The Makati City government has received an “unmodified opinion” for the fifth straight year from the Commission on Audit (COA), signifying that the local government unit has been consistent in submitting financial statements that were “prepared in all material respects, in accordance with the applicable financial reporting framework.”
“I am very pleased with the results of the recent audit report. Makati earned its first unmodified opinion in 2017, a year after I took the mayoral post. This achievement is a rare feat and a strong validation of our efforts in ensuring honest and transparent governance,” Mayor Abigail Binay said.
In a June 29, 2022 letter addressed to the mayor, Maria Carmina Paulita Juguilon-Pagayawan, COA National Capital Region director, said Makati earned an unmodified opinion due to its fairness in presenting the city’s financial statements in 2021.
COA explained that an unmodified or unqualified opinion is being given to local government units (LGUs) when the “auditor concludes that the financial statements are prepared in all material respects, in accordance with the applicable financial reporting framework.”
Mayor Binay thanked COA for its fair evaluation, as well as the various departments of the city government for their dedication in complying with the laws on the disbursement of government funds.
“This fifth unmodified opinion proves that even with pandemic constraints, we have remained on track in following financial reporting and auditing standards,” Binay said.
“I hope that the unqualified opinion will instill trust and confidence in our financial system, especially since our city is the financial capital of the Philippines and that most multinational companies and investors are located here,” she added.
Since 2017, Makati has been instituting reforms to promote transparency, accountability, and efficiency in operations at City Hall.
One of the initiatives established under Mayor Binay to ban fixers in the city’s business one-stop shop (BOSS), which allows for fast processing and issuance of licenses, clearances, and permits.
During the pandemic, Makati implemented online tax payments to decongest the city hall and prevent COVID-19 transmission.
In October 2021, the city opened its first Makatizen Hub, a satellite office in SM Makati where residents, workers, and employers can get business permits and health certificates, pay real property and business taxes, apply for Makatizen Card, and obtain digital vaccination certificate for individuals going abroad.