Note 8. Biological Assets
This account is composed of the following:
2024 2023
Bearer Biological Assets
Breeding Stocks ₱ 457,500.00 ₱ 457,500.00
Total Bearer Biological Assets ₱ 457,500.00 ₱ 457,500.00
The above balances are stated in net recoverable value. Write-downs were treated as an expense
in the current year.
Note 9. Financial Liabilities
This account is composed of the following:
Current Financial Liabilities
Payables
Accounts Payable ₱ 5,976,056.73 ₱ 27,324,690.88
Due to Officers and Employees 760,537.41 450,970.55
Total Financial Liabilities ₱ 6,736,594.14 ₱ 27,775,661.43
Trade Payables are non-interest-bearing and are normally settled on 60-day terms. Other payables
are non-interest-bearing and have an average term of six months. Interest payable is normally
settled quarterly throughout the financial year.
The Accounts Payable account includes amounts accrued at December 31, 2024.
Note 10. Inter–Agency Payables
This account is composed of the following:
Due to BIR ₱ 279,346.58 ₱ 445,375.75
Due to GSIS 1,597,840.30 5,940.06
Due to PAG-IBIG 89,151.76 21,157.90
Due to PHILHEALTH 777,284.76 1,129,267.75
Due to NGAs 96,344,176.38 77,988,594.15
Due to LGUs 4,258,932.55 8,471,998.12
Total Inter-Agency Payables ₱ 103,346,732.33 ₱ 88,062,333.73
The first four accounts represent the amount deducted from the salaries of officials and employees
and are remitted to the respective government agencies immediately in the month following the
month for which these were deducted. The remaining accounts represent balances of funds
received by the LGU for specific purposes.
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