The Department of Budget and Management (DBM) said Wednesday reforming the country’s financial management is crucial for improving budgetary processes, increasing transparency and ultimately boosting the Philippines’ credit rating.
The Public Financial Management (PFM) Committee presented to President Ferdinand Marcos Jr. the Public Financial Management Reforms Roadmap 2024-2028, which promises to transform how public funds are managed, ensuring greater accountability, efficiency and transparency in the allocation and use of resources across government agencies.
DBM Secretary Amenah Pangandaman said that while positive economic indicators, including employment rates, GDP growth, inflation, foreign direct investment and foreign exchange (FOREX) are showing promising results, these “numbers” alone are not enough to secure an A credit rating. She said that bolstering governance frameworks is equally essential in achieving this goal.
“This [roadmap] is part of our governance and bureaucratic efficiency and reform, which is also one of the crucial components of our road to ‘A’ [credit rating]. The numbers are there. We just have to solidify that—employment rates, our GDP growth, inflation—everything. FDI, Forex… everything. We have already put in place how to go about it,” Pangandaman said.
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