MANILA, Philippines (Xinhua) - The Department of Budget and Management (DBM) said today that it has released P600 million ($13.38 million) to kick-off the automation of government financial systems this year.
Dubbed as the Government Integrated Financial Management Information System (GIFMIS), the information technology (IT) system will integrate all public financial management processes and enhance transparency in the government's financial transactions.
"Because GIFMIS is web-based and updated in real time, all data in the system are easily tracked to ensure the integrity of our public financial management processes," said Budget Secretary Florencio Abad in a statement.
The IT system is a government-wide, browser-based web application that will link government financial processes together and facilitate their automated management. These financial processes - accounting, cash management, reporting, and auditing are regularly executed by the DBM, Commission on Audit, and the Department of Finance.
Once in place, the DBM said the system will "embed" financial transparency in the day-to-day operation of the Philippine government.