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Gov’t allots P600M for consolidated finance IT system

/ 05:39 PM March 20, 2014

MANILA, Philippines – The Department of Budget and Management (DBM) has released P600 million to integrate all public financial management processes of national government agencies.

In a statement, the DBM said the amount would cover the funding requirements for the Government Integrated Financial Management Information System (GIFMIS), which will help promote transparency and accountability in the country.

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“GIFMIS is a government-wide, browser-based web application that will link government financial processes together and facilitate their automated management,” DBM said of the priority project listed under the Philippine Development Plan 2011-2015.

It aims to automate the fully integrated financial management systems – including accounting, cash management, reporting, and auditing – under the DBM, Commission on Audit (COA) and the Department of Finance-Bureau of Treasury (DOF-BTr).

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“GIFMIS is one of the keystones in the Administration’s larger structure of fiscal transparency and accountability in the government. Because it’s web-based and updated in real time, all data in the system would easily be tracked to ensure the integrity of our public financial management processes,” DBM Secretary Florencio “Butch” Abad said.

A breakdown of the P600 million, which will be used for the program’s implementation this year, is as follows:

 “We’re getting GIFMIS off the ground, exactly as the President instructed. The whole system, once in place, will embed financial transparency in the day-to-day operation of government,” DBM Undersecretary and Chief Information Officer Richard Moya said.

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TOPICS: Department of Budget and Management, Government Integrated Financial Management Information System, News, technology
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