Finance Secretary Ralph Recto has lauded the digitalization initiatives outlined in the Philippine Public Financial Management (PFM) Reforms Roadmap for 2024-2028, for a more efficient and effective government service delivery.
On June 10, PFM committee principals Recto and Budget Secretary Amenah Pangandaman convened to discuss the progress of the roadmap as well as the updates on the Conduct of the Public Expenditure and Financial Accountability Assessment for the Philippines, the Department of Finance (DOF) said in a statement.
The meeting was held in collaboration with the Asian Development Bank (ADB) which provided technical assistance on the said initiatives.
The PFM committee is targeting the turnover of the Philippine PFM Reforms Roadmap 2024-2028 to the President this month.
“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.
To ensure that national and regional development priorities are aligned, the roadmap focuses on enhancing information technology systems for planning and budgeting.
Implementing a modernized system for the release of payments is also emphasized to improve the accuracy of cash flow programming and cash releases.
On capacity development, the roadmap suggests establishing 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, which is an interoperable system that will be at the core of the government’s Integrated Financial Management Information System.
The digital PFM also requires sustaining the implementation of the eGovPay platform, which is a centralized payment gateway for government agencies.
