«
HUMAN SETTLEMENTS DEVELOPMENT CORPORATION {STRATEGIC INVESTMENT DEVELOPMENT CORPORATION)
STATEMENT OF MANAGEMENT’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Management of the Human Settlements Development Corporation (HSDC) is responsible for the preparation and fair presentation of the financial statements, including the schedules attached therein, for the year ended December 31, 2019, in accordance with the prescribed financial reporting framework indicated therein, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, Management is responsible for assessing the HSDC‘s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the HSDC or to cease operations, or has no realistic alternative to do so. The Transition Management Committee (TMC) is responsible for overseeing the HSDC’s financial reporting process.
The TMC reviews and approves the financial statements, including the schedules attached therein, and submits the same to the stakeholders. The Commission on Audit, through its authorized representative, has examined the financial statements of the HSDC pursuant to Section 2, Article IX-D of the Philippine Constitution and Section 28 of the Presidential Decree No. 1445, otherwise known as the Government Auditing Code of the Philippines. The audit was conducted in accordance with the International Standards of Supreme Audit Institutions and the auditor, in its report to the TMC, has expressed its opinion on the fairness of presentation upon completion of such audit.
USEC. ROLDAN <£. GORGONIO Chairnhan of the TMC
DANILO P. PADUA General Manager
ALEXANDER G. ARIZABAL, JR. Assistant General Manager
Signed this 28th day of February 2020
1405 West Tower, Philippine Stock Exchange Centre, Exchange Road, Ortigas Center, Pasig City 1600 Tel: 637-3394 Fax: 637 3451 • email: hsdcsidcor@yahoo.com
3l(ol^