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Manila Bulletin devider Business devider DBM commits to champion key structural reforms

DBM commits to champion key structural reforms

Published Oct 4, 2023 05:35 am

At A Glance

  • International Monetary Fund (IMF) commends fiscal reforms, including Military and Uniformed Personnel Pension Bill, Progressive Budgeting for Better and Modernized Governance Bill, and Public Private Partnerships (PPPs) Act.<br>Progress made in digitalizing Public Financial Management systems and enhancing bureaucratic efficiency was also cited by the IMF.<br>Noteworthy initiatives: Integrated Public Financial Management Information System and National Government Rightsizing Program.<br>Proposed amendments to Government Procurement Reform Act (GPRA) seen as crucial for transparent and competitive public procurement.<br>Initiatives include modernized Philippine Government Electronic Procurement System (mPhilGEPS) and adoption of Green Public Procurement Strategy.<br>Structural reforms contribute to the strong recovery of the Philippine economy from the pandemic.<br>Growth outlook remains robust despite global headwinds and local developments.

The Department of Budget and Management (DBM) said it is determined to redouble its efforts in securing the passage of key structural reforms that are vital for maintaining the country's economic growth.

Budget Secretary Amenah F. Pangandaman issued a statement on Wednesday, Oct. 4, expressing her appreciation for the positive outlook given by the International Monetary Fund (IMF) Mission Team regarding the Philippines.

Pangandaman also commended the IMF for providing valuable policy recommendations that aim to enhance the nation's economic health and stability.

On Tuesday, the IMF team, led by Mission Chief Shanak Jay Peiris, lauded the DBM for its introduction of the Public Financial Management (PFM) reform program.

“We welcome this report of the IMF acknowledging our PFM reforms and we will work even harder to achieve our economic targets and stay on track with our Agenda for Prosperity,” Pangandaman said.

The IMF has cited several fiscal reforms in the country, including the Military and Uniformed Personnel Pension Bill, the Progressive Budgeting for Better and Modernized Governance Bill, and the Public Private Partnerships (PPPs) Act.

In addition, the IMF has also noted the progress made in digitalizing Public Financial Management systems and improving bureaucratic efficiency.

This includes the successful implementation of the Integrated Public Financial Management Information System and the National Government Rightsizing Program.

The proposed amendments to the Government Procurement Reform Act (GPRA) were also recognized as a crucial step in enhancing transparency and competitiveness in public procurement.

Notable initiatives include the modernized Philippine Government Electronic Procurement System (mPhilGEPS) and the adoption of a Green Public Procurement Strategy.

Due to the implementation of these structural reforms, aimed at fostering long-term growth, the IMF said the Philippine economy has demonstrated resilience in recovering from the pandemic.

Despite global challenges and local developments, the country's growth outlook remains robust.

“Having bottomed out at the end of the second quarter, growth is projected to bounce back by year-end to 5.3 percent in 2023 and reach 6.0 percent in 2024, supported by an acceleration in public spending and improved external demand for Philippines exports,” Peiris said.

“This is higher than the average ASEAN-5 growth outlook of 4.6 percent and 4.5 percent for 2023 and 2024, respectively,” he added.

The IMF Mission Team also affirmed that the Philippine economy is on track in bringing down the country’s deficit and debt levels to pre-pandemic levels and in achieving the goals set under the administration’s Medium-Term Fiscal Framework.

The IMF Article IV Mission is an annual bilateral consultation with member countries where an IMF Mission Team meets with government and central bank officials to discuss and assess economic and financial developments.

Related Tags

IMF International Monetary Fund Department of Budget and Management Budget Secretary Amenah F. Pangandaman
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