Local government treasurers must now include all income and expenses related to environment and natural resources revenue, particularly payments by mining and other extractive industries, in their quarterly and annual financial reports.
Finance Secretary Carlos Dominguez III issued Department Order No. 049-2016, mandating local treasurers to include in their electronic Statement of Receipts and Expenditure (eSRE) all payments made by the extractive industries, the Department of Finance (DOF) noted in an emailed statement on Thursday.
The report must include a detailed account of what has been received and spent, backed by receipts and collection documents from businesses.
Other monetary and non-monetary benefits received by local government units (LGUs) from the extractive industries must also be included in the quarterly eSRE.
“It’s high time that local treasurers properly account for what the extractive and related sectors contribute to local economies, and how the local communities benefit from them and from the utilization of their natural resources,” Dominguez said.
The order requires LGU treasurers to submit their reports via a web-based Environment and Natural Resources Data Management Tool (ENRDMT).
The data management system associated with the eSRE is being maintained by the Bureau of Local Government Finance (BLGF) – a DOF agency.
“The development of the ENRDMT was supported by the Philippine Extractive Industries Transparency Initiative, and the Philippines Poverty-Environment Initiative under the auspices of the United Nations Development Program and the United Nations Environment Program,” BLGF officer-in-charge Niño Alvina said. — Ted Cordero/VDS, GMA News
Source: http://gmanetwork.com/news/story/590813/money/economy/dof-orders-lgu-treasurers-to-report-all-mining-revenue
GMA News Online
1 December 2016
