SAN RAFAEL WATER DISTRICT

Poblacion, San Rafael, Bulacan

Tel. No. (044) 892-07-90/ (044) 769-42-71
sanrafaelwd@yahoo.com.ph

EXCERPTS FROM THE MINUTES OF THE REGULAR MEETING OF THE BOARD OF DIRECTORS OF SAN
RAFAEL WATER DISTRICT HELD AT THE OFFICE OF SAN RAFAEL WATER DISTRICT DATED MARCH 8,
2021.
PRESENT:
Dir. Socorro V. Valdecantos - Board Chair
Dir. Marivic V. Vergel de Dios - Board Secretary
Dir. Danilo R. Borja - Board Member
Dir. Leonila G. Ramos - Board Member
Dir. Juanita I. Inductivo - Board Member
OTHERS PRESENT:

Engr. Numeriano M. Castañeda Jr. - General Manager

BOARD RESOLUTION NO. 2021-01
SERIES OF 2021

“A BOARD RESOLUTION AUTHORIZING GENERAL MANAGER NUMERIANO M. CASTAÑEDA, JR. TO

HIRE/ ENGAGE THE SERVICES OF AN INDEPENDENT APPRAISER TO DETERMINE THE PRESENT VALUE
OF THE CONTRIBUTED ASSETS TO JOINT VENTURE ”.
WHEREAS, the District failed to (a) hire/ engage the services of an independent appraiser to
determine the present value of the contributed assets to Joint Venture, as stated in the recent Audit
Observation Memorandum (AOM) of Commission on Audit (COA) with AOM No. SRWD 2020-04 (2019)
dated July 8, 2020;
WHEREAS, prior to entering the Joint Venture Agreement (JVA), the District and the PrimeWater
Infrastructure Corp (PWIC) believed that the net contributed assets of P 54,700,022.44 was already
compliant with the National Economic Development Authority (NEDA) guidelines requirement at their
present value which granted PWIC the exclusive right of use and operate to undertake its mandated
functions as stated below:
PARTICULARS AMOUNT
Property, Pant and Equipment (PPE) Acquisition Cost
Land P 1,445,081.20
Land Improvements 260,670.42
Infrastructure Assets- Water Supply System 118,683,685.59
Buildings and Other Structures 3,943,586.13
Machinery and Equipment 7,559,952.94
Transportation Equipment 3,379,022.18
Furniture and Fixtures 180,672.71
Leased Assets Improvements 1,181,916.98
Total Assets Contributed P136,634,588.15
Less: Accumulated Depreciation 56,865,933.06
Carrying Amount of the PPE Contributed 79,768,655.09
Less: Outstanding Loans 25,068,632.65
Net Assets Contributed P 54,700,022.44

WHEREAS, the District failed to adjust or revalue its assets at their present value, prior to
entering the Joint Venture Agreement with PWIC;
WHEREAS, the COA reiterate of the previous audit recommendation that the General Manager
of San Rafael Water District should hire/ engage the services of an independent appraiser to determine
the present value of the contributed assets;
THEREFORE, THE BOARD RESOLVED, AS IT IS HEREBY RESOLVED to authorize General Manager
Numeriano M. Castañeda, Jr. to hire/ engage the services of an independent appraiser to determine the
present value of the contributed assets to Joint Venture;
RESOLVED FINALLY, that copies of this resolution be furnished all authorities concerned for their
information and reference.
 Page 2 of Board Resolution No. 2021-01, s. 2021

UNANIMOUSLY APPROVED.

SGD SOCORRO V. VALDECANTOS

Board Chair

SGD MARIVIC V. VERGEL DE DIOS SGD LEONILA G. RAMOS

Board Secretary Board Member

SGD DANILO R. BORJA SGD ENGR. JUANITA O. INDUCTIVO

Board Member Board Member

Certified Correct:

SOCORRO V. VALDECANTOS MARIVIC V. VERGEL DE DIOS

Board Chair Board Secretary