QuestionsQuestions (EXECUTIVE ORDER NO. 29)
The main purpose is to strengthen the integration of Public Financial Management Information Systems (IFMIS), streamline related processes, and amend Executive Order No. 55, s. 2011, to improve government financial transactions and service delivery.
All departments, agencies, and instrumentalities of the National Government, including government-owned or -controlled corporations (GOCCs), are directed to adopt and implement IFMIS; all local government units are encouraged to do so.
Section 28, Article II, which advocates full public disclosure of state transactions; Section 7, Article III, which recognizes the people's right to information on public concerns; and Section 17, Article VII, which vests the President control over all executive departments and ensures faithful execution of laws.
The PFM Committee leads PFM reforms by devising plans for IFMIS development, overseeing integration and harmonization of financial systems, developing mid-term reviews, coordinating legislation and funding, reporting to the Office of the President, and issuing implementing policies.
The PFM Committee is composed of representatives from the Department of Budget and Management (DBM), Department of Finance (DOF), Commission on Audit (COA), and Bureau of the Treasury (BTr).
The DICT is directed to provide technical and policy support in the development and implementation of the IFMIS.
Enable greater financial management and oversight, ensure compliance with appropriation laws and accounting standards, improve treasury cash management, facilitate generation of financial reports, and ease reportorial requirements across government agencies.
Initial funding comes from the respective appropriations of NGAs and corporate operating budgets of GOCCs, subject to availability and legal compliance. Subsequent funding shall be included in budget proposals of covered agencies.
The separability clause ensures that the invalidation of any provision does not affect the validity and subsistence of other provisions.
It took effect immediately upon its publication in the Official Gazette or in a newspaper of general circulation.