MMDA's P9.22 billion in uninsured assets flagged by audit body

The Commission on Audit (COA) has raised serious concerns about the Metropolitan Manila Development Authority's failure to secure insurance coverage for billions of pesos in government assets, according to findings in its latest audit report. The uninsured properties valued at P9.22 billion represent a breach of the Property Insurance Law and leave the government vulnerable to substantial financial losses in the event of damage, theft, or other incidents.

In reviewing the MMDA's compliance with insurance requirements, COA determined that a significant portion of the agency's asset portfolio remains unprotected despite regulatory mandates. The audit findings underscore persistent gaps in the authority's risk management practices and asset protection protocols.

The flagged assets encompass various categories of MMDA holdings across the metropolitan area. Officials have not yet provided a detailed response regarding plans to remediate the insurance coverage gaps or timelines for bringing all properties into compliance with legal requirements.

The COA's audit function serves as a critical oversight mechanism for government agencies, tasked with ensuring proper stewardship of public resources and adherence to financial regulations. The MMDA, as the primary development authority for Metro Manila, oversees extensive infrastructure and property holdings essential to the region's operations and public services.