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(NAR) VOL. 25 NO. 3 / JULY - SEPTEMBER 2014
[ SBMA CERTIFICATION NO. 14-118, S. OF 2014, May 22, 2014 ]
REVISED POLICY ON ALLOWANCE FOR DOUBTFUL ACCOUNTS
Date Filed: 08 August 2014
This certifies that:
The records of the Office of the Corporate Secretary show that during the Two Hundred Sixty-Second (262nd) Meeting of the Board of Directors of the Subic Bay Metropolitan Authority held last 25 April 2014 wherein there was a quorum to validly transact business, the following resolution was approved:
Resolution No. 14-04-5063
“Resolve, as it is hereby resolved, that upon recommendation of Management and without prejudice to COA Regulations and pertinent laws on the matter, the Board hereby approves the following:
a. Revised Policy on Allowance for Doubtful Accounts, as follows:
Age of Accounts Receivable 1 - 30 days 31 - 60 days 61 - 90 days 91 - 120 days 121 - 150 days 151 - 180 days 181 days to 1 year Over 1 year to 2 years Over 2 years to 3 years Over 3 years to 4 years Over 5 years
b. Proposed Policy in Writing Off of Accounts and the List of Candidates for Writing Off, subject to specific recommendations by the Head of Agency to COA for approval, without prejudice to SBMA’s continuing efforts for the collection of the accounts.
Management’s Memorandum* dated April 22, 2013, a hard copy of the PowerPoint Presentation and the List of Candidates for Writing Off are incorporated herein by way of reference.”
Issued this 22nd day of May 2014.
(SGD) RUBEN O. FRUTO
Corporate Secretary
* Text Available at the Office of the National Administrative Register, U.P. Law Complex, Diliman, Quezon City.