Financial Management Systems among Higher Education Institution In Eastern Visayas Region, Philippines

Abstract

This study determined the level of effectiveness on the financial status and the fiscal management initiatives adopted, the level of knowledge on the procedures adopted on fiscal management, and the level of seriousness on the problems encountered in financial management among Higher Education Institutions (HEIs) in Eastern Visayas Region, Philippines. Utilizing the descriptive – evaluative survey design, the study was conducted in the ten State Universities and Colleges (SUCs) in Eastern Visayas Region during the calendar year 2016. The respondents of the study were limited to the 109 SUCs personnel from the budget, finance, cashier, and supply unit. The analysis of data reveals that the level of effectiveness on the status of fiscal management among HEIs in Eastern Visayas is very satisfactory; the level of effectiveness on the fiscal management initiatives of HEIs is adequate; and the four units also possess an adequate level of knowledge on the procedures adopted in financial management in areas of budgeting, accounting, cashiering, and supply. On the contrary, the supply unit has encountered serious problems that need to be resolved appropriately; while budget, finance, and cashier units encountered least serious problems. In general, the result showed that the fiscal management systems among HEIs in Eastern Visayas Region is effective, however, some areas need utmost attention by the head of agency. It is hereby recommended that further study be conducted on the relationship of the above-mentioned variables to the overall performance of SUCs and the proposed model for an effective fiscal management system shall be utilized.
Keywords: fiscal management; status; level of knowledge; problems; management initiatives; descriptive-evaluative survey