What is Full Disclosure Policy?
It is the government’s policy that requires certain local officials of provinces, cities, and municipalities to fully disclose particular financial transactions of the LGU to keep their constituents informed of how the LGU budget is managed, disbursed and used.
Why is Full Disclosure important?
Full disclosure will:
- Promote honest, transparent, and orderly management of public funds
- Help minimize, if not totally prevent corruption and misuse of public funds
- Increase the people’s awareness of the available public funds and the allocated amount for development projects in their localities