Progress payments are subject to retention of ten percent (10%) referred to as the “retention money.” Such retention shall be based on the total amount due to the contractor prior to any deduction and shall be retained from every progress …
The Philippine National Budget is categorized in four (4) different expense classification called allotment class. These expenditure classifications are as follows: 1. Personnel Services (PS); 2. Maintenance and other Operating Expenses (MOOE); 3. Financial Expenses (FinEx); and 4. Capital Outlays …
Capital outlay or capital expenditures is one (1) of the four (4) expense classification in Philippine budgeting system. It refers to an expenditure category/expense class for the purchase of goods and services, the benefits of which extend beyond the fiscal …