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 payment until fifty percent (50%) of the value of works, as determined by the procuring entity, are completed. If, after fifty percent (50%) completion, the work is satisfactorily done and on schedule, no additional retention shall be made; otherwise, the ten percent (10%) retention shall be imposed. The total “retention money” shall be due for release upon final acceptance of...
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 (CO). Click on each expense classification to know the meaning of each one. Post Views: 28,630
MOOE is one of the four (4) expenditure classifications in Philippine budgeting system. It refers to an expenditure category/expense class for support to the operations of government agencies such as expenses for supplies and materials; transportation and travel; utilities (water, power, etc.), representation, professional services, repairs and maintenance, etc. Source: Glossary of Terms, Department of Budget and Management Post Views: 10,082
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 year and which add to the assets of the Government, including investments in the capital stock of GOCCs and their subsidiaries. Examples of capital outlay expenditures may include the construction of roads, bridges, airports, seaports, construction of government offices and buildings, purchase of motor vehicles, equipment, machineries, etc. Source: Glossary of Terms, Department of Budget and Management Post Views: 1,277
Financial Expense (FinEx) is one (1) of the four (4) expenses classification in Philippine budgeting system. It refers to management supervision/trusteeship fees, interest expenses, guarantee fees, bank charges, commitment fees and other financial charges incurred in owning or borrowing an asset property. Source: Glossary of Terms, Department of Budget and Management Post Views: 1,326
