WHEREAS, it
is necessary to modify the official fiscal year of better synchronize
the preparation, submission, authorization, and execution of the socio
economic development plans and programs and the annual budget;chanroblesvirtualawlibrary
WHEREAS, a change of the official fiscal year is also desirable to
facilitate the compilation and analysis of data on government
transactions for social and economic accounting and for other
statistical purposes; chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, do hereby
order and decree, as follows:cralaw:red
Section 1. The fiscal year for all branches,
subdivisions, instrumentalities, departments, bureaus, offices, and
agencies of the Government of the Republic of the Philippines,
including government-owned or controlled corporations, shall be the
period beginning with the first day of January and ending with the
thirty-first day of December of each calendar year.
Section 2. The fiscal year herein prescribed shall
take effect on January first, nineteen hundred and seventy-seven.
Section 3. The fiscal year which begins on July
first, nineteen hundred and seventy-five and ends on June thirtieth,
nineteen hundred and seventy-six is hereby extended to include the
six-month period from July first to December thirty-first, nineteen
hundred and seventy-six. chanroblesvirtualawlibrary
Appropriate budgetary provision for minimum essential operating
requirements for the said six-month period shall be made by proper
authorities concerned. Provided, That such provision shall not exceed
fifty per cent (50%) of the programmed or actual current operating
expenditures of the agency or entity for the immediately preceding
twelve-month period. Provided, Further, that the current and capital
requirements for the said six- months period shall be submitted to the
Development Budget Coordination Committee (DBCC) not later than March
31, 1976, for its approval.
Accounting and financial records, reports, and statements shall
accordingly be rendered to reflect the extended coverage of the
immediately preceding fiscal period.
Section 4. The Chairman, Commission on Audit, the
Secretary of Finance, and the Commissioner of the Budget shall
promulgate such rules and regulations as may be necessary to implement
the provisions of this Decree.
Section 5. All laws, executive orders, administrative
orders, ordinances, resolutions, rules and regulations, or parts
thereof which are inconsistent with this Decree are hereby repealed or
amended accordingly.
Done in the City of Manila,
this 24th day of August, in the year of Our Lord, nineteen hundred and
seventy-five.
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