Malacañang announced Friday that the president has signed Republic Act 11964 or the “Automatic Income Classification of Local Government Units Act,” which gives the finance secretary the power to regularly undertake income reclassification of provinces, cities, and municipalities and address any inaccuracies in the evaluation of LGUs' income class.
The first general income reclassification would be made within six months after the effectivity of RA 11964, and every three years thereafter, said Communication Secretary Cheloy Garafil in a statement.
“The updated fiscal indicators will equip the BLGF to improve its oversight functions for provinces, cities and municipalities towards data-driven and performance-informed policy and decision-making at the national and local levels,” Alvina said.
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