The Public Financial Management (PFM) Committee officially presented the PFM Reforms Roadmap 2024-2028 to the President yesterday, a move seen to reshape the financial landscape of the Philippine government, the Department of Budget and Management (DBM) said in a statement yesterday.

The Committee is comprised of the DBM, alongside key representatives of the Commission on Audit, Bureau of Treasury, Department of Finance, Department of Information and Communications Technology and the National Economic and Development Authority.

The DBM said this reform promises to transform how public funds are managed, ensuring greater accountability, efficiency and transparency in the allocation and use of resources across government agencies.

With the theme “Propelling Transformation: Achieving Prosperity,” the roadmap serves as a blueprint for modernizing fiscal governance to meet the evolving needs of the nation.

Developed under Executive Order No. 29, issued on June 1, 2023, the roadmap brings together initiatives designed to foster coordinated collaboration across all levels of government.

“We are not just improving processes, but driving a profound transformation in how we manage public resources to ensure better service delivery and national development,” budget secretary Amenah Pangamandan said.

The PFM Reforms Roadmap 2024-2028 addresses 11 strategic focus areas that cover all aspects of public financial management.

These are planning and budgeting linkage; cash management; public asset management; accounting and auditing; PFM capacity development; digital PFM; PFM policy and legal framework; public procurement; disaster risk reduction and management; PFM for local government units and monitoring and evaluation for public expenditure.

The DBM said 13 activities will be launched in 2024, starting with the alignment of local, regional and national planning and budgeting efforts to ensure cohesive development. 

The modernization of cash management systems will also improve accuracy and streamline operations, while the expansion of digital financial management systems, such as the Budget and Treasury Management System and Unified Accounts Code Structure, will enhance efficiency, data accuracy and reporting.

“Today’s ceremonial endorsement underscores our commitment to addressing challenges like improving cash management, streamlining manual processes and fixing fragmented systems,” Pangandaman said.