(Photo: PCO)
MANILA, (PIA) — President Ferdinand Marcos Jr. endorsed a five-year Public Financial Management (PFM) Reforms Roadmap on Tuesday, emphasizing its crucial role in transforming government services and reducing poverty in the Philippines.
Speaking at the Malacañan Palace, Marcos described the 2024-2028 roadmap as “not just a mere endorsement of policy” but a “reaffirmation of our collective resolve” to build a system serving both present and future needs of Filipinos.
According to PBBM, the roadmap is important to ensure that government funds are available for projects that will improve services for Filipinos, such as faster disaster relief and better healthcare services. The main priorities of the PFM Reform Roadmap include the adjustment of planning and budgeting at all levels of government and the facilitation of processes through digitalization.
The President also highlighted key aspects of the reforms, including:
- Synchronizing planning and budgeting across local, regional, and national levels.
- Streamlining institutional frameworks to reduce bureaucratic processes.
- Modernizing payment systems for public expenditures.
- Standardizing internal audit guidance across agencies.
- Creating a PFM institute for expert training.
- Implementing digital systems for budget and treasury management.
Marcos stressed the importance of digitalization, calling it “not just a trend, but a necessity in making informed decisions in the modern world.”
The roadmap follows Executive Order No. 29, issued by Marcos in June 2023, which aimed to strengthen public financial management information systems and streamline processes.
Secretary of Budget and Management Amenah Pangandaman led the development of the roadmap, with support from various government agencies and resource institutions.
Marcos expressed confidence that the reforms, aligned with the Philippine Development Plan 2023-2028, will “lead the nation to a higher growth trajectory” and ultimately reduce poverty.
The Asian Development Bank was acknowledged for its strong support in crafting the roadmap.
Marcos concluded by urging those involved to consider themselves “forerunners of this new era” in building what the administration brands as “Bagong Pilipinas” or New Philippines. (JCO/PIA-NCR)
