via Manila Bulletin, 08 July 2021: A Philippine audit commission has warned that the holdings of the Intramuros Administration are exposed to risk by not being insured.
Thousands of paintings, sculptures and archaeological specimens with a total appraised value of P118.84 million 13 years ago have not been insured by the Intramuros Administration (IA) and are exposed to the “risks of non-indemnification in cases of damage/loss” due to fortuitous events” and unforeseen destruction, the Commission on Audit (COA) has warned.
COA lamented in the recently-released IA annual audit report (AAR) for 2020 that the agency has failed to insure the “priceless” historical and archaeological items with the Government Service Insurance System (GSIS) notwithstanding the agency’s mandate to “preserve and enhance” their historical value.
