MANILA, Philippines — For the third straight year in a row, the Makati City government earned an “unmodified opinion” from the Commission on Audit (COA) after examining the local government’s 2019 financial statements.
In a statement, the Makati City government said that the rating was given after the COA concluded that the city’s financial statements “were presented fairly and in conformity with generally accepted accounting principles.”
The city government added that it received the news through a letter signed by COA director Omar Roque dated July 6.
Because of the COA audit rating, Makati now holds the record of earning COA’s highest audit rating for three straight years in a row, the city government added.
Aside from the COA rating, Makati City Mayor Abby Binay said the city also posted a 4 percent revenue growth in the first half of 2020.
According to Binay, City Treasurer Jesusa Cuneta reported that the business tax collections jumped 4 percent to P6.69 billion in June 2020 from P6.42 billion in 2019.
Revenue from real property tax also increased by 3 percent to P4.72 billion this year, from 2019’s record of P4.58 billion, Binay added.
“I’m heartened by these positive developments as the city grapples with the pandemic. We’re thankful for meeting COA’s stringent standards for the third straight year,” she said.