- (Photo from left to right: Ms. Salvacion Axalan (DBM), Asec. Clarito Alejando Magsino (DBM), DBM Sec. Benjamin Diokno, Ms. Mara Warwick, Country Director, Brunei, Malaysia, Philippines, Thailand (WorldBank), Mr. Edward Olowo-Okere, Director, Financial Accountability and Reporting, Governance Global Practice (WorldBank), Ms. Saeeda Sabah Rashid, Senior Public Sector Specialist and Task Team Leader (WorldBank)
- (Photo from left to right: Ms. Salvacion Axalan (DBM), Asec. Clarito Alejando Magsino (DBM), DBM Sec. Benjamin Diokno, Ms. Mara Warwick, Country Director, Brunei, Malaysia, Philippines, Thailand (WorldBank), Mr. Edward Olowo-Okere, Director, Financial Accountability and Reporting, Governance Global Practice (WorldBank), Mr. Fily Sissoko, Manager, Financial Accountability and Reporting, Governance Global Practice, East Asia & Pacific and South Asia Regions (WorldBank)
The Department of Budget and Management and the World Bank have inked an agreement that will support the government’s public financial management (PFM) reforms. These reforms aim to improve efficiency, accountability and transparency in the use of public funds to ensure the direct, immediate, substantial and economical delivery of public services to the poor.
The agreement for the Reimbursable Advisory Services (RAS) was signed between DBM Secretary Benjamin Diokno and Mara Warwick, World Bank Country Director for Brunei, Malaysia, the Philippines and Thailand. The engagement boosts the administration’s goal of providing efficient public service delivery through a transparent financial process.
Under the agreement, the World Bank will provide technical assistance to DBM on improving budget execution through improved processes, including the use of technology in financial management and procurement.
DBM is partnering with the World Bank to take advantage of the extensive international experience of the institution to adopt successful public financial management approaches in the Philippines.
The Reimbursable Advisory Services shall include the following: (1) Budget and Treasury Management System (BTMS) Rollout Strategy, (2) Integrated Financial Management Information System (IFMIS) Strategy, (3) BTMS Security Review, (4) Advisory Notes on specialized topics and (5) Independent Verification of modernization of electronic procurement systems.
The BTMS review would involve the Bank’s independent review of the security policies, functionality, technologies, measures, organizational arrangements implemented for the BTMS operations and rollout. Meanwhile, the IFMIS strategy will include an assessment of the current integration of the payroll system, asset management system, and fiscal management and budget preparation system.
The World Bank would also provide advisory notes which will contribute to the design and implementation of ongoing and planned reforms on various PFM topics. And lastly, the World Bank would provide an independent verification of the ongoing modernization of the electronic procurement system.
The RAS supports the government in establishing a better public financial management platform which will revolutionize the way it oversees its finances and promote greater transparency and integrity.
For more information, visit www.dbm.gov. For regular updates, follow the official Facebook and Twitter account of DBM: @DBMgovph.
