The Assessment on Effectiveness of Financial Management Practices of the Department of Labor and Employment

Abstract

The study was intended to assess the effectiveness of the Financial Management Practices of the Department of Labor and Employment of the Philippines. The descriptive survey method was used in this study to determine the profile of the respondents. A total of one hundred twenty (120) respondents were engaged in the study. In terms of financial planning, it was showed that “The Accounting standards (e.g. International Financial Reporting Standards, International Public-Sector Accounting Standards) are followed” has a highest weighted mean and was very effective. In terms of financial control, it was revealed that the respondents gave the highest mean on the statement “The approval of transactions is in place ensuring that all transactions are correctly made”. Meanwhile, the respondents gave the lowest mean on the statement “Audit findings are addressed on the prescribed time”. In terms of financial communication, it was indicated that the respondents gave the highest mean on the statement The financial statement is audited regularly by the Commission on Audit (COA). Whereas, the statement “Citizen-stakeholders or civil society organizations are engaged in preparation of the budget proposal” obtained the lowest mean. Based on the result of the findings, as a whole, DOLE effectively implemented a good financial management practices. On opportunities for improvement, the researcher suggests that DOLE should continuously develop its management system in order to perform its mandate which is to provide job opportunities and protect the welfare of Filipino workers.