During the year, the Municipality opened an account with the Philippine Veterans
Bank, one of the authorized government depository banks, as an option for the
Municipality’s regular deposit and payment transactions.
The DBP Special Savings Account with balances of ₱16,623,828.41 and
₱16,498,742.29 in CY 2024 and CY 2023, respectively, represents the time deposit
maintained by the LGU, bearing an interest rate of 3% per annum, renewed on a monthly
basis.
Note 5 – Receivables
This consists of the following:
2024 2023
Loans and Receivables Accounts
Real Property Receivable ₱ 4,430,232.11 ₱ 5,341,588.59
Special Education Tax Receivable 4,426,231.50 5,341,819.89
₱ 8,856,463.61 ₱ 10,683,408.48
Inter-Agency Receivables
Due from National Government
Agencies ₱ 9,816.06 ₱ 9,816.06
Due from Government-Owned and/or
Controlled Corporations 560.19 560.19
Due from Local Government Units 20,759.84 20,759.84
₱ 31,136.09 ₱ 31,136.09
Intra-Agency Receivables
Due from Other Funds ₱ 8,623,576.64 ₱ 8,539,892.40
Advances
Advances to Officers and Employees ₱ 65,311.57 ₱ 30,022.57
Advances for Operating Expenses 8,000.00
Other Receivables
Receivables – Disallowances/Charges ₱ 806,653.80 ₱ 894,959.40
Due from Officers and Employees 15,530.79 9,097.78
Due from Non-Government
Organizations/ People's Organizations 291,000.00 291,000.00
Other Receivables 3,741,276.55 3,739,876.55
₱ 4,854,461.14 ₱ 4,934,933.73
Total Receivables ₱ 22,438,949.05 ₱ 24,219,393.27
Elimination of Reciprocal Accounts 6,072,749.16 8,142,867.64
Total Receivables, net ₱ 16,366,199.89 ₱ 16,076,525.63
Due from/Due to Other Funds, amounting to ₱6,072,749.16 and ₱8,142,867.64
for CYs 2024 and 2023, respectively, being a reciprocal account, were eliminated in the
preparation of the Consolidated Financial Statements.
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