Supervisory authority of the Department of Finance.
Section 3
SEC. 3. Supervisory authority of the Department of Finance.—The Department of Finance shall exercise general supervision over the financial affairs of the local governments and, except as otherwise specifically provided by law, over all funds the investment of which is authorized by law. For the purpose, and along with the powers, duties and functions vested upon it by law, it shall be the responsibility of the Department to: Formulate and execute fiscal policies that will promote the financial stability and growth of the local governments; Provide the local governments with policy guidelines in the preparation and adoption of sound financial plans and review the local budgets in order to enhance the maximum utilization of local funds and resources; Adopt and enforce the necessary measures that will improve local treasury operations and foster effective financial management at the local levels; and Ensure the proper use, custody and safekeeping of public funds in the local governments. In order to attain the foregoing objectives, the Secretary of Finance shall exercise direct executive supervision over all treasury officials and personnel in the local governments.