The Board of Investments (BOI) achieved outstanding performance in the Financial Management Performance Rating for the year 2022, according to the evaluation conducted by the Commission on Audit (COA) during the COA Entrance Conference held on October 18, 2023. Among the government agencies under the Department of Trade and Industry (DTI), BOI has been distinguished as one of only two (2) agencies to achieve an “Excellent” rating.
Out of the 14 criteria evaluated for the Financial Management Performance Rating, BOI demonstrated exceptional performance by securing a flawless score in 13 of 14 items assessed.
The audit process, meticulously conducted in strict adherence to the rigorous International Standards of Supreme Audit Institutions (ISSAI), facilitated a comprehensive evaluation of BOI’s financial management performance. This diligent examination identified areas for potential enhancement in the implementation of audit recommendations.
The audit concluded with an unmodified opinion affirming the fairness of the agency’s financial statements. Remarkably, this marks the fourth consecutive year that BOI has received the highest opinion attainable from auditors, showcasing the agency’s firm dedication to financial integrity and accountability.
The agency’s financial management performance earned a score of 94.34, officially classified as “Excellent.” This achievement places BOI among the top-performing government agencies, solidifying its position as a benchmark for financial management excellence within the government sector.
“The Excellent rating from COA is a testament to our unwavering commitment to financial accountability and transparency. We take this achievement as both an honor and a challenge to continually improve and ensure the efficient use of public funds,” said Trade Undersecretary and BOI Managing Head Ceferino Rodolfo.
With this accolade, BOI remains steadfast in its mission to promote economic growth and investment in the Philippines while maintaining its continuous pursuit of excellence in financial management.