Over a decade since the creation of the Integrated Financial Management Information System (IFMIS), President Ferdinand R. Marcos Jr. said there is now a need to “strengthen” the implementation of the scheme.
Under Executive Order (EO) No. 29, which was released to the media last Friday, the President called on all department agencies and instrumentalities of the national government and the government-owned or -controlled corporations to enforce the IFMIS in their transactions.
The Department of Information and Communications Technology (DICT) will help in the development and implementation of the IFMIS, Marcos said.
The President also ordered a review of key policies and processes of the Public Financial Management (PFM) “to pinpoint prevailing bottlenecks” in its implementation.
The review will be conducted by the PFM Committee (PFMC) composed of representatives from the Department of Budget and Management, Department of Finance, Commission on Audit and the Bureau of Treasury.
The committee will then update and “reengineer” the PFM processes for the creation of the PFM Reform Roadmap.
“The PFM Committee shall issue guidelines as to the transitional arrangement to be followed by covered agencies in the transition and full adoption of the IFMIS,” Marcos said in his EO 29.
“The transitional arrangement shall take into account the results of the PFM policy and process review, technological infrastructure requirement, and capacity development interventions needed,” he added.
IFMIS, which was previously called the Government Integrated Financial Management Information System, was created in 2011 with the issuance of Executive Order No. 55 “to facilitate generation of vital information on any and all aspects of government financial transactions.”
Image credits: PNA