The activity aimed to discuss and deliberate on queries and concerns of the Legislature on the implementation of the PBBM Governance Bill, which the DBM is spearheading.
The Bill is one of the priority legislative measures of the Marcos Jr. administration. This is in line with the administration’s 8-point Socioeconomic Agenda which identifies bureaucratic efficiency as one its key components.
In a message, DBM Secretary Amenah F. Pangandaman stressed that the modernization of the country's budgeting process has been long overdue, since the last comprehensive policy on Public Financial Management (PFM) was enacted in 1987. The PBBM Governance Bill will serve as the foundational framework to modernize the PFM.
"The Progressive Budgeting for Better and Modernized Governance Act is a landmark legislative measure which seeks to improve the ability of the government to deliver direct, immediate, and substantial services to the people, thereby, strengthening public accountability and transparency," Pangandaman said.
Once enacted into law, it will introduce key reforms encompassing the Budget Cycle. It shall modernize the budgeting system; resolve the fragmented PFM legal framework; secure institutionalization of key PFM reforms such as the Treasury Single Account, Accounting and Auditing Reforms, and the Integrated Financial Management Information System; as well as strengthen the implementation of the Cash Budgeting System.
Moreover, it shall establish, promote, and embed public participation in the budget process while upholding fiscal responsibility principles in the bureaucracy.
The Bill will enable the government to have a strong foundational legal framework on PFM that will guide all branches of government in the crafting and execution of the budget. It shall apply to the management of revenues, expenditures, financing arrangements, and assets and liabilities of national government agencies, government-owned or controlled corporations, and local government units to the extent provided.
"Ultimately, this would result in the optimal use of the country’s fiscal resources, enhance the quality of governance we provide and, in turn, ensure improved quality of life for all Filipinos," Pangandaman said.
DBM Undersecretary Wilford Will Wong also attended the briefing, with DBM Undersecretary and Functional Group Head of the Budget Policy & Strategy Group Joselito Basilio, DBM Director for Fiscal Planning & Reforms Mary Joy de Leon, and DBM Chief Budget Management Specialist Mark James Evangelista as presenters.
"Let me overemphasize the importance of this bill as envisioned by Secretary Mina Pangandaman. This bill aims to safeguard and reinforce the public financial management system, making it stronger and flexible enough to withstand changes of time to be able to support the continued revival and revitalization of our economy," Wong said.
Also in attendance at the briefing were DBM Undersecretary Janet Abuel, DBM Undersecretary Maria Francesca del Rosario, and Acting Undersecretary Cristina Clasara. (PR)