Preamble
WHEREAS, the recent enactment of the Local Tax Code, the Real Property Tax Code and other revenue measures has provided the local governments with additional sources of income that will stabilize and bolster their financial capacity to contribute to the collective efforts for national growth; WHEREAS, in the past, local government funds have been either wasted or dissipated for lack of sound financial plans and adequate fiscal controls; WHEREAS, the proper and efficient utilization of available local resources is crucial to the early realization of primary developmental goals and objectives; WHEREAS, there is a pressing need to strengthen the administrative machinery for local treasury operations in order to induce the judicious conservation and management the judicious conservation and management of local government resources; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution do hereby adopt, promulgate and decree as part of the law of the land, this Decree, the full text of which follows: Composition and Safekeeping City and Municipal Budgets Accounting and Accountability ADMINISTRATION SEC. 80. Implementing rules and regulations.—The Secretary of Finance shall promulgate the rules and regulations to be followed in carrying out the provisions of this Decree for the proper and effective implementation hereof. The Chairman of the Commission on Audit shall prescribe the accounting and auditing rules and regulations necessary in the proper implementation of the pertinent provisions of this Decree.