Finance Secretary Carlos Dominguez has directed his team, led by Undersecretary Gil Beltran, to form a technical working group (TWG), which will assist the Bangsa-moro government, through the Bangsamoro Transition Authority (BTA), initially run its finance and budget departments.
File
DOF extends fund management expertise to Bangsamoro government
Mary Grace Padin (The Philippine Star) - August 4, 2019 - 12:00am

MANILA, Philippines — Officials of the Department of Finance were tasked to guide executives from the Bangsamoro government on how to properly manage their funds to ensure the long-term fiscal stability of this new region, the DOF said.

Finance Secretary Carlos Dominguez has directed his team, led by Undersecretary Gil Beltran, to form a technical working group (TWG), which will assist the Bangsa-moro government, through the Bangsamoro Transition Authority (BTA), initially run its finance and budget departments.

The TWG will be composed of the DOF, Department of Budget and Management, Bureau of Customs, Bureau of Internal Revenue,  the Bureau of Local Government Finance and the Commission on Audit.

Dominguez also told Beltran to tap the Philippine Tax Academy (PTA) to help educate government officials who will serve in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) on fiscal management, financial planning and budget-related matters, the DOF said.

“I would like you to meet with them (Bangsamoro Transition Authority officials) within the month. Present them the plan,” Dominguez told Beltran and the other DOF officials during a meeting on Friday. 

Dominguez said the ADB, whose representatives were also present during the meeting, may be tapped to provide the technical assistance and capacity building support necessary to help the DOF and BTA in this effort.

The DOF co-chairs with the BARMM minister of budget, finance and management the Intergovernmental Fiscal Policy Board (IGBF), which is designed to address revenue imbalances and fluctuations in the regional financial needs and revenue-raising capacity of the BARMM.

Other IGBF members include the DBM, Department of Trade and Industry (DTI), National Economic and Development Authority (NEDA) and other BARMM appropriate ministries.

During the meeting, Presidential Peace Adviser Carlito Galvez Jr. said among the challenges being faced by the BARMM are the ineffective budget planning and programming system it inherited, weak accounting and reportorial capabilities, and lack of oversight and internal auditing safeguards.

Galvez cited the need to hire lawyers, accountants and technical personnel to assist BARMM government officials in transitioning to an autonomous setup.

Dominguez said BARMM needs experienced people, such as retired government officials who are familiar with budget, revenue and customs processes.

Under the Bangsamoro Organic Law (BOL), the BARMM will receive an annual block grant that will be automatically appropriated under the General Appropriations Act (GAA).

The BARMM can also tap a special development fund to help rebuild, rehabilitate and develop its conflict-affected communities.

The fund will be allotted P5 billion a year for a period of 10 years from the ratification of the BOL, or a total of P50 billion starting next year.

BANGSAMORO CARLOS DOMINGUEZ DEPARTMENT OF FINANCE
Philstar
  • Latest
  • Trending
Latest
Recommended
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

FORGOT PASSWORD?
SIGN IN
or sign in with