REPUBLIC ACT NO. 7226 - AN ACT REQUIRING THE COMMISSION ON AUDIT TO SUBMIT TO CONGRESS ANNUAL REPORTS OF AMOUNTS OBLIGATED, WARRANTS ISSUED, AND EXPENDITURES MADE IN EACH MUNICIPALITY, PROVINCE, AND CITY BY NATIONAL GOVERNMENT AGENCIES, AND INSTRUMENTALITIES, INCLUDING GOVERNMENT-OWNED CORPORATIONS, AND FOR OTHER PURPOSES

Section 1.    In addition to the financial reports required by existing law to be submitted to Congress, the Commission on Audit shall submit an annual report of the amounts obligated, treasury and funding warrants issued, and expenditures made every quarter during the fiscal year for each municipality, province, and city by all agencies and instrumentalities of the National Government, including government-owned corporations.

The annual report shall also contain the same data for each agency and instrumentality of the National Government, including government-owned corporations, by province and highly urbanized city.

Sec. 2.    The annual financial reports herein required shall be submitted to Congress within one hundred twenty (120) days after the end of every fiscal year.

Sec. 3.    This Act shall take effect fifteen (15) days after its publication in at least two (2) newspapers of general circulation.

Approved: March 12, 1992