COA Issues Unmodified Opinion on Makati City’s 2024 Finances
MAKATI CITY — For the eighth consecutive year, the Commission on Audit (COA) has awarded an unmodified opinion on the financial statements of Makati City for the calendar year 2024. This unqualified audit report highlights the city’s consistent adherence to transparency and accountability.
Mayor Abby Binay expressed pride over this achievement, stating, “This latest audit report from COA is another crowning glory for my administration. It is an indisputable proof of our genuine and unstinting commitment to the pillars of good governance: efficiency, transparency, and accountability.” Her message was shared in a statement released to the media on Tuesday.
Strong Financial Governance Recognized
The city government first earned an unmodified audit opinion in 2017, which was Mayor Abby’s first full year in office. Recently, the COA National Capital Region’s Local Government Audit Sector Director, Atty. Maria Carmina Paulita Pagayawan, formally delivered the latest positive audit result in a letter addressed to the mayor.
“In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the City of Makati as at December 31, 2024, and its financial performance, cash flows and changes in net assets/equity for the year then ended, in accordance with International Public Sector Accounting Standards (IPSAS),” Atty. Pagayawan wrote.
City Officials Celebrate Collective Effort
Mayor Abby commended the city’s Finance Department along with all other offices for their unwavering commitment to following COA’s regulatory policies and guidelines. She acknowledged their crucial role in maintaining strict compliance with auditing laws year after year.
“I gladly share this extraordinary achievement with all our department and office heads and our entire city workforce. Your diligence and commitment have been crucial in ensuring our strict compliance with relevant auditing laws and policies year after year,” she emphasized.
She added, “Together, we have raised the bar of local governance and public service by several notches, which needs to be sustained.”
Platinum Award Candidacy and Recognition
The latest unmodified opinion also strengthens the Makati Accounting Department’s bid for the prestigious Platinum Award from the Association of Government Accountants of the Philippines (AGAP, Inc.). One of AGAP’s key requirements for this honor is maintaining an unmodified audit opinion for eight straight years.
For seven consecutive years, the city’s Accounting Department has been hailed as the “Outstanding Accounting Office” by AGAP. This consistent recognition underscores Makati’s dedication to financial excellence.
Additional Accolades for Makati City
Recently, the Anti-Red Tape Authority (ARTA) recognized Makati City as an outstanding local government unit for fully complying with the Electronic Business One-Stop Shop (eBOSS) system. This compliance aligns with the Ease of Doing Business and Efficient Government Delivery Act of 2018 (R.A. 11032).
Furthermore, the Department of Finance ranked Makati first among cities for sustaining fiscal autonomy through local revenue sources and for having the highest per capita spending in fiscal years 2022 and 2023.
According to the Bureau of Local Government Finance (BLGF), Makati posted the highest ratio of local revenue sources to local current operating income nationwide in 2023, achieving a ratio of 90.60 percent.
These achievements reflect Makati City’s relentless pursuit of sound financial management and good governance standards.
For more news and updates on Makati City finance, visit Filipinokami.com.