2016, June

The city government accounting office here discovered a huge discrepancy in the finances of the local government unit after instituting the Philippine Public Sector Accounting Standards (PPSAS). City government accountant Edgar Pascual said they discovered at least P85 million missing from the city’s coffers. The missing money was supposed to be deposited in savings and time deposits, and other financial banking instruments. After the discovery, Laoag government treasurer Maria Elena Asuncion reportedly fled the country. Laoag mayor Chevylle V. Fariñas confirmed the missing money from the city’s treasury. She said the use of PPSAS for the auditing for last year’s financial statements pointed them towards the missing money.

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