current financial year, the LGU reviewed the estimated useful lives and residual values of
property, plant and equipment, where applicable.
The details of this account are presented in the attached schedule.
Note 9 – Biological Assets
2024 2023
Other Bearer Biological Assets ₱ 3,614,257.00 ₱ 3,614,257.00
Total Biological Assets ₱ 3,614,257.00 ₱ 3,614,257.00
This amount represents the cost of livestock – large cattle and carabaos – for the
dispersal program of the Municipality.
Note 10 – Liabilities
This consists of the following:
10.1.1 Financial Liabilities
Current:
Accounts Payable ₱ 4,479,781.22 ₱ 8,183,566.25
Due to Officers and Employees 267,785.68 326,043.68
Loans Payable – Domestic 8,091,258.32 2,924,315.55
₱ 12,838,825.22 ₱ 11,433,925.48
10.1.2 Financial Liabilities
Non-current:
Loans Payable – Domestic 51,304,921.17 16,452,506.26
Total Financial Liabilities ₱ 64,143,746.39 ₱ 27,886,431.74
Trade payables are non-interest bearing and are normally settled on 60-day terms.
Other payables are also non-interest bearing and have an average term of six months.
Interest payable is normally settled quarterly throughout the financial year.
Loans Payable – Domestic pertains to the outstanding loans from Land Bank of
the Philippines and the Development Bank of the Philippines. During the year, the
Municipality availed of a loan facility from the Land Bank of the Philippines amounting
to ₱42,909,000.00 to finance the acquisition of new heavy equipment and the purchase of
a lot for the planned construction of sanitary landfill at Barangay Lutoban.
The Loan from Development Bank of the Philippines pertains to previously
availed loans for the construction of public market and passenger terminal buildings, and
the purchase of heavy equipment, with approved amounts of ₱10,000,000.00 and
₱15,000,000.00, respectively. It also includes loan with the National Electrification
Administration amounting to ₱196,828.22; this balance is subject to further verification
as it has remained in the records for an unreasonable period.
23
