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Manila Bulletin devider Business devider Government enhances services with digital financial system

Government enhances services with digital financial system

Published Jun 13, 2024 06:51 am

The creation of digital Philippine Public Financial Management (PFM) reforms will enable more efficiency and effective government services for Filipinos, Department of Finance Secretary Ralph G. Recto said.

The remark was made after a meeting on Monday with PFM Committee Principals Recto and Department of Budget and Management (DBM) Secretary Amenah F. Pangandaman to discuss the progress of the PFM roadmap and the updates on the conduct of the Public Expenditure and Financial Accountability (PEFA+++) Assessment for the Philippines.

During the meeting, they approved the PFM roadmap’s focus areas including planning and budgeting linkage; cash management; public asset management; accounting and auditing; PFM capacity building; and digital PFM.

The meeting was held in collaboration with the Asian Development Bank (ADB) which provided technical assistance on the said initiatives.

“I thank the ADB for helping the Philippine government in developing the PFM Roadmap. This will serve as the country’s strategic blueprint that will enable a fully digitalized, efficient, and transparent public financial management system, ensuring faster and more effective government services for the Filipino people,” Recto said.

A PFM is a system of rules, procedures, and practices for the government to manage public finances such as revenue and budgeting.

The roadmap focuses on enhancing information technology systems for planning and budgeting and the creation of a modernized system for the release of payments to improve the accuracy of cash flow programming and cash releases.

It also emphasizes a digital ecosystem for the management and rapid rollout of the Public Financial Management Competency program for the PFM workforce.

The creation of the digital PFM entails the development and implementation of the Budget Treasury and Management System.

It also requires sustaining the implementation of the eGovPay platform, which is a centralized payment gateway for government agencies.

In his opening remarks, ADB Philippine Country Director Pavit Ramachandran commended the Committee for the progress made for the roadmap and proposed to look into digitalization in both tax mobilization and expenditure management efforts.

Meanwhile, the Principals also approved the inclusion of 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 results of the assessment 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.

Executive Order No. 29 reinstated the functions of the PFM Committee in leading the Philippine PFM reform agenda, developing the PFM Reforms Roadmap, as well as the monitoring and reporting thereof to the Office of the President.

The PFM Committee eyes the turnover of the Philippine PFM reforms roadmap 2024-2028 to the president this June.

Related Tags

Department of Finance (DOF) Asian Development Bank (ADB) financial management ralph recto
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