Public Financial Management GROUP drafts roadmap for 2017-2022

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The Public Financial Management principals – Department of Budget and Management (DBM) Secretary Benjamin Diokno, Department of Finance (DOF) Secretary Carlos Dominguez 3rd and Commission on Audit (COA) Chairman Michael Aguinaldo–along with officials from their agencies, met this week to review key accomplishments of the reforms of PFM in the Philippines from the last six years and approve the roadmap for 2017 to 2022. From 2011 to 2016, the PFM reforms succeeded in designing programs and systems that enhanced efficiency and transparency of managing public funds. Two major programs for the development of a government-wide integrated financial management information system include the establishment of a Treasury Single Account, a cash management system that consolidates government accounts and will optimize the utilization of the National Government’s cash resources. The other is the implementation of a Unified Account Code Structure, a government-wide accounting code classification framework that will facilitate the inter-operability of diverse financial reports. Central to the PFM reforms is the development of a government integrated financial management information system, being undertaken in a phased manner. Building on these successful initiatives, the PFM principals adopted a new roadmap for the next six years.

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