It is the government’s policy that requires certain local officials of provinces, cities, and municipalities to fully disclose particular financial transactions of the LGU to keep their constituents informed of how the LGU budget is managed, disbursed and used. LGUs are directed to disclose or post in conspicuous places (CP) within public buildings, in print media (PM) of community or general circulation, and in the website (Web) their documents as mandated by Section 84 of Republic Act No. 10155 or the General Appropriations Act, Fiscal Year 2012.
IMPORTANCE OF FULL DISCLOSURE
- Help minimize, if not totally prevent corruption and misuse of public funds
- Increase the people’s awareness of the available public funds and the allocated amount for development projects in their localities
- Promote honest, transparent, and orderly management of public funds