Note 9. Biological Assets
This account is composed of the following:
2024 2023
Breeding Stocks ₱ 3,565,498.22 ₱ 2,976,692.22
Plants and Trees 19,682.00 19,682.00
Total Biological Assets ₱ 3,585,180.22 ₱ 2,996,374.22
Note 10. Financial Liabilities
This account is composed of the following:
Current Financial Liabilities
Financial Liabilities
Payables
Accounts Payable ₱ 2,582,643.18 ₱ 6,918,234.38
Due to Officers and Employees 588,872.94 1,162,433.28
Loans Payable – Domestic 3,408,448.26 0.00
Total Payables 6,579,964.38 8,080,667.66
Bills/Bonds/Loans Payable
Non-Current Financial Liabilities
Loans Payable – Domestic ₱ 78,394,309.99 ₱ 68,261,228.62
Total Bills/Bonds/Loans Payable 78,394,309.99 68,261,228.62
Trade payables are non-interest bearing and are normally settled on 60-days terms. The loan
payable is interest-bearing and has a term of 180 months. Interest payable is normally settled
monthly throughout the financial year.
The LGU has an outstanding Loans Payable amounting to ₱81,802,758.25, which was
approved on April 30, 2021, with an approved amount of ₱97,891,148.32. This loan
agreement was entered into between the LGU and the Development Bank of the Philippines
and is used to finance the project "Design & Build of Multi-purpose Evacuation Center with
Basic Facilities & Site Improvement." The loan is payable monthly for 180 months, or 15
years, with a 5.75% variable interest per annum, and will mature on June 02, 2037. The
interest expense incurred and paid for the year amounts to ₱4,303,831.37. No payment of the
principal amount was made during the year because the amortization of the principal will
start in 2025.
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