STATE AUDITORS found that the National Electrification Administration (NEA) had two unrecorded bank accounts that was not listed in their records with savings worth P290 million.   

In a 2020 audit report, the Commission on Audit (CoA) said that confirmation letters from state banks United Coconut Planters Bank (UCPB) and Development Bank of the Philippines (DBP) showed that NEA had around P90.67 million and P200 million in saving accounts, respectively, as of Dec. 31, 2020.  

“Both savings accounts were not reflected in the NEA’s books as at yearend, and no subsidiary ledgers were found for the two accounts,” CoA reported.  

CoA also found that NEA had a bank account with the DBP worth around P200.65 million that was not confirmed by the bank.   

CoA recommended for NEA to record the missing amounts worth P290 million and verify the recorded amount of around P200.65 million with the DBP.   

NEA Financial Services and Accounting Division Manager Ma. Chona Dela Cruz said in a press release Tuesday that they have already addressed the unrecorded accounts.   

“All funds were well accounted for. A total of P290 million were transferred into newly-opened accounts of NEA in 2020, sourced from two existing bank accounts. Book entries were all that were needed for NEA’s books to reflect the said accounts, which were already done,” she said.   

President Rodrigo R. Duterte fired NEA Chief Edgar R. Masongsong on Aug. 21 based on the recommendation of the Presidential Anti-Corruption Commission, following allegations of allowing electric cooperatives to continue financial support to the Philippine Rural Electric Cooperatives Association party-list. — Russell Louis C. Ku