Note 10 – Intangible Assets
2024 2023
Intangible Assets
Other Intangible Assets ₱ 100,000.00 ₱ 100,000.00
Total Intangible Assets ₱ 100,000.00 ₱ 100,000.00
Note 11 – Financial Liabilities
Current
Financial Liabilities
Accounts Payable ₱ 2,407,925.16 ₱ 547,075.46
Due to Officers and Employees 234,016.01 27,604.57
Loans Payable – Domestic 1,611,106.73 0.00
Total Financial Liabilities ₱ 4,253,047.90 ₱ 574,680.03
Non-Current
Financial Liabilities
Loans Payable – Domestic ₱ 88,610,869.99 ₱ 0.00
Total Financial Liabilities ₱ 88,610,869.99 ₱ 0.00
In CY 2024, the Municipal Government of Jimalalud secured the following loans from
the Land Bank of the Philippines (LBP) to fund various projects, with the corresponding
details provided below:
As of December 31, 2024, the Municipality incurred interest expenses totaling
₱752,645.29. This amount was capitalized to the respective projects and recorded under
the account "Construction in Progress – Infrastructures."
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