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Marcos Jr. endorses plan to digitize, streamline gov’t accounting, auditing

Article (news)

Katrina Domingo

ABS-CBN News

MANILA — President Ferdinand Marcos Jr. on Tuesday welcomed the creation of the Philippines’ public financial management (PFM) reform roadmap, which outlines how the government would digitalize and streamline its accounting and auditing processes to have a “more efficient” bureaucracy.The PFM reform roadmap was formed after Marcos Jr. issued an executive order in June 2023 requiring all government offices to have an “intergrated financial management system.”“This roadmap is not just about figures and systems and structures  and plans and charts. It is about embracing innovation and using that to our advantage in order to provide more efficient, more streamlined services to the public,” Marcos Jr. said in an event in Malacañang.“Digitalization is not just a trend, but it is a necessity in making informed decisions in the modern world,” he said.The PFM reforms roadmap will address 11 strategic areas in public financial management in 4 years or between 2024 and 2028. These include reviewing and improving processes in cash management, accounting, auditing, and public procurement, among others.“With this roadmap, we give a clear mandate of ensuring that the money entrusted to us by the people serves a purpose that truly matters, that will make a difference,” Marcos Jr. said.“It emphasizes stronger coordination in resource management, greater capacity building, wider integration of technology and stricter implementation of financial programs across sectors,” he said.“We are committed to synchronize planning at our local, regional and national levels as well as streamlining our institutional frameworks to reduce the time spent on bureaucratic processes because the faster we move, the faster we deliver our services to our people,” he added.The PFM reforms roadmap is the Philippines’ “blueprint for transforming the bureaucracy and elevating the performance of our economy,” Budget Secretary Amenah Pangandaman said.“With enhanced accountability and transparency at its core, this road map promises to guide us towards a Bagong Pilipinas where the government delivers the needs and fulfills the aspirations of Filipino people,” she said.“By 2028, we envision a modern and internationally-recognized PFM system that enables fiscal discipline, strategic resource allocation, and efficient public service delivery,” she said.The ceremonial endorsement of the PFM reforms roadmap in Malacañang “highlights the shared dedication of national government agencies, local government units, civil society organizations, and development partners to implementing reforms critical to achieving the goals” of the Philippine Development Plan 2023-2028, the DBM said in a statement.These reforms are testament to the “government’s commitment to modernizing financial management practices for better service delivery and accountability,” the statement read.

President Ferdinand Marcos Jr. on Tuesday welcomed the creation of the Philippines’ public financial management (PFM) reform roadmap, which outlines how the government would digitalize and streamline its accounting and auditing processes to have a “more efficient” bureaucracy.

President Ferdinand Marcos Jr. on Tuesday welcomed the creation of the Philippines’ public financial management (PFM) reform roadmap, which outlines how the government would digitalize and streamline its accounting and auditing processes to have a “more efficient” bureaucracy.