The purpose of this study was to ascertain the effectiveness of financial management and fiscal management initiatives, the level of knowledge regarding fiscal management procedures, and the seriousness of financial management problems encountered by Higher Education Institutions (HEIs) in the Eastern Visayas Region, Philippines. The study employed a descriptive – evaluative survey design and was conducted in the Eastern Visayas Region's ten State Universities and Colleges (SUCs) during the calendar year 2016. The study surveyed just the 109 SUCs' budget, finance, cashier, and supply unit workers. The analysis of data reveals that the level of effectiveness in fiscal management is very satisfactory among HEIs in Eastern Visayas; the level of effectiveness in fiscal management initiatives is adequate; and the four units also possess an adequate level of knowledge about financial management procedures in the areas of budgeting, accounting, cashiering, and supply. On the contrary, the supply unit has faced significant issues that must be addressed effectively; nevertheless, the budget, finance, and cashier units have encountered only minor issues. In general, the findings indicated that fiscal management systems among HEIs in the Eastern Visayas Region are effective; nonetheless, certain areas require the head of agency's undivided attention. It is recommended that additional research be undertaken on the relationship between the variables indicated above and the overall performance of SUCs, with the proposed model for an effective fiscal management system being used.