duterte fired then-Administrator Edgardo Masongsong on August 21 over corruption allegations brought forth by the Presidential Anti-Corruption Commission. Masongsong had said upon his firing that the agency, under his watch, obtained an excellent rating from the COA twice.

NEA Deputy Administrator Sonia San Diego will serve as officer-in-charge until the President finds a permanent replacement.