A total of ₱358,341,424.74 Public Infrastructure was reported as completed projects for CY 2024
per report submitted by the Provincial Engineer’s Office while a total of ₱185,860,586.55 Buildings
and Other Structures were transferred from Other Trust fund to General Fund Proper as of December
31, 2024.
Other Structures (10704990) under Other Trust Fund posted an adjustment from Government Equity
reflecting credit totals in the amount of ₱28,784,158.67for CY 2017 awaiting further verification as
to its propriety.
The Province measured the residual value of all items of property, plant and equipment but does not
expect a residual value of these assets because these will be utilized for their entire economic lives
and do not have a significant scrap value.
Disposal of unserviceable PPE per report submitted by PGSO, CY 2024 under the General Fund
was recorded. Recording of the cost of the demolished buildings were recognized in the books using
the estimated value/cost given by the Provincial General Services Office. Subsequent entries were
made to reflect the dropping of these items from the list of Property Plant and Equipment.
Note 10 – Biological Assets
Account Name 2024 2023
Breeding Stocks ₱ 23,076,711.37 ₱ 16,575,027.87
Plants and Trees 10,030,370.89 10,030,370.89
Aquaculture 95,752.00 95,752.00
Total ₱ 33,202,834.26 ₱ 26,701,150.76
The above balances are stated in net recoverable value. Write-downs were treated as expenses in the
current year.
Note 11- Intangible Assets
Account Name 2024 2023
Computer Software ₱ 19,321,867.76 ₱ 16,921,867.76
Accumulated Amortization (7,968,079.88) (7,968,079.88)
Total ₱ 11,353,787.88 ₱ 8,953,787.88
Note 12 - Liabilities
Financial Liabilities 2024 2023
Accounts Payable ₱ 1,089,298,545.27 ₱ 850,564,034.73
Due to Officers and Employees 69,614,985.57 86,723,616.90
Interest Payable 820,962.47 0.00
Awards and Rewards Payable 20,000.00 20,000.00
Leave Benefits Payable 0.00 0.00
Loans Payable – Domestic 1,162,461,966.57 149,893,224.08
Total ₱ 2,322,216,459.88 ₱ 1,087,200,875.71
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 on a domestic loan
is normally settled monthly throughout the financial year.
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