Budget for Benefits and Services.
Section 47
SEC. 47. Budget for Benefits and Services. – The annual budget for benefits and services to OWWA members and their families shall be sourced from the OWWA funds.
RA 10801 CHAPTER XII
Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails.・Read the official text ↗
Budget Preparation and Approval.
Section 48
SEC. 48. Budget Preparation and Approval. – In preparing the annual budget for benefits and services, the OWWA shall follow the national government budget system, format and cycle. The Board shall approve the annual budget, by a majority vote of all its members.
Reenacted Budget.
Section 49
SEC. 49. Reenacted Budget. – In case the proposed annual budget sourced from the OWWA Fund has not been approved by the Boar d at the start of the year, the OWWA shall operate within the budget level of the previous year allocated on a month-to-month basis. All savings realized in the previous year shall be deducted from the current year’s budget.
Budget Realignment.
Section 50
SEC. 50. Budget Realignment. – Realignment of funds sourced from the OWWA Fund including adjustments in targets shall be submitted to the Board for approval. Similarly, in the event that extraordinary circumstances may occur which require sourcing of additional funds from the OWWA Fund beyond the coverage of the approved budget, the same shall be submitted to the Board for approval.
Branch Accounting System; Financial Reports; Auditing Procedures; Annual Reports.
Section 51
SEC. 51. Branch Accounting System; Financial Reports; Auditing Procedures; Annual Reports. – The OWWA Regional Units shall maintain their respective books of accounts which shall be consolidated by the central office. The OWWA shall install sound internal control and monitoring systems and submit quarterly prescribed Financial Statements to the COA, such as income statement, balance sheet, and cash flow as prescribed in post auditing reports by the COA. The OWWA Secretariat shall submit a monthly fund utilization report to the Board, copies of which shall be made available to Congress. It shall also submit an Annual Report on its overall performance for the previous year within the first sixty ‘ (60) days of the following year to the OWWA Board, the Congress and the President of the Philippines, through the DBM.
Chart of Accounts.
Section 52
SEC. 52. Chart of Accounts. – The OWWA shall adopt the appropriate and standard chart of accounts as prescribed by the COA.
Back to RA 10801 — full text
Provisions on this page are reproduced verbatim from official open data. See the attribution line.
Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).