Principals of the Public Financial Management (PFM) this week met to review the committee’s key accomplishments and approve a new roadmap which aims to further improve the budgeting system for the next six years.
Among the officials are Budget Sec. Benjamin Diokno, Finance Sec. Carlos Dominguez 3rd, Commission on Audit (COA) Chairman Miguel Aguinaldo and other officials from their respective agencies. Its accomplishments from year 2011 to 2016 include the establishment of: Treasury Single Account (TSA), Unified Account Code Structure (UACS), Unified Reporting System (URS), PFM Competency Program, and the adoption of International Public Sector Accounting Standards (IPSAS).
Building on these initiatives prompted PFM to adopt a roadmap centered on shifting to an annual cash budgeting system, enhancing procurement processes, linking planning, budgeting, improving and costing techniques for projects and programs, completion of the development of Government Integrated Financial Management Information System or GIFMIS and implementation of URS, enhancing cash management, creation of the Office of Comptroller General (OCG) and strengthening internal audit, capacity-building for agencies and personnel.