Pursuant to Republic Act No. 7160, the Local Government Code of 1991, LGUs have the
following goals:
a. To improve the quality of life of the constituents and alleviate poverty through
sustainable activities to meet the minimum basic needs;
b. To attain economic growth and social equity through agricultural development
with a balanced ecology;
c. To maximize the development of business and industry to generate
employment and increase the income and purchasing power of the
constituents;
d. To provide infrastructures and utilities in support of the people’s economic,
social, political, and ecological, activities as well as develop and create a
climate favorable to industrialization;
e. To ensure effective governance through responsive fiscal and administrative
management;
f. To encourage active participation of Non-Governmental Organizations/Private
Organizations (NGOs/POs) and special bodies in planning and
implementation of community programs and projects; and
g. To provide livelihood and employment opportunities.
2. Basis of Financial Statement Preparation
The financial statements were prepared in accordance with and in compliance with the
International Public Sector Accounting Standards (IPSAS). The financial statements are
presented in pesos, which is the functional and reporting currency of the Municipalities.
The accounting policies have been applied starting the year 2015.
3. Summary of Significant Accounting Policies
3.1 Basis of accounting
The financial statements are prepared on an accrual basis in accordance with the
International Public Sector Accounting Standards (IPSAS).
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