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Business

Finance management roadmap sets focus on digitalization

Louise Maureen Simeon - The Philippine Star
Finance management roadmap sets focus on digitalization
Finance Secretary Ralph Recto.
STAR / File

MANILA, Philippines — The country’s public financial management reform roadmap will put a spotlight on digitalization as the government targets for a more efficient and effective service delivery for Filipinos.

Finance Secretary Ralph Recto and Budget Secretary Amenah Pangandaman recently convened with the Asian Development Bank (ADB) to discuss the progress of the roadmap for 2024 until 2028.

ADB is providing technical assistance on the initiative. The roadmap is just a part of the bigger $500-million Public Financial Management Reform Program loan from the multilateral lender.

Recto said the roadmap would serve as the country’s strategic blueprint that will enable a fully digitalized, efficient and transparent public financial management system.

The PFM roadmap’s core reform focus areas include planning and budgeting linkage, cash management, public asset management, accounting and auditing, PFM capacity building and digital PFM.

It will also focus on enhancing information technology systems for planning and budgeting to ensure that national and regional development priorities are aligned.

Further, implementing a modernized system for the release of payments is also emphasized to improve the accuracy of cash flow programming and cash releases.

On capacity development, the roadmap suggests establishing a digital ecosystem for the management and rapid rollout of the public financial management competency program.

On the other hand, the creation of the digital PFM entails the development and implementation of the budget treasury and management system and the continuation of the eGovPay platform, which is a centralized payment gateway for government agencies.

The PFM Committee is targeting the turnover of the roadmap 2024-2028 to President Marcos this month.

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