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Manila Bulletin devider Philippines devider Metro Manila devider Makati City receives COA's unmodified opinion for 8th straight year

Makati City receives COA's unmodified opinion for 8th straight year

Published Jun 23, 2025 11:08 am
The City of Makati once again received the Commission on Audit's (COA) unmodified opinion for its 2024 financial statements for the eighth straight year, Makati City Mayor Abby Binay announced on Monday, June 23.
Makati City Mayor Abby Binay
Makati City Mayor Abby Binay
The city government earned its very first unmodified audit opinion in 2017.
“This latest audit report from COA is another crowning glory for my administration. It is an indisputable proof of our genuine and unstinting commitment to the pillars of good governance: efficiency, transparency, and accountability,” Binay said.
The latest audit result was relayed by Atty. Maria Carmina Paulita Pagayawan, Director of the Local Government Audit Sector, COA National Capital Region, in a letter to Binay.  
“In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the City of Makati as at December 31, 2024, and its financial performance, cash flows and charges in net assets/equity for the year then ended and notes to financial statements, in accordance with International Public Sector Accounting Standards (IPSAS),” Pagayawan stated.
Binay commended the city's finance sector and all other departments and offices for ensuring that their respective operations and transactions consistently adhered to the regulatory policies and guidelines of COA.
“I gladly share this extraordinary achievement with all our department and office heads and our entire city workforce. Your diligence and commitment have been crucial in ensuring our strict compliance with relevant auditing laws and policies year after year,” Binay said.
“Together, we have raised the bar of local governance and public service by several notches, which needs to be sustained,” she added.
Binay said the latest unmodified opinion from COA has sealed the deal for the Accounting Department as a candidate for the Platinum Award from the Association of Government Accountants of the Philippines (AGAP, Inc.). Obtaining an unmodified audit opinion for eight straight years is a major criterion of AGAP in conferring the award. 
The city Accounting Department has also been named “Outstanding Accounting Office” by AGAP for the past seven years.  
Makati City was recently recognized by the Anti-Red Tape Authority (ARTA) as an outstanding local government unit after validating its full compliance with the Electronic Business One-Stop Shop (eBOSS), as mandated by the Ease of Doing Business and Efficient Government Delivery Act of 2018, or R.A. 11032.
The Department of Finance has also ranked the city as first among cities in sustaining its fiscal autonomy through local revenue sources and in posting the highest per capita spending for fiscal years 2022 and 2023.
According to the Bureau of Local Government Finance (BLGF), Makati posted the highest ratio of local revenue sources to local current operating income among all cities in the country in 2023, with a ratio of 90.60 percent.

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