Clarice Africa of FutureGov.asia writes about the significance of the Government Integrated Financial Management System (GIFMIS) from the Philippines in this article. This is a program from the country’s Department of Budget and Management (DBM) to incorporate fiscal oversight and reporting systems in the bureaucracy. GIFMIS is also anticipating more savings for the Asian country’s expenditures by cutting governmental costs such as paper documentation and various IT systems. Obviously, expenses will lessen by combining two systems into just a singular program that can manage various things and this is exactly what the Philippine government is aiming for here.
Reforms, Updates and Meaning
The nation’s DBM, as an agency, intends to implement noteworthy changes to its technological programs for budget and GIFMIS is just the tool needed. The GIFMIS is geared towards providing reliable, accurate, and updated financial and performance information. The system will collect and organize financial information in a central database which will support budget preparations, management, accounting and financial reporting initiatives across the DBM, Commission on Audit and the Department of Finance,” DBM Secretary Florencio Abad said.
“We cannot emphasize the importance of GIFMIS enough. Once we have GIFMIS in place, we can expect improved efficiency in the way we manage public funds, from budget planning all the way to auditing and financial reporting. It’s really a program that strikes at the heart of transparency and openness issues in the country’s fiscal processes,” he added.
This is exactly what the GIFMIS can offer for the Philippines and its budget department. For years, a single program such as this has been nonexistent in this country. There is nothing to merge the disparate fiscal management systems but with supporting and related processes. With one, unifying program in place, the Asian country’s government hopes to solve a lot of critical matters. Now, with GIFMIS, there is one.
Read the Original Article: http://www.futuregov.asia/articles/2014/jan/10/philippines-highlights-importance-integrated-finan/