Section 25–26 · 2 provisions
Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails.・Read the official text ↗
Full Disclosure.
SEC. 25. Full Disclosure.—All GOCCs shall maintain a website and post therein for unrestricted public access:
(a) Their latest annual audited financial and performance report within thirty (30) days from receipt of such report;
(b) Audited financial statements in the immediate past five (5) years;
(c) Quarterly, annual reports and trial balance;
(d) Current corporate operating budget;
(e) Complete compensation package of all the board members and officers, including travel, representation, transportation and any other form of expenses or allowances;
(f) Local and foreign borrowings;
(g) Performance scorecards and strategy maps;
(h) Government subsidies and net lending;
(i) All borrowings guaranteed by the government; and
(j) Such other information or report the GCG may require.
Special Audit.
SEC. 26. Special Audit.—
(a) The thirty (30) GOCCs with the highest total assets shall be subject to periodic special audit by the COA. The periodic audit shall, at the minimum make a determination whether:
(1) The accounting records of the GOCCS are complete and in accordance with generally accepted accounting practices and standards; and
(2) The statements prepared from the accounts present fairly and comprehensively their GOCCs financial position and the results of its financial operations.
(b) As may be necessary or convenient in the performance by the GCG of its functions, the Chairman of the GCG may direct at any time a special COA audit of any other GOCC for any specific purpose or when authorized by law, direct an audit by independent auditors.
Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).
