DBM, ADB begin reform on use of public funds | ABS-CBN
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DBM, ADB begin reform on use of public funds
DBM, ADB begin reform on use of public funds
The Asian Development Bank (ADB) in Ortigas City on June 17, 2021. Jonathan Cellona, ABS-CBN News
The Asian Development Bank (ADB) in Ortigas City on June 17, 2021. Jonathan Cellona, ABS-CBN NewsMANILA -- The Department of Budget and Management (DBM) has formally launched the Philippines Public Financial Management (PFM) Reforms Roadmap 2024-2028 at the Asian Development Bank (ADB) headquarters in Mandaluyong.
MANILA -- The Department of Budget and Management (DBM) has formally launched the Philippines Public Financial Management (PFM) Reforms Roadmap 2024-2028 at the Asian Development Bank (ADB) headquarters in Mandaluyong.
The department said the roadmap outlines key initiatives that align planning, budgeting, and auditing processes across government agencies to ensure more efficient public service delivery and fiscal responsibility.
The department said the roadmap outlines key initiatives that align planning, budgeting, and auditing processes across government agencies to ensure more efficient public service delivery and fiscal responsibility.
The road map was endorsed by President Ferdinand Marcos Jr in September and there will be assessments from various agencies in the coming months.
The road map was endorsed by President Ferdinand Marcos Jr in September and there will be assessments from various agencies in the coming months.
PFM is a system of rules, procedures and practices for government to manage public finances in the areas of budgeting, accounting, debt management, and more. The last Public Expenditure and Financial Accountability assessment was conducted in 2015.
PFM is a system of rules, procedures and practices for government to manage public finances in the areas of budgeting, accounting, debt management, and more. The last Public Expenditure and Financial Accountability assessment was conducted in 2015.
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Budget Secretary Amenah Pangandaman said this roadmap will help the government identify the gaps in the financial management system highlighting strategic focus areas such as planning and budgeting linkage, cash management, accounting and auditing, public procurement, PFM for local government units, monitoring and evaluation for public expenditure, and more.
Budget Secretary Amenah Pangandaman said this roadmap will help the government identify the gaps in the financial management system highlighting strategic focus areas such as planning and budgeting linkage, cash management, accounting and auditing, public procurement, PFM for local government units, monitoring and evaluation for public expenditure, and more.
“Dati kasi kalat, we know what’s the problem, pero we haven’t identified it kung ano ba ang mga problems, ano yung mga gaps. But with this roadmap with the help of our development partners in less than a year of consultations, we already pinpointed the gaps,” Pangandaman said.
“Dati kasi kalat, we know what’s the problem, pero we haven’t identified it kung ano ba ang mga problems, ano yung mga gaps. But with this roadmap with the help of our development partners in less than a year of consultations, we already pinpointed the gaps,” Pangandaman said.
She added that the reforms can help government agencies plan and use taxpayers’ money properly. Reforms can also boost the country’s credit rating since bolstering the governance framework is also important. The program also aims to digitalize the entire PFM system for all agencies.
She added that the reforms can help government agencies plan and use taxpayers’ money properly. Reforms can also boost the country’s credit rating since bolstering the governance framework is also important. The program also aims to digitalize the entire PFM system for all agencies.
“Mabawasan ang corruption, mas mabilis ma provide yung goods and services sa public, and at the same time we will be able to digitalize the PFM system. Kasi as of now, it’s all manual,” she added.
“Mabawasan ang corruption, mas mabilis ma provide yung goods and services sa public, and at the same time we will be able to digitalize the PFM system. Kasi as of now, it’s all manual,” she added.
(Corruption can be lessened, it will speed up the delivery of goods and services to the public, and at the same time we will be able to digitalize the PFM system, which is still being done manually today.)
(Corruption can be lessened, it will speed up the delivery of goods and services to the public, and at the same time we will be able to digitalize the PFM system, which is still being done manually today.)
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ADB, which provides technical assistance on the program, welcomes the reforms being planned as this will in the long run help the Filipino people. This roadmap can also help the government achieve its goal of becoming an upper middle income economy.
ADB, which provides technical assistance on the program, welcomes the reforms being planned as this will in the long run help the Filipino people. This roadmap can also help the government achieve its goal of becoming an upper middle income economy.
“Harmonizing budget planning, processes at the national and regional local level, looking at the use of digital technology to improve budget utilization, planning again, service delivery at the local level consistent with the Mandanas-Garcia ruling now, but also to help identify a robust pipeline of PPP projects,” said Pavit Ramachandran, ADB Country Director for the Philippines.
“Harmonizing budget planning, processes at the national and regional local level, looking at the use of digital technology to improve budget utilization, planning again, service delivery at the local level consistent with the Mandanas-Garcia ruling now, but also to help identify a robust pipeline of PPP projects,” said Pavit Ramachandran, ADB Country Director for the Philippines.
The Commission on Audit (COA), which is also part of the PFM Committee, added that these reforms will help in the audit of various government expenses.
The Commission on Audit (COA), which is also part of the PFM Committee, added that these reforms will help in the audit of various government expenses.
COA Director Ma. Theresa Ferreros said, “COA is committed to implement accounting and auditing reforms aligned and achieve our common goal of ensuring an open and orderly PFM to enable fiscal discipline, strategic allocation of resources, and efficient delivery of services.”
COA Director Ma. Theresa Ferreros said, “COA is committed to implement accounting and auditing reforms aligned and achieve our common goal of ensuring an open and orderly PFM to enable fiscal discipline, strategic allocation of resources, and efficient delivery of services.”
Other agencies in the committee include the Department of Finance, Bureau of the Treasury, National Economic and Development Authority, and the Department of Information and Communications Technology.
Other agencies in the committee include the Department of Finance, Bureau of the Treasury, National Economic and Development Authority, and the Department of Information and Communications Technology.
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Asian Development Bank
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