Reiteration of the Provisions under Memorandum Order No. 320, Series of 1990

April 29, 2002 DOF DEPARTMENT ORDER NO. 006-02 TO : Treasurer of the Philippines, Heads of Government Owned and/or Controlled Corporations (GOCCs), Chiefs of Financial and Management Services, Budget Officers, Chief Accountants or Heads of Accounting Units, COA Unit Auditors of the National Treasury and GOCCs, and All Others Concerned SUBJECT : Reiteration of the Provisions under Memorandum Order No. 320, Series of 1990, and Clarifying Certain Provisions Thereof Pursuant to Administrative Order No. 24 dated 10 December 2001 SECTION 1. Purposes . (a) To reiterate and enjoin the compliance of GOCCs to Memorandum Order (MO) No. 320 dated 21 September 1990 entitled "Establishing an Integrated Corporate Reporting System (ICRS) for Government-Owned and/or Controlled Corporations"; and (b) To clarify certain provisions of MO 320 pursuant to Administrative Order (AO) No. 24 dated 10 December 2001, which mandates that the existing ICRS for GOCC reports to the Oversight Agencies shall be maintained and updated by the Department of Finance in coordination with the other Oversight Agencies to avoid duplication of reports and combining the essentials into a single set of reports. SECTION 2. The ICRS sets forth the common set of monitoring reports/reporting formats required / that will be required by the concerned monitoring Oversight Agencies (as defined under Section 1.b of AO 24) from GOCCs, including the guidelines for accomplishing the same. SECTION 3. The ICRS shall cover the regular information requirements of the .following service-wide or Oversight Agencies in the areas of Investment Programming, External and Domestic Financing and Corporate Operation: a. Bangko Sentral ng Pilipinas; b. Department of Budget and Management; c. Department of Finance; d. National Economic and Development Authority; e. Commission on Audit; and f. Agencies to which the GOCCs are attached. SECTION 4. The ICRS shall apply to GOCCs, regardless of whether the GOCC is a parent or subsidiary corporation, which are required to submit reports to the Oversight Agencies enumerated in section 3 hereof on a regular basis. HTASIa SECTION 5. The existing ICRS and any amendments thereto, shall be fully observed in said Oversight Agencies and GOCCs. SECTION 6. The Chief Executive Officers of concerned GOCCs shall be responsible for complying with the reporting requirements under the ICRS. Pursuant to Section 2.c.2 of AO 24, appropriate financial sanctions, restrictions and controls such as, but not limited to, withholding of budgetary releases, shall be imposed on the aforesaid officials of GOCCs who fail to comply with this Department Circular based on the findings and recommendations of this Department to be submitted to the President. SECTION 7. Proposals from Oversight Agencies to amend, add or further delete reporting formats contained in the ICRS shall be coordinated with the DOF prior to its introduction in the GOCCs pursuant to Section 2.a.3 of AO 24. In addition, a study of the ICRS shall be undertaken after every two (2) years or earlier as deemed appropriate, to review its implementation and to ensure that the proliferation of overlapping reports and unsynchronized reporting submission do not recur. The Corporate Affairs Group (CAG) of this Department shall coordinate all activities relative to the ICRS. SECTION 8. All orders, circulars, issuances, rules and regulations, or parts thereof inconsistent with the provisions of this Department Circular are hereby repealed, superseded, amended, or modified accordingly. SECTION 9. This Circular shall take effect immediately upon approval. Approved this 29th day of April, 2002. (SGD.) JOSE ISIDRO N. CAMACHO Secretary of Finance