^

Makati gets highest COA rating

(The Philippine Star) - June 24, 2021 - 12:00am

MANILA, Philippines — The Commission on Audit (COA) has given Makati an “unmodified opinion” or the highest rating, citing the city’s consistent compliance with auditing rules and procedures.

Mayor Abby Binay said she was elated by the news, as Makati has set a new record among local government units (LGUs) for having obtained the highest audit rating for an unprecedented four years in a row.

“This achievement is immensely gratifying and does justice to the efforts of the city government to keep transactions and spending above board during the pandemic. We made sure that even our emergency purchases for COVID-19 response were done by the book. We also prioritized our fund allocations to meet the urgent needs of vulnerable sectors affected by the crisis,” Binay said in a statement on Tuesday.

In a letter to the mayor dated June 16, COA director Omar Roque said the audit body rendered an “unmodified opinion on the fairness of presentation of the financial statements of the city government.”

Based on the Independent Auditor’s Report, Makati’s financial statements in 2020 were in accordance with the international Public Sector Accounting Standards, according to COA.

Binay thanked the audit body for its “fair and impartial” evaluation of the city’s financial statements since she assumed office in June 2016.

The local government received its first highest audit rating in 2017.

Since 2016, Binay’s administration has been implementing reforms and innovations to promote transparency and efficiency in its operations.

These included the business one-stop shop established on the ground floor of the Makati City Hall Building II, which serves as a common site to process applications, licenses, clearances and permits.

The local government has been implementing a “no contact” policy to eliminate fixers and curb corruption, particularly in the processing of business permits.

City hall is also developing an enhanced business permit and licensing system or e-BPLS, a computerized system that will provide easy access to business permits.

After several years, Makati reclaimed its title as the country’s richest LGU after its assets reached P196.57 billion in 2017.

The Department of the Interior and Local Government recognized Makati as the first LGU to breach the P100-billion mark.

As of 2019, Makati remained the richest locality, with assets valued at P233.78 billion according to COA’s annual financial report.

COMMISSION ON AUDIT
Philstar
  • Latest
  • Trending
Latest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

FORGOT PASSWORD?
SIGN IN
or sign in with