The Department of Budget and Management (DBM) vowed to work towards the achievement of economic goals as it welcomed the International Monetary Fund (IMF) Mission Team’s commendation of the agency’s key structural reforms.
“We welcome this report of the IMF acknowledging our Public Financial Management (PFM) reforms and we will work even harder to achieve our economic targets and stay on track with our Agenda for Prosperity,” Budget Secretary Amenah Pangandaman said in a statement yesterday.
Pangandaman also thanked the IMF Mission Team for the policy recommendations to boost the nation’s economic health and stability.
“Fiscal reforms, including the Military and Uniformed Personnel Pension Bill and the Progressive Budgeting for Better and Modernized Governance Bill are critical and should be complemented by ongoing efforts to strengthen the oversight of government-owned and controlled corporations. The renewed emphasis on financing the country’s infrastructure gaps through Public Private Partnerships (PPPs) is well placed and the new PPP Code is welcome in this regard,” the IMF said in a statement.
Moreover, the IMF cited that other reforms focused on digitalizing PFM systems and enhancing bureaucratic efficiency have gained momentum including the Integrated Public Financial Management Information System and the National Government Rightsizing Program.
The proposed amendments to the Government Procurement Reform Act were likewise cited as a crucial initiative to further enhance the legal and institutional framework for transparent and competitive public procurement.
These include the implementation of the modernized Philippine Government Electronic Procurement System and the adoption of a Green Public Procurement Strategy.
“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 six percent in 2024, supported by an acceleration in public spending and improved external demand for Philippines exports,” said Shanak Jay Peiris, IMF mission chief.
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.
