Objectives and Importance of Government Integrated Financial Management Information System (GIFMIS)
- Development of GIFMIS aims to generate real-time, accessible financial information on government transactions.
- Promotes public access via information technology, subject to existing laws.
- Encourages civil society participation in fiscal governance.
- Enhances effective and efficient delivery of public services.
Functional Benefits of the Integrated Financial System
- Provides improved financial management and control at oversight and agency levels.
- Ensures stricter adherence to budget appropriations and related regulations.
- Advances Treasury cash management capabilities.
- Facilitates comprehensive government accounting and management reporting across various government levels.
Institutional Framework and Interagency Cooperation
- Establishment of a Steering Committee comprising COA, DBM, BTr/DOF for developing GIFMIS.
- The Committee developed the Philippine Public Financial Management (PFM) Reforms Roadmap.
- Renaming of the GIFMIS Committee to PFM Committee to reflect expanded responsibilities, including operationalizing the Treasury Single Account (TSA).
Mandated Automation and Integration of Key Oversight Agencies (Section 1)
- The financial management systems of COA, DBM, and DOF shall be automated.
- Integration is required to create a comprehensive backbone for government financial reporting.
Deliverables of the PFM Committee (Section 2)
- Implementation of GIFMIS for real-time accounting, monitoring, and control of obligations and disbursements.
- Operationalization of TSA to enhance cash management and rationalize agency bank accounts.
- Introduction of an efficient budget release system with predictable allotment and cash release programs.
- Development of regular in-year and year-end financial reporting systems to aid budget preparation and public participation.
- Establishment of systematic recording and reporting of all government liabilities, both real and contingent.
Authority and Functions of the PFM Committee (Section 3)
- Formulate a five-year integrated financial management plan linking national government agencies with oversight bodies.
- Oversee integration, simplification, and harmonization of financial management processes and systems.
- Develop and implement the Philippine PFM Reforms Roadmap.
- Champion necessary legislative measures in Congress.
- Coordinate budgetary and donor funding for reform initiatives.
- Submit comprehensive biannual progress reports to the Office of the President via the DBCC.
- Issue implementing policies, mechanisms, and procedures for fulfillment of its mandate.
Coverage and Collaboration Mandate (Section 4)
- Applies to all departments, bureaus, offices, and agencies of the national government.
- Requires full support and collaboration with the PFM Committee for effective reform implementation.
Funding and Resource Allocation (Section 5)
- PFM Committee to develop a multi-year expenditure plan for PFM reforms and related projects.
- Department of Budget and Management (DBM) authorized to allocate necessary funds.
Legal Provisions for Continuity and Effectivity
- Separability Clause (Section 6): Invalidity of any provision does not affect other provisions.
- Repealing Clause (Section 7): Repeals or modifies inconsistent prior orders and regulations.
- Effectivity Clause (Section 8): The Executive Order takes effect immediately upon publication in a newspaper of general circulation.