The same circular tasked heads of government agencies to ensure that pertinent offices and officers prepare the Property Inventory Form (PIF) which lists all insurable assets, their appraised values, appraisal date, location, and other information. 2018-002 listed insurable properties including motor vehicles, machineries, furniture/fixtures, supplies/materials, public buildings, and even properties in transit where ownership has already passed on to the government. On the other hand, Sections 4 and 5 of COA Circular No. 656 or the Property Insurance Law made it mandatory for all insurable assets, properties, and interest of government agencies to be protected under the General Insurance Fund (GIF) of the Government Service Insurance System (GSIS). Government auditors have reminded the city government that RA No. OUT of Tagaytay City’s P4.109 billion total assets, only 10.72 percent equivalent to P440.517 million has adequate insurance coverage against natural or man-made hazards, an audit conducted by the Commission on Audit (COA) has revealed.
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