DBM PRESS RELEASE
02 June 2023

The Public Financial Management (PFM) Committee, composed of representatives from the Department of Budget and Management (DBM), Department of Finance (DOF), Commission on Audit (COA), and the Bureau of Treasury (BTr), expressed its sincerest gratitude to President Ferdinand R. Marcos Jr. for signing the Executive Order (EO) No. 29 directing the full adoption of the Integrated Financial Management Information System (IFMIS) in government agencies.

The EO, signed by the President on 01 June 2023, seeks to improve bureaucratic efficiency by capitalizing on digitalization efforts to ensure fast and efficient delivery of services to the public.

Under the EO, the PFM Committee is directed to reengineer PFM processes and IFMIS, and to issue guidelines as to the transitional arrangements to be followed by covered agencies in the transition to full adoption of the IFMIS.

IFMIS is an information and communications technology (ICT) solution and one of the digital transformation initiatives of the DBM that aims to simplify and improve all public financial management processes and related information systems in the country, covering all financial transactions of the government and ensuring more timely and efficient management and monitoring of public funds.

“On behalf of the PFM Committee, I sincerely thank President Bongbong Marcos for supporting this endeavor. This is a crucial milestone in our quest for transparency, good governance, accountability and digitalization, as it allows the efficient monitoring of disbursements and appropriation of public funds. This goes to show that the President is fully determined to achieve the digital transformation objectives in our 8-Point Socioeconomic Agenda,” Secretary Pangandaman said.

“For our part, DBM is ready to implement. We believe that with the full adoption of the IFMIS, we will be able to eradicate corruption, and foster bureaucratic efficiency and sustainability,” she continued.

The EO covers all departments, agencies, and instrumentalities of the national government, including government-owned or -controlled corporations (GOCCs), while all local government units (LGUs) are also encouraged to adopt and implement the IFMIS in the processing of government financial transactions.

EO 29 likewise emphasizes that the full adoption of IFMIS would enable greater financial management and control of oversight of government agencies, ensure strict compliance with existing appropriations laws, rules and regulations, as well as government accounting standard and policies, significantly improve treasury cash management, facilitate the generation of financial reports, and ease reportorial requirements from various levels of government.

Meanwhile, the EO also directs the Department of Information and Communications Technology to provide technical and policy support in the development and implementation of the IFMIS.

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