P600M allotted for government's IT system-A A +A
Thursday, March 20, 2014
THE Aquino administration has released P600 million for the Government Integrated Financial Management Information System (GIFMIS), an information technology (IT) system for integrating all public financial management processes, the Department of Budget and Management (DBM) said Thursday.
Budget Secretary Florencio Abad said the GIFMIS in line with the Aquino administration's transparency and accountability agenda.
"Because it's 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. Even better is the fact that GIFMIS will vastly improve the efficiency of our fiscal operations. When budgeting, accounting, and auditing are accomplished faster, we're also in a position to serve the citizens better," he said.
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 DBM, Commission on Audit (COA), and the Department of Finance-Bureau of Treasury (DOF-BTr).
The DBM has been assigned as lead and fund administrator of GIFMIS. The IT system is one of the priority projects under the FYs 2011-2015 Philippine Development Plan (PDP), which mandated the automation of fully integrated financial management systems under the DBM, COA, and DOF-BTr. (SDR/Sunnex)