Mandaluyong City—Government agencies on Monday launched the Philippine Public Financial Management (PFM) Reforms Roadmap 2024-2028 which aims to ensure seamless and efficient government transactions. The roadmap, announced by Budget Secretary Amenah Pangandaman, seeks to uphold fiscal discipline and enhance the allocation and use of the nation’s resources through innovative technologies and comprehensive strategic focus areas.
According to Philippines News Agency, Secretary Pangandaman highlighted the recent passage of House Bill 10800, the General Appropriations Bill, as a pivotal moment for public financial managers. “The PFM reforms roadmap will guide us in upholding fiscal discipline, ensuring efficient allocation and use of our nation’s resources, and maintaining operational efficiency,” she explained. This includes the adoption of the Integrated Financial Management Information System (IFMIS) across all government agencies to ensure seamless transactions.
The roadmap, presented last month to President Ferdinand R. Marcos Jr., was developed with the support of the Asian Development Bank (ADB). It encompasses 11 strategic focus areas, including planning and budgeting linkage, cash management, public asset management, and digital public financial management.
Key initiatives of the roadmap include the establishment of data highways using application programming interfaces, facilitating real-time online accounting, and monitoring through the Budget and Treasury Management System (BTMs). These systems aim to enhance oversight of obligations and disbursements, vital for informed decision-making.
“The roadmap also addresses broader issues such as enhancing public investment management policies, scaling up performance audits, and empowering the PFM workforce across government agencies,” Pangandaman added. These efforts aim to strengthen internal controls, public expenditure, and revenue accounting.
ADB Country Director for the Philippines, Pavit Ramachandran, commented on the co-creation process of the roadmap, which involved over 1,100 senior officials and PFM experts. “This roadmap represents your collective vision, your shared voice, and your commitment to work together as a unified body to strengthen the country’s PFM system,” he said.
The ADB is expected to approve a USD 500 million loan within the year for the Public Financial Management Reform Program, which will support these ongoing reforms.