Marcos signs EO aiming to boost transparency in gov't transactions

President Ferdinand "Bongbong" Marcos Jr. on Friday directed all national government agencies and local government units to adopt and implement the integrated financial management information system (IFMIS) in processing all government transactions.

In signing Executive Order No. 29, Marcos said the continued enforcement of the IFMIS would enable greater financial management and control of oversight and government agencies and ensure strict compliance to government accounting standards and policies.

According to Marcos, the adoption of IFMIS in all government agencies will improve treasury cash management, facilitate the generation of financial reports, and ease reportorial requirements from various levels of government.

Further, he pointed out in his EO that the "administration is committed to improve bureaucratic efficiency by capitalizing on digitalization initiatives to ensure swift and efficient delivery of services to the public."

In Marcos' latest order, the government-owned or -controlled corporations (GOCCs) are also tasked to adopt and implement the IFMIS in their transactions.

The President ordered the creation of a Public Financial Management (PFM) committee that will lead in the development and implementation of financial management reforms.

The committee will be composed of representatives from the Department of Budget and Management (DBM), Department of Finance (DOF), Commission on Audit (COA), and the Bureau of Treasury (BTr).

The said committee will conduct policy and process review of key PFM processes such as budget management, budget execution, cash management, accounting, as well as reporting.

The committee is also tasked to reengineer PFM processes and maximize the use of financial systems to ensure seamless government transactions.

Further, the committee must come up with a five-year plan for the development and implementation of the IFMIS that links national government agencies with DBM, DOF, COA, and BTr; oversee, coordinate, and develop integration, simplification, harmonization of the government’s financial management processes and information systems; and, develop, oversee, and conduct comprehensive mid-term review of the implementation of PFM Reforms Roadmap.

Marcos also ordered the committee to issue guidelines pertaining to the transitional arrangement which will be followed by all concerned government agencies in the full adoption of the IFMIS.

He also tasked the Department of Information and Communications Technology to provide technical and policy support in the development and implementation of the IFMIS.

To recall, it was during late President Benigno Simeon Aquino III's governance when Executive Order No. 55 s. 2011 was inked, directing the development of a government integrated financial management information systems that aims to facilitate the generation of vital information on any and all aspects of government financial transactions, the greater participation of civil society organizations in fiscal governance, and for the effective and efficient delivery of public services. —VAL, GMA Integrated News