Note 10 – Liabilities
The account consists of the following:
2024 2023
Current:
Accounts Payable ₱ 5,190,601.99 ₱ 7,240,966.12
Due to Officers and Employees 246,567.76 244,602.72
Leave Benefits Payable 910,515.95 2,069,819.54
Loans Payable - Domestic 4,308,899.48 4,308,899.48
Total Current Financial Liabilities ₱ 10,656,585.18 ₱ 13,864,287.86
Non-Current:
Loans Payable - Domestic ₱ 228,984,838.91 ₱ 162,061,595.36
Total Non-Current Financial Liabilities ₱ 228,984,838.91 ₱ 162,061,595.36
Of the total financial liabilities of ₱10,656,585.18, Accounts Payable amounting to
₱5,190,601.99 represents 48% percent. The Due to Officers and Employees account
represents expenses due for reimbursement, and the Leave Benefits Payable account
represents money value of the earned leave credits of some government personnel. The
Loans Payable-Domestic account pertains to the current portion of the loan for the purchase
of heavy equipment.
Loans Payable - Domestic pertains to the non-current portion of the loan granted by Land
Bank of the Philippines for the construction of Jetty Port at Barangay Maayongtubig and Apo
Island amounting to ₱181,598,505.27, for the purchase of heavy equipment amounting to
₱19,390,047.60, and for the completion of Public Market amounting to ₱27,996,286.04.
10.1 Inter-Agency Payables
Due to BIR ₱ 3,105,007.08 ₱ 2,405,248.75
Due to GSIS 1,232,158.74 1,250,692.38
Due to Pag-IBIG 63,946.50 39,408.77
Due to PhilHealth 382,673.71 166,412.80
Due to NGAs 16,140,022.57 9,810,611.85
Due to Other GOCCs 10,178.78 10,178.78
Due to LGUs 2,032,572.30 2,310,666.89
Total ₱ 22,966,559.68 ₱ 15,993,220.22
The first four accounts represent the amounts deducted from the salaries of officials and
employees, which were remitted to the respective government agencies immediately in the
following month. The remaining accounts represent balances of funds received by the LGU
for specific purposes.
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