Marcos says financial management roadmap to push digitalization of services

President Ferdinand Marcos Jr. on Tuesday lauded the completion of the Public Financial Management (PFM) Reforms Roadmap 2024-2028, which he said will help improve efficiency in government services through digitalization.

“With this roadmap, we give a clear mandate of ensuring that the money entrusted to us by the people serves a purpose that truly matters, that will make a difference,” Marcos said during the ceremonial endorsement of the roadmap at the Malacañang.

"Digitalization is not just a trend, but it is a necessity in making informed decisions in the modern world. Under the Digital PFM, we will implement and map data systems for the Budget and Treasury Management System, revisit the Unified Accounts Code Structure, and create a policy framework for PFM data sharing," he added.

The PFM roadmap was crafted under Executive Order No. 29 in June 2023. Among its objectives are delivering efficient disaster relief and response actions, better public healthcare access, and expanding social services.

With the completion of the roadmap, the Monthly Disbursement Program schedule under Cash Management policies and processes will be revisited and the payment systems for public expenditures will be modernized, the President said.

There will also be an assessment of non-compliant agencies with the preparation of asset management plans.

“We will conduct measures to address their issues. Moreover, capacity-building programs for lagging agencies will also be implemented,” Marcos said.

The roadmap will standardize internal audit guidance by consolidating existing manuals and standards across agencies under Accounting and Auditing.

The government will create a PFM Institute with experts and training courses to work on the capacity development of those working in the system.

"This roadmap is not just about figures and systems, and structures, and plans, and charts. It is about embracing innovation and using that to our advantage in order to provide more efficient [and] more streamlined services to the public,” Marcos said.—LDF, GMA Integrated News