‘There was money, why was shrine not built?’By Daxim L. Lucas
Philippine Daily Inquirer
1:59 am | Thursday, March 6th, 2014
... But even after “pledged” donations were stripped out, the foundation that handled the affairs of Suarez’s healing ministry appeared by no means destitute.
According to the SGV-prepared balanced sheet, the foundation had total assets of P179.8 million at the end of 2009, representing an almost 19-percent increase over the previous year’s asset base of P151.1 million.
Of this amount, P61.2 million was in the form of cash or cash equivalent, while P49.5 million was booked as receivables.
The foundation also had property and equipment worth P59.4 million, “investment in subsidiaries” valued at P2 million and other assets worth P7.6 million.
Against these assets were accounts payable and other liabilities amounting to P11.5 million, leaving the total fund balance of unencumbered equity at P168.3 million—an increase of almost 14 percent from its 2008 level.
... The former MMP Foundation board member, who spoke on condition of anonymity, said the funds held by MMP Foundation consisted only of local donations.
“Maybe P50 million,” he said, when asked about the size of the local donations. “That’s small. The bulk of the donations comes from US and Canada, and is kept in US bank accounts.”
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