Department of Budget and Management (DBM) Secretary Amenah "Mina" F. Pangandaman highlighted the agency's ongoing digitalization initiatives and reforms at the Singapore FinTech Festival on 07 November 2024.

 

Secretary Mina attended as keynote speaker at one of the international event's tracks focusing on key investment imperatives in making the Philippines a digital hub in Asia.

 

The Singapore FinTech Festival is a global nexus where policy, finance, and technology communities converge through insightful sessions, roundtables, workshops, exhibitions, and much more. The event serves as a platform to explore the intersections of cutting-edge financial solutions, evolving regulatory landscapes, and the latest technological innovations.

 

"As you may all know, the Administration of President Ferdinand R. Marcos Jr. puts a premium on the country’s digital transformation to achieve our national development goals," the Budget Secretary said. "And so we, at the Philippine Department of Budget and Management, aim to maximize the transformative potential of digital technology in improving bureaucratic efficiency," she continued.

 

Among the initiatives Sec. Mina underscored is the allocation of necessary funds for digitalization across bureaucracy.

 

"For 2025, we are moving full speed ahead in digitally transforming our bureaucracy with USD 1.6 billion (Php 72.08 billion) allotted in our National Expenditure Program to support the ICT-related programs and projects of government agencies. This is higher by 11.6 percent from the USD 1.13 billion (Php64.6 billion) in the FY 2024 National Budget," the Budget Secretary shared.

 

She also laid out other transformational digital initiatives such as the full adoption of the Integrated Financial Management Information System (IFMIS) across all agencies, the launching of the Public Financial Management (PFM) Reforms Roadmap 2024 to 2028, and developing the Budget and Treasury Management System (BTMS) to improve resource allocation and allow real-time monitoring of obligations and disbursements.

 

Apart from these, the DBM also has other ongoing projects, including Project Bumblebee—an e-portal that will allow the integration of all digital payments and disbursements among government agencies under one system; and Project DIME or the Digital Information for Monitoring and Evaluation Project that utilizes existing technologies such as satellites, drones, and geotagging to compare fund utilization with actual project completion status.

 

She also mentioned the recently passed landmark reform, the New Government Procurement Act (NGPA), which institutionalizes electronic procurement and streamlines the government procurement process.

 

Secretary Pangandaman likewise shared that the government is using digital technology to become more efficient, transparent, and accountable; and to promote financial inclusion among Filipinos.

 

In closing, the Budget Secretary urged partners and stakeholders to work together to champion innovative reforms in the country.

 

"So we hope to collaborate and partner with you to build a new and improved Philippines or what we call the Bagong Pilipinas— a Philippines that is an investment destination and a digital destination, with an economy that is thriving, inclusive, sustainable…and impressively digital," the Budget Chief concluded.