President Ferdinand R. Marcos, Jr. reaffirmed the administration’s commitment to transparent and transformative leadership as he led the Ceremonial Endorsement of the Public Financial Management (PFM) Reforms Roadmap 2024-2028 in Malacañan Palace.
“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,” President Marcos said in his speech.
The President said the ceremony is more than just “a mere endorsement of policy” but also a reassertion of the government’s collective resolve to build a system that will serve the present and future generations.
With the implementation of interventions and activities in the roadmap, it will improve the government’s ability to transparently and efficiently allocate resources, enabling agencies to deliver services effectively.
“It is about swift, efficient disaster relief and response actions so that no community is left behind when disasters strike. It is about better public healthcare access, ensuring that medical costs do not become yet another burden for our citizens. It is about expanding social services, creating not just a safety net, but opportunities for every Filipino to succeed, no matter their circumstances may be,” the President said.
Under the Roadmap, robust resource management coordination, greater capacity-building, wider technological integration, and stricter financial program implementation across sectors are expected.
Among the priorities of the new PFM is to synchronize planning and budgeting at local, regional, and national levels, as well as streamline institutional frameworks to reduce the time spent on bureaucratic processes, resulting in a faster delivery of service.
Digitalization and modernization of government frameworks are also given importance in the said roadmap.
Through collaborative efforts and support from partners, the President expressed confidence that the PFM Reforms Roadmap will greatly contribute to the country’s significant developments.
“With the strong support of our partners, especially with the ADB (Asian Development Bank), I am confident that the PFM Reforms Roadmap — anchored on the Philippine Development Plan 2023-2028 — will lead the nation to a higher growth trajectory, and ultimately, to reducing poverty and achieving genuine prosperity. Consider yourselves as the forerunners of this new era, this Bagong Pilipinas that we are building,” the President said.
The PFM Reform Roadmap was developed under Executive Order (EO) No. 29 issued by President Marcos last June 2023.
In the EO, the PFM Committee is directed to strengthen the public financial management information systems and streamline its processes.
This includes the revisiting of policies, revising outdated frameworks, and the creation of a strategic roadmap that reflects the changing needs of the people.
The PFM committee is comprised of the Department of Budget and Management (DBM), alongside key representatives of the Commission on Audit (CoA), Bureau of the Treasury (BTr), Department of Finance (DoF), Department of Information and Communications Technology (DICT), and the National Economic and Development Authority (NEDA).
Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.
Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.
