Answer

According to Section 15, Chapter 2 of the Government Accounting Manual for National Government Agencies, fair presentation requires:

faithful representation of the effects of transactions, other events, and conditions in accordance with the definitions and recognition criteria for assets, liabilities, revenue, and expenses set out in PPSAS. 

Financial statements shall not be described as complying with PPSASs unless they comply with all the requirements of PPSASs.

The application of PPSAS, with appropriate disclosures, if necessary, would result in fair presentation of the Financial Statements.

Source: Government Accounting Manual for National Government Agencies, Commission on Audit

Update

In 2021, the Commission on Audit (COA) issued COA Circular No. 2021-004 dated July 21, 2021 renaming the Philippine Public Sector Accounting Standards (PPSAS) to International Public Sector Accounting Standards (IPSAS). As a result, the term IPSAS shall be used in liue of PPSAS in all the financial statements and reports, issuances and communications, among others.