She made the statement during the handover of the PFM Reforms Roadmap 2024-2028 to President Ferdinand R. Marcos Jr. at the Malacañan Palace on 17 September 2024.

 

The Budget Secretary highlighted that while positive economic indicators, including employment rates, GDP growth, inflation, foreign direct investment (FDI), and foreign exchange (FOREX), are showing promising results, these "numbers" alone are not enough to secure an A credit rating. She stressed that bolstering governance frameworks is equally essential in achieving this goal.

 

"This [roadmap] is part of our governance and bureaucratic efficiency and reform, which is also one of the crucial components of our road to 'A' [credit rating]. Andyan na, ang gaganda na ng mga numbers. We just have to solidify that—employment rates, our GDP growth, inflation—everything. FDI, Forex... lahat. We have already put in place how to go about it," Secretary Mina said.

 

She further explained that the roadmap addresses this governance aspect by promoting greater efficiency, transparency, and accountability in managing public funds. This, in turn, will help solidify the country’s economic gains and further augment the overall credibility and stability required to attain higher credit rating.

 

It can be recalled that in August 2024, Japan-based Rating and Information Inc. (R&I) upgraded the Philippines' credit rating to A-, an improvement from the previous year’s BBB+ rating.

 

The roadmap outlines key activities that align planning, budgeting, and auditing processes across government agencies, ensuring more efficient public service delivery and fiscal responsibility. Sec. Pangandaman highlighted that 13 activities under the roadmap have already started, covering areas such as Planning and Budget Linkages, Cash Management, Public Asset Management, and Digital PFM.

 

"We’ve started rolling out ‘Digital PFM’ like the Budget and Treasury Management System (BTMS) in five major departments, including DOH, DSWD, NEDA, DOF, and DBM. This will accelerate budget processing, procurement, and implementation, improving our ability to meet our deficit-to-GDP targets," Sec. Mina added.

 

The comprehensive PFM strategy also ensures a streamlined approach in disaster risk reduction and management (DRRM), procurement, and local government financial management, all major elements in building investor confidence and securing better credit standing for the country.

 

Another fundamental component is capacity development, with the DBM consistently delivering training to government personnel nationwide. Secretary Pangandaman noted, “[As for] capacity development, we’ve been doing it. We’ve trained from national to local government units, more than 7,000 across the country. And hopefully we’ll have our own PFM institute, which the President mentioned earlier, to make it more coherent.”

 

The PFM Reforms Roadmap 2024-2028 is aligned with the broader economic reform agenda, reinforcing the country's macroeconomic stability.

 

18 September 2024

 

 

Binigyang-diin ni Department of Budget and Management (DBM) Secretary Amenah “Mina” F. Pangandaman na mahalaga ang Public Financial Management (PFM) Reforms Roadmap 2024-2028 sa pagpapabuti ng mga proseso ng pagba-budget at sa pagpapataas ng credit rating ng bansa.

 

Ito ang kanyang pahayag sa ginanap na pag-turn over ng PFM Reforms Roadmap 2024-2028 kay Pangulong Ferdinand R. Marcos Jr. sa Malacañan Palace noong ika-17 ng Setyembre 2024.

 

Binanggit ni Budget Secretary Mina na habang nagpapakita ng positibong resulta ang mga economic indicators tulad ng employment rates, GDP growth, inflation, foreign direct investment (FDI), at foreign exchange (FOREX), ang mga numerong ito ay 'di sapat upang makamit ang A credit rating. Binigyang-diin niya na mahalaga rin ang pagpapalakas ng mga governance frameworks sa pagkamit ng layuning ito.

 

"This [roadmap] is part of our governance and bureaucratic efficiency and reform, which is also one of the crucial components of our road to 'A' [credit rating]. Andyan na, ang gaganda na ng mga numbers. We just have to solidify that—employment rates, our GDP growth, inflation—everything. FDI, Forex... lahat. We have already put in place how to go about it," pahayag ni Secretary Mina.

 

Ipinaliwanag pa niya na tumutugon ang roadmap sa aspeto ng pamamahala sa pamamagitan ng pagsusulong ng mas pinaigting na efficiency, transparency, at accountability sa paggamit ng pondo ng bayan. Ito naman ay makatutulong sa pagpapatibay ng ekonomiya ng bansa at mas makakadagdag sa kabuuang kredibilidad at katatagan na kailangan upang makamit ang mas mataas na credit rating.

 

Matatandaang noong Agosto 2024, itinaas ng Japan-based Rating and Information Inc. (R&I) ang credit rating ng bansa sa A-, na mas mataas kumpara sa BBB+ rating ng nakaaraang taon.

 

Naglalatag ang roadmap ng mga pangunahing aktibidad na kaugnay sa mga proseso ng planning, budgeting, at auditing sa iba’t ibang ahensya ng gobyerno upang masiguro ang mas mahusay na paghahatid ng serbisyo publiko at fiscal responsibility. Ibinida ni Sec. Pangandaman na 13 aktibidad sa ilalim ng roadmap ang nasimulan na, na sumasakop sa Planning at Budget Linkages, Cash Management, Public Asset Management, at Digital PFM.

 

"We’ve started rolling out ‘Digital PFM’ like the Budget and Treasury Management System (BTMS) in five major departments, including DOH, DSWD, NEDA, DOF, and DBM. This will accelerate budget processing, procurement, and implementation, improving our ability to meet our deficit-to-GDP targets," dagdag pa ni Sec. Mina.

 

Kasama rin sa komprehensibong PFM strategy ang paniniguro sa mas maayos na pamamaraan sa disaster risk reduction and management (DRRM), procurement, at local government financial management, lahat ng pangunahing elemento sa pagpapalakas ng kumpiyansa ng investor at pagkamit ng mas mataas na credit standing para sa bansa.

 

Isa pang mahalagang bahagi ng roadmap ang capacity development kung saan patuloy na nagsasagawa ang DBM ng mga training para sa mga government personnel sa buong bansa. Binanggit ni Secretary Pangandaman, “[As for] capacity development, we’ve been doing it. We’ve trained from national to local government units, more than 7,000 across the country. And hopefully we’ll have our own PFM institute, which the President mentioned earlier, to make it more coherent.”

 

Ang PFM Reforms Roadmap 2024-2028 ay nakaugnay sa mas malawak na economic reform agenda, na nagpapalakas ng macroeconomic stability ng bansa.