Slump in levies income pulls into deficit

The Non-Bank Institutions Regulatory Authority (NBFIRA) has recorded a deficit of P1.31 million, compared to a surplus of P15.97 million in the previous year.

As reflected in the recently released report by the Auditor General for the financial year ended March 31, 2014, the regulatory authority’s income declined from P46.51 million in the previous year to P41.48 million in the year under review.

This represents a decline of 10.8 percent, mainly comprising supervisory levies which significantly declined from P43.17 million in the previous year to P28.29 million in the year under review. Expenditure increased from P30.54 million in the previous year to P42.79 million in the year under review. This is an increase of 40 percent, mainly attributable to staff and training costs. The authority’s working capital position as at March 31, 2014 showed current assets of P50.37 million and current liabilities of P7.33 million, giving a net current assets position of P43.04 million.

Editor's Comment
Congratulations Anicia Gaothuse!

The contest had 10 beautiful young girls as finalists and unfortunately only one could wear the crown.The judges picked Anicia Gaothuse. To all those who feel their contestant should have won ahead of Anicia for whatever reason, hardly; the judges found Anicia to be the best among the best, so desist from disrespecting our newly crowned queen on social media or anywhere else, for that matter! Each of the 10 beautiful young women had supporters...

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