MANILA, Philippines - The Commission on Audit (COA) has found out that informal settlers are occupying real properties belonging to the Government Service Insurance System (GSIS) valued at P8.943 billion.
The GSIS owns more than P10.8 billion worth of real property, state auditors said in a report.
The COA blamed the problem on the non-implementation of the GSIS’s Revised Policy Guidelines on Acquisition, Administration and Disposition of Acquired Assets.
State auditors want legal action taken against the people illegally occupying the GSIS properties.
The COA said Board Resolution No. 184 dated Aug. 13, 2003 approved the Revised Policy Guidelines on Acquisition, Administration and Disposition of Acquired Assets that provides for the efficient property account management and lease administration and effective disposition of acquired assets in a manner advantageous to the GSIS.
State auditors said the same rules provide that on lease of residential and commercial/industrial assets, management is required to define the actions to take until ejectment proceedings.
“The Revised Policy Guidelines states that unoccupied residential lands shall be put up for sale, while commercial and/or industrial lands shall be for disposition and recoupment and/or recovery of investment, all for the advantage of GSIS.
“It could be observed from the percentage of occupancy that the policies provided in the Revised Policy Guidelines on the Acquisition, Administration and Disposition of Acquired Assets were not properly implemented/administered/complied, thus, no lease contracts were executed,†state auditors said.