salvage value is now recognized at 5% per IPSAS 17 and 0% salvage for
infrastructures per DPWH D.O. 176 series of 2015. Thus, there are significant
changes in the prior year adjustment concerning PPE. All the previous balance or
100% of the Registry of Public Infra had already been booked back to the books
of the Municipality.
Note 10: Biological Assets
2024 2023
Bearer Biological Assets
Breeding Stocks ₱ 298,000.00 298,000.00
Plants and Trees 755,685.93 755,685.93
Aquaculture 1,170,263.71 1,170,263.71
Total Bearer Biological Assets ₱ 2,223,949.64 2,223,949.64
The breeding stocks existed in the books 10 years ago. The new Municipal
Treasurer/Agricultural Officer and Municipal Accountant could no longer validate
the existence of these breeding stocks due to the absence of stock cards and work,
other animals and breeding stock ledger cards, respectively, and other documents
that would establish their existence. Plants and trees were upland reforestation in
Barangay Tagbino and Pinocauan, while Aquaculture was mangrove reforestation
from Barangay Molobolo to Macapso shoreline, all existing in those barangays.
The above balances are stated in net recoverable value. Write-downs were treated
as an expense in the current year.
Note 11: Financial Liabilities
2024 2023
Financial
Non-
Liabilities Current Non-current Current
current
Accounts Payables ₱ 11,673,883.64 0.00 17,374,866.73 0.00
Finance Lease
13,000,000.00 13,950,000.00 0.00 0.00
Payable
Due to Officers
532,886.17 0.00 393,187.32 0.00
and Employees
Total Financial ₱ 25,206,769.81 13,950,000.00 17,768,054.05 0.00
Liabilities
The Accounts Payable represents expenses already incurred or delivered by
suppliers and other Maintenance and Other Operating Expenses that are on
account for the year ended 2024. The Finance Lease Payable represents the Lease-
to-Own Agreement of Advance Waste Solution with Environmental Pollution
Control Device from Suki Trading Corporation, amounting to ₱38,500,000.00
payable for 3 years starting this year to 2026 with annual payments of
₱11,550,000.00, ₱13,000,000.00, and ₱13,950,000.00, respectively. The Due to
Officers and Employees represents expenses due for reimbursement and unpaid
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