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The Philippines–Australia Public Financial Management Program (PFMP) is a long term partnership between the Governments of Australia and the Philippines to improve the efficiency, accountability and transparency of public fund use in the Philippines.
The Australian Government has committed A$ 30 million to the program for a period of five years, from its commencement in October 2011 up to 2016.
The PFMP is assisting the Philippine Government to implement its Philippine PFM Reform Roadmap: Towards Improved Accountability and Transparency, 2011–2015. This comprehensive PFM reform agenda aims to clarify, simplify, improve and harmonize the financial management processes and information systems of the civil service in the Philippines.
PFMP supports new reform strategy to accelerate infra spending
The Philippines-Australia Public Financial Management Program (PFMP) is assisting the Philippine government to start shifting from obligation-based appropriations to annual cash based appropriations as a disciplined measure to better manage public resources and deliver on its promise to double infrastructure spending and ramp up social sector spending.
The PFM principals comprised of the Department of Budget and Management (DBM), Bureau of the Treasury (BTr) and the Commission on Audit (COA), have endorsed the new reform strategy of introducing cash appropriations.
The foundation of this reform is to shift the focus of the budget system away from incurring obligations to spending cash.
“Obligations are intentions, not expenditures. The current system of obligation-based appropriations does not promote disciplined execution of the annual budget,” said DBM Secretary Benjamin Diokno. This is the essence of a sound public financial management or PFM system: an annual budget that is promptly funded, implemented and accounted for.
The Government has committed to spend 7% of the country’s GDP on infrastructure following its aggressive mandate to “Build, Build, Build”—a program aimed at ushering in the “Golden Age of Infrastructure” for the Philippines.
PFMP, SGV support Bureau of the Treasury in management and monitoring of GOP’s contingent liabilities
- DBM raises new level of business intelligence with Budget Cycle Analytics
- DPWH hosts Brown Bag session on Public Financial Management (PFM) Reforms
- PFMP presents results of three-year support to Department of Education; turns over Financial Management Manual
- First batch completes PFM Certificate Program
- BTr, PFMP and SGV to commence work on Contingent Liabilities (CL) Management