(PAGASA 24-HOUR PUBLIC WEATHER FORECAST as of Saturday, 22 June 2024) Southwest Monsoon affecting the western sections of Southern Luzon and Visayas. 𝗙𝗒π—₯π—˜π—–π—”π—¦π—§ π—ͺπ—˜π—”π—§π—›π—˜π—₯ π—–π—’π—‘π——π—œπ—§π—œπ—’π—‘: Butuan City, Agusan del Norte, Agusan del Sur, Dinagat Islands, Surigao del Norte and Surigao del Sur will experience partly cloudy to cloudy skies with isolated rainshowers or thunderstorms due to Localized Thunderstorms. Possible flash floods or landslides during severe thunderstorms. 𝗙𝗒π—₯π—˜π—–π—”π—¦π—§ π—ͺπ—œπ—‘π—— 𝗔𝗑𝗗 π—–π—’π—”π—¦π—§π—”π—Ÿ π—ͺπ—”π—§π—˜π—₯ π—–π—’π—‘π——π—œπ—§π—œπ—’π—‘: Light to moderate winds coming from Southeast to South will prevail with slight to moderate seas (0.6 to 2.1 meters).

Thursday, 19 October 2023

IMF lauds PH digital financial system

The International Monetary Fund (IMF), through its fiscal division, commended the Philippines for proactively improving its public financial management (PFM) systems through digital transformation during one of the sessions of the IMF-World Bank (WB) annual meeting in Marrakesh, Morocco.

“The Philippines, especially the Department of Budget and Management, was rising to the challenge and they wanted to resolve issues [related to the PFM]. Hence, they wanted to proactively take support from the IMF. They wanted to work on several parallel fronts including some key decisions,” IMF Deputy Division Chief Sailendra Pattanayak said during the recent capacity development talk on Transforming Public Finance through GovTech.

Last June, President Ferdinand R. Marcos Jr. issued Executive Order No. 29 directing the full digitalization of PFM processes through the adoption of the Integrated Financial Management Information System (IFMIS) throughout the bureaucracy.

To support this, the DBM sought partnerships with development partners such as the IMF to provide technical assistance on designing and formulating strategies to modernize PFM systems and improve interoperability. A Technical Mission on Digitalization spearheaded by the IMF-Fiscal Affairs Department (FAD) was then conducted from June 6 to June 20, 2023.

In the same capacity development session, DBM Principal Economist Joselito R. Basilio highlighted the importance of adopting GovTech solutions in the digital transformation of PFM processes across government agencies.

“GovTech shall be harnessed in order to maximize the benefits of digitalization, directing these benefits and overall welfare to the stakeholders themselves—the general public and government agencies. User experience is therefore of paramount importance,” the chief economist said.

He also emphasized that DBM will continue collaborating with the IMF to ensure that international standards are met.

Moving forward, the PFM Committee, composed of DBM, Department of Finance, Commission on Audit, and Bureau of the Treasury, will create a PFM reforms roadmap containing policies and strategies on digitalization, including the adoption of the IFMIS and the BTMS by the 3rd quarter of FY 2024.

The Philippine delegation, headed by DOF Secretary Benjamin E. Diokno, attended the  Annual IMF-WB meetings in Marrakesh, Morocco from October 9 to 15, 2023 and met with development partners, central bankers, private sector executives, and other stakeholders from around the world to discuss the country's strong macroeconomic fundamentals, growth outlook, and investment opportunities. (DBM/PIA-Caraga)