Republic of the Philippines
Province of Negros Oriental
Municipality of Mabinay
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2024
1. Profile
The LGU was created by virtue of Republic Act No. 2496 dated June 21, 1956. Mabinay
is situated roughly in the central part of Negros Island abutting the western side of the
province boundary with land area approximately 36,226.35 hectares and is subdivided
into 32 barangays. It is about 87 kilometers north-west of the provincial capital,
Dumaguete City and can be reached via the circumferential but well-paved National
Road that cuts across the middle of the province from Bais City to Kabankalan City,
Negros Occidental. Mabinay is a first class municipality in the province of Negros
Oriental, Philippines. According to the 2010 census, it has a population of 74,187
people. Its location roughly halfway between Bacolod and Dumaguete makes it the
regional center of the Negros Island Region, along with neighboring Kabankalan City to
its north-west in Negros Occidental. Mabinay is known for its caves. Aside from the
caves, natural spring is located at the heart of the municipality, the Mabinay Spring
Resort.
The Municipality of Mabinay was a recipient of the following awards, among others:
1. 2022 Gawad Kalasag Seal of Excellence Award – Beyond Compliant (National
and Regional Level)
2. 2022 The Good Financial Housekeeping Award
3. 2021 High Functional Municipal Peace and Order Council Award
4. 2021 High Functional Municipal Anti-Drug Abuse Council Award
5. 2021 Outstanding Provincial Community Empowerment Thru Science and
Technology Award
6. 2021 TIMBAYAYONG AWARD for Outstanding LGU and NGO/PO
Partnership
2. Financial Statement Presentation
The consolidated financial statements of the LGU have been prepared in accordance with
and comply with the International Public Sector Accounting Standards (IPSAS). The
consolidated financial statements are presented in pesos, which is the functional and
reporting currency of the LGU. The accounting policies have been applied starting the
year 2015.
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