In a landmark move set to reshape the financial landscape of the Philippine government, the Public Financial Management (PFM) Committee will officially present the PFM Reforms Roadmap 2024-2028 to President Ferdinand R. Marcos Jr. The ceremonial endorsement will take place at Malacañan Palace on Tuesday, September 17, 2024.

 

The Committee is comprised the Department of Budget and Management (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.

 

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.

 

The ceremonial endorsement highlights the shared dedication of national government agencies, local government units, civil society organizations, and development partners to implementing reforms critical to achieving the goals of AmBisyon Natin 2040 and the Philippine Development Plan 2023-2028.

 

“This reflects the unified vision of the administration of President Ferdinand R. Marcos Jr. to transform and elevate public financial management to better serve the Filipino people,” said DBM Secretary Amenah ‘Mina’ F. Pangandaman.

 

“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,” the DBM Secretary added.

 

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

 

Thirteen critical 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 (BTMS) and Unified Accounts Code Structure (UACS), 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, all under the mission of Bagong Pilipinas," Secretary Pangandaman concluded.

 

These reforms mark the government's commitment to modernizing financial management practices for better service delivery and accountability. The PFM Reforms Roadmap 2024-2028 builds on past successes, including the adoption of performance-informed budgeting and the establishment of the Treasury Single Account (TSA), ultimately aiming for better resource allocation, streamlined processes, and enhanced transparency in public expenditure.