DBM releases P600M for automation of gov’t financial mgm’t services

MANILA, Philippines - The Department of budget and Management (DBM) announced the release of P600 million to support the funding requirements for the integration and automation of all government financial management systems.

The Aquino administration is implementing the Government Integrated Financial Management Information System (GIFMIS) which will collect and organize financial information in a central database.

GIFMIS is a government-wide, browser-based web application that will link government financial processes together and facilitate their automated management.

These processes – include accounting, cash management, reporting, and auditing – are regularly executed by the government’s three major oversight agencies: the Department of Budget and Management, Commission on Audit (COA), and the Department of Finance-Bureau of Treasury (DOF-BTr).

Under the GFMIS are programs such as the Treasury Single Account and Unified Account Code Structure, aimed toward harmonizing the transaction and payment procedures to employees, suppliers and other payees, contributing to the accuracy and timeliness of government transactions.