QuestionsQuestions (PRESIDENTIAL DECREE NO. 1321)
The main policy objective is to adopt and implement full public disclosure of all government transactions involving public interest and to recognize the people's right to information on matters of public concern, in line with the 1987 Constitution.
The key oversight agencies are the Commission on Audit (COA), Department of Budget and Management (DBM), and the Department of Finance (DOF) / Bureau of the Treasury (BTr).
GIFMIS is an integrated system that enables real-time, online accounting, monitoring, and control of government obligations and disbursements, directly linked to cash management for effective financial control and accountability.
The deliverables include the GIFMIS, a Treasury Single Account (TSA), an efficient budget release system, regular in-year budget execution reporting, timely year-end audit reporting, and systematic recording and reporting of all government liabilities.
The TSA is designed to provide the Bureau of the Treasury a more effective cash management method by rationalizing agency bank accounts, reducing revenue and expenditure floats, enabling economical cash disbursements, and facilitating efficient reconciliation of bank balances.
The PFM Committee is tasked to devise a five-year plan for an integrated financial management system, oversee integration and harmonization of financial management processes and systems, develop and implement the Philippine Public Financial Management (PFM) Reforms Roadmap, champion passage of supporting legislation, coordinate budgetary and donor funding, provide biannual reports to the Office of the President, and issue implementing policies and procedures.
All departments, bureaus, offices, or agencies of the national government are mandated to provide full support and collaborate with the PFM Committee for the successful implementation of PFM reforms.
The Department of Budget and Management is authorized to provide funds based on a multi-year expenditure plan developed by the PFM Committee for the implementation of these projects.
The invalidity or unconstitutionality of any provision does not affect the validity of other provisions, which shall remain in full force and effect (Separability Clause).
It took effect immediately upon its publication in a newspaper of general circulation.