Gov't finalizing Public Financial Management Reforms Roadmap

By Anna Leah Gonzales

June 13, 2024, 7:20 pm

MANILA – The government is finalizing the Philippine Public Financial Management (PFM) Reforms Roadmap 2024-2028, which seeks to make government service delivery more efficient and effective.

In a statement on Thursday, the Department of Finance said PFM Committee Principals Secretary Ralph Recto and Department of Budget and Management Secretary Amenah Pangandaman convened on June 10 to discuss the progress of the Roadmap, as well as the updates on the Conduct of the Public Expenditure and Financial Accountability (PEFA+++) Assessment for the Philippines.

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

The roadmap focuses on enhancing information technology systems for planning and budgeting to ensure that national and regional development priorities are aligned.

Implementing a modernized system for the release of payments is also in the roadmap to improve the accuracy of cash flow programming and cash releases.

On capacity development, the roadmap calls for establishing a digital ecosystem for the management and rapid rollout of the Public Financial Management (PFM) 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.

“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.

During the meeting, 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.

The PFM Committee is targeting the turnover of the Philippine PFM Reforms Roadmap 2024-2028 to the President this June. (PNA)