The Department of Budget and Management (DBM), in partnership with the Asian Development Bank (ADB), has officially launched the Public Financial Management (PFM) Reforms Roadmap 2024-2028, a strategic blueprint aimed at revolutionizing how public funds are managed across government agencies.

 

In her address during the “Philippine PFM Reforms Roadmap 2024-2028 Ceremony” at the ADB headquarters in Mandaluyong City, DBM Secretary Amenah “Mina” F. Pangandaman emphasized that the roadmap is a crucial component of the government's broader commitment to building an open government founded on the principles of transparency, accountability, and good governance.

 

"Ultimately, this roadmap will enable us to uphold the principles of transparency and accountability by putting digital transformation at the forefront of our reform agenda, which is key in achieving our goal of having an open government that delivers more efficient and more responsive public services to the Filipino people—true to the spirit of Open Government Partnership," said Secretary Pangandaman.

 

“Achieving middle- and higher-income status [for the Philippines] will require continuous reforms and this includes a robust public financial management reforms strategy and roadmap. This is where the recently endorsed PFM roadmap that brings us here today comes in… This will ensure that the money is targeted for quality public services for the Filipino people. With a strong and digital PFM system, government spending and decision making will be more timely, it will be more efficient, it will be more relevant,” explained ADB Southeast Asia Department Director General Winfried Wicklein.

 

“As we move forward with the implementation of the roadmap, the PEFA++ (Public Expenditure and Financial Accountability Assessment), the DRR or Disaster Resilient and [Responsive] PFM Assessments, and later in 2025, the roadmap mid-term review, ADB will continue to work with the government… as partners to recognize and respond to your development needs,” committed ADB Philippine Country Office Director Pavit Ramachandran.

 

The launch event was held to present a comprehensive overview of the roadmap, garner wider support for the reforms, and actively engage stakeholders in the implementation process. A key feature was a plenary session that brought together panelists including DBM Usec. Joselito Basilio, Department of Finance Usec. Maria Edita Tan, and National Economic and Development Authority Usec. Joseph Capuno. This session facilitated discussions on the roadmap's strategic priorities and underscored the collaborative effort required from all sectors to drive meaningful progress in PFM.

 

Secretary Mina likewise reiterated how the roadmap is set to modernize government processes, ensuring that public services become more efficient and responsive to the needs of every Filipino. She explained that the PFM Reforms Roadmap 2024-2028 outlines specific actions to harmonize PFM policies and improve public investment management.

 

 

The PFM Reforms Roadmap is structured around a three-phase approach:

 

Phase One focuses on adopting the Integrated Financial Management Information System (IFMIS) across government agencies, creating "data highways" to ensure seamless transactions. The Budget and Treasury Management System (BTMS) will be launched to facilitate real-time online accounting, enabling informed decision-making about government resources.

 

Phase Two will build on these systems, expanding digitalization efforts and enhancing inter-agency collaboration. The Public Expenditure and Financial Accountability Assessment (PEFA) will evaluate the efficiency of public fund management, informing further reforms.

 

Phase Three aims to sustain these reforms with the mobilization of Task Teams to ensure accountability and efficiency in public financial management.

 

Sec. Pangandaman also underscored the importance of citizen involvement, mentioning, "We will also sustain Citizen Participatory Audit for public expenditures...towards the equitable, prudent, transparent, and accountable use of public funds." The roadmap will empower the PFM workforce by updating the current PFM Competency Program and developing e-learning materials.

 

 

With the roadmap, the DBM aims to secure an “A” credit rating, which Sec. Mina believes will solidify the country’s economic progress. She highlighted recent advances in PFM, elaborating, “We are now in the second phase of the Public Expenditure and Financial Accountability Assessment (PEFA++) and Disaster Resilient and Responsive PFM Assessments. These evaluations will guide our PFM initiatives and ensure that we are on the right track in revolutionizing our financial management system.”

 

The Budget Secretary expressed optimism about the progress made, while acknowledging the ongoing need for improvement: “Indeed, we have made significant progress, but we should also recognize that there is always room to do better.” She ended by calling for collective efforts to yield "concrete and positive outcomes—towards a Bagong Pilipinas where Filipinos’ needs are delivered, and aspirations are fulfilled."