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Baguio City Exceeds Idle Fund Limit by P3.734 Billion

1/13/2025

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Summary

Story summary

Baguio City holds P4.429 billion in time deposits, surpassing the authorized idle fund limit of P695 million.
These funds, meant for liabilities and development, earned interest rates below the minimum requirement of 7.5%.
The city government recognized the audit findings and intends to resolve the excess funds, requesting time for account maturity before termination.

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Story summary

Baguio City holds P4.429 billion in time deposits, surpassing the authorized idle fund limit of P695 million.
These funds, meant for liabilities and development, earned interest rates below the minimum requirement of 7.5%.
The city government recognized the audit findings and intends to resolve the excess funds, requesting time for account maturity before termination.