Manila: President Ferdinand R. Marcos Jr. on Friday endorsed the updated Philippine Public Financial Management (PFM) Roadmap 2024-2028 and launched an open, real-time monitoring platform for government spending. The new blueprint, which contains 18 priority fiscal reforms, was presented to Marcos in a ceremony at Malaca±an Palace in Manila, a day after its official launch.
According to Philippines News Agency, the Midterm Update of the PFM Roadmap streamlines the original 41 reform interventions to 18 priority measures, aiming to improve fiscal discipline and operational efficiency. Of the 18 on the priority list, 14 are considered mission-critical reforms while the remaining four are viewed as 'quick wins,' with all targeted for completion by 2028. The 23 long-term interventions included in the old roadmap will still be carried out, depending on institutional readiness, available resources, and support from development partners.
The roadmap aims to develop an integrated financial management information system and synchronize planning and budgeting across government levels. This initiative is designed to ensure that reforms translate into improved public services and greater public trust. Marcos emphasized the importance of launching a digital platform that would allow the Filipino people to track where their hard-earned money goes.
The Department of Budget and Management's Centralized Open Monitoring Platform for Appropriations and Spending Statistics (COMPASS) is an online tracker aimed at enhancing transparency, accountability, and access to data on government expenditures and appropriations. The platform provides timely updates on budget allocation and utilization, facilitating accurate reporting and promoting prudent use of public funds.
DBM Acting Secretary Kim Robert de Leon affirmed his commitment to building a government that is 'open, accountable, and worthy of the trust of the Filipino people.' He emphasized that transparency is a strong safeguard against corruption, asserting that open information strengthens accountability and reinforces public trust. De Leon also acknowledged that making budget information more accessible empowers citizens as active partners in governance.
