Oliver 14 0 0 5 min to read

Pangandaman strives to improve the government’s financial management system

Cebuano Cebuano English English Filipino Filipino

Amenah Pangandaman, the budget secretary, has underlined the importance of creating the Department of Budget and Management’s (DBM) financial management system to advance accountability, efficiency, and openness in government.

Pangandaman emphasized her intention to strengthen the DBM’s Budget and Treasury Management System by maximizing the use of technology (BTMS).

In a recent interview with SMNI, Pangandaman stated that improving bureaucratic efficiency and transparency in the budgetary process is one of the DBM’s primary goals.

“We really want to employ technology as effectively as possible for our reporting system. Medyo manu-mano na ngayon kasi (To date, we still have to implement it manually). I believe it is past due for us to have something that is open to all. You’ll be able to analyze more quickly and effectively if you can see it on our website when it’s timely, she added.

She also committed to making it simple for the general public to acquire financial reports from the government.

“Pera n’yo ‘yan e, the fund, the money we set up for our people. ng Taong Bayan, pera ‘yan. That is their money; galing ‘yan sa buwis na binabayad natin. The taxes we pay provide public funds. Therefore, I want as many people as possible to be aware of how their taxes are being utilized for government initiatives and programs in addition to seeing how much money they have paid in taxes, she said.

On October 26, President Ferdinand R. Marcos Jr. stated that the country’s digital transformation will allow the government to give the Filipino people “quick, transparent, and efficient” services.

Pangandaman also stated in October that the Marcos administration’s aim for increased bureaucratic effectiveness and economic success will be achieved with the digitization of government services.

The Government Resource Planning (GRP) system offered by the DBM’s BTMS, which was introduced in 2019, provides an integrated and completely automated platform that is expandable, flexible, and reform-adaptable.

The lack of budget credibility and funding predictability, the weak cash management system, and the absence of a standard budgetary and accounting classification resulted from the government’s manual processing of financial transactions and the use of numerous stand-alone systems to generate financial information prior to the launch of the BTMS.

The BTMS, a centralized database, will make it easier to gather important data on government financial transactions, allowing real-time mapping of transactions from purchase to payment, and enabling quick and accurate financial management as well as better data governance and oversight control.

The main goal of the BTMS is to bring about the future state of public financial management, in which all expenditure agencies will use the BTMS as the primary accounting and financial reporting system to capture all government transactions at the source.

The existence of an integrated financial management system will give a more accurate perspective of the government’s financial performance and administration of public finances, according to the World Bank, making the Philippines’ public financial management more efficient.

Cebuano Cebuano English English Filipino Filipino

We appreciate your reading. You may also consider sharing it with others.
Please comment below if you found this post interesting.
Be one of our DONOR / SPONSOR to support NextGenDay news website.
Please follow and like us:
Tweet 2k
0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments

Enjoy this blog? Please spread the word :)

Would love your thoughts, please comment.x