The Marcos administration's medium-term Philippine Public Financial Management (PFM) Reforms Roadmap 2024-2028 is in the final stages. Upon completion, the public should expect a more efficient and effective government service.
The Department of Finance said PFM Committee Principals Secretary Ralph Recto and Department of Budget and Management Secretary Amenah Pangandaman convened on June 10 to discuss the roadmap's progress and provide an update on the Conduct of the Public Expenditure and Financial Accountability (PEFA+++) Assessment for the Philippines.
"I thank the ADB for helping the Philippine government develop the PFM Roadmap. This will serve as the country's strategic blueprint enabling a fully digitalized, efficient, and transparent public financial management system, ensuring faster and more effective government services for the Filipino people," Recto said.
The meeting this week was held in collaboration with the Asian Development Bank (ADB), which provided technical assistance on the initiatives.
The roadmap focuses on enhancing information technology systems for planning and budgeting to align national and regional development priorities.
Implementing a modernized system for payment release is also on the roadmap to improve the accuracy of cash flow programming and cash releases.
On capacity development, the roadmap calls for establishing a digital ecosystem to manage and rapidly roll out the Public Financial Management (PFM) Competency Program for the PFM workforce.
Creating the digital PFM entails developing and implementing the Budget Treasury and Management System. This interoperable system will be at the core of the government's Integrated Financial Management Information System.
The digital PFM also requires sustaining the implementation of the eGovPay platform, which is a centralized payment gateway for government agencies.
During the meeting, the Principals also approved including the Climate, Gender, and Disaster Assessment in the 2024 PEFA+++ evaluation, in addition to the PEFA Basic Framework.
The Conduct of PEFA+++ Assessment for the Philippines aims to provide the government with a comprehensive evaluation of the performance of PFM institutions, systems, and processes.
The assessment results are targeted to be published by the second quarter of 2025 and will serve as the basis for the mid-term review and updating of the PFM Reforms Roadmap 2024-2028 and the preparation of the PFM Reform Action Plan.
The PFM Committee aims to deliver the Philippine PFM Reforms Roadmap 2024-2028 to the President this June.
The article discusses the nearing completion of the Public Financial Management Reform Roadmap, highlighting its potential impact on governance and fiscal transparency. It underscores the importance of effective financial management in fostering sustainable development. giftcardmall.com/mygift