Notes to Financial Statements
(All amounts in Philippine Peso unless otherwise stated)
Note 1. General Agency Profile
1.1 The Municipality of Sibulan is among the 19 towns of the Province of
Negros Oriental. On April 2, 1903, by virtue of Republic Act No. 715,
Sibulan was fused with Dumaguete which was then still a Municipality.
Seven years later, on January 31, 1910, through the passage of Republic
Act No. 52, Sibulan was separated from Dumaguete and officially
recognized as a Municipality.
The Municipality of Sibulan serves primarily as a general purpose
government for the coordinated delivery of basic, regular and direct
services and effective governance of the inhabitants within its territorial
jurisdiction. Like other government units, it enjoys total independence in
managing, deciding and planning its own administrative fiscal and
development affairs in conformity with the national government’s thrust
for sustainable and socio-economic growth.
1.2 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 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
Organization/Private Organizations (NGOs/POs) and special bodies in
the planning and implementation of community programs and projects;
and
g. To provide livelihood and employment opportunities.
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