Monday, May 20, 2013
COA ASKS CDA TO COLLECT P134-M LOANS FROM DELINQUENT CO-OPS
Is your cooperative one of those who are delinquent in paying the Cooperative Development Authority (CDA) of P134.04 million in total loans?
Why? Because the Commission on Audit (COA) had asked the CDA "to demand the full payment of loan balances and/or institute appropriate legal remedies against the delinquent borrowers (cooperatives).
In a published reports on its 2010 audit of CDA, COA said that "..of the amount - P122.6-million - is yet to be received by the CDA central office, while the remaining amount has to be collected by extension offices in Manila, Cebu, Iloilo, Dagupan City in Pangasinan, and Calamba City in Laguna..,".
The published report (Businessworld, May 20, 2013, p.10/S1) further said:
"...Some of the borrowers could no longer be located, the COA noted.
"..State auditors linked the uncollected amount to CDA's failure to implement the loan agreement and policies, which ultimately denied the state fund for other programs..
"..Management's failure to apply the provisions of the Loan Agreements and the CDA Policies and Procedures on Lending resulted in the non-settlement of the loan balances, thereby depriving the government of available funds for other programs and projects," the state auditors said.
In response, the CDA said it is preparating deocuments supporting case filings and vowed to start extrajudicial proceedings in the central and extension offices...".
From reports of M.J.O. Cantilero
Note: Maybe CDA needs to publish who these delinquent cooperatives are. That could help in collecting the loans. (END).