NATIONAL auditors have called out the Bureau of Fisheries and Aquatic Resources (BFAR) and nine of its offices for failing to insure P1.05 billion of it properties.
In a report, the Commission on Audit noted that the law requires agencies to insure its physical assets with the state-owned Government Service Insurance System against fire and theft.
The annual audit showed that BFAR’s 59 buildings, 54 motor vehicles and several other equipment and structures did not have insurance.
Fisheries officials have said they have yet to confirm the existence and ownership of some of the assets, hence the insurance delay. One of the offices confirmed that the insurance for its properties and equipment had not been renewed. — Vince Angelo C. Ferreras