Presidential Decree No. 777 (PD 777) — Changing the Official Fiscal Year from the Period July First of Each Calendar Year to June Thirtieth of the Following Year to the Period from January First to December Thirty-First of the Calendar Year.
WHEREAS, it is necessary to modify the official fiscal year
to better synchronize the preparation, submission, authorization, and
execution of the socio economic development plans and programs and the
annual budget;
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;
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:
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.
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-month 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 on 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.
(Sgd.)
FERDINAND E. MARCOS
President
Republic of the Philippines
By the President:
(Sgd.)
ROBERTO V. REYES
Acting Executive Secretary
Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).
