FMD MANAGER HEADS NIA IV-B FINANCIAL MANAGEMENT ASSESSMENT

Financial Management Department (FMD) Manager Editha D. Morales heads the first ever NIA IV-B financial management assessment and orientation seminar workshop held last September 14-16, 2016 at Puerto Galera, Oriental Mindoro. With her are facilitators from Budget and Revenue Division Acting Manager Sylvia L. Leaño, Cash Division Manager Casiana C. Saludaga and Accounting Division representative Julita T. Rondon.

The activity aims to provide a common understanding on the flow of transactions from budgeting, obligation and liquidation for Capital Outlay, Personal Services and Maintenance and Other Operating Expenses and Financial Expenses, orient the managers as approving authorities, cost engineers and finance team on the uniform procedural process for each transaction, reportorial requirement formats and documentations required by COA and assess the financial status of all funds maintained at the region (Project –Locally Funded (LFPs) and Foreign Assisted (FAPs) and Corporate Operating Budget (COB).

Said assessment was participated by finance/accounting personnel and cost engineers from the Regional Office headed by Acting Regional Manager Engr. Ramon A. Bugacia, Engineering and Operations Acting Division Manager Cesar M. Pobre at Administrative and Finance Acting Division Manager Kirsty Caroline M. Hernandez-Aceron, CPA. Also, the personnel from the three IMOs with their Division Managers Engr. Lowell L. Lozano (MOMARO IMO), Engr. Wilson M. Lopez (Occidental Mindoro IMO) and Engr. Conrado V. Cardenas, Jr. (Palawan IMO).

Ms. Morales stated that the activity is a good way to solve problems and resolve audit observations from Commission on Audit (COA). She added that financial reports should always be correct.

On the other hand, Engr. Bugacia specified that the List of Due and Demandable and Accounts Payable (LDDAP) is the common problem of the region due to its late release. This situation highly affects the project implementation. He hoped that NIA and Department of Budget and Management (DBM) will have a better system in releasing budget. 

Some of the topics discussed during the assessment are bank reconciliation, Program of Works, Advice of Sub-Allotment (ASA) releases, Property and Plant Equipment (PPE), Constructions in Progress (CIP), cash balances and submission of reports.

The participants agreed to submit the needed reports for proper reconciliation with the Central Office. Ms. Morales said that she is further willing to assist the region.