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Enhancing Public Financial Management in the Philippines

This project aims to improve public financial management in the Philippines through the formulation of guidelines, revision of charts of accounts, harmonization of accounting standards, and implementation of a government integrated financial management information system.

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Enhancing Public Financial Management in the Philippines

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  1. COA’s ONGOING PUBLIC FINANCIAL MANAGEMENT (PFM) PROJECTS Dir. Marietta M. Lorenzo Government Accountancy Sector

  2. OUTLINE • Formulation of Guidelines on the Keeping of the General Accounts of the Government II. Revision of Chart of Accounts and Manual on New Government Accounting System (NGAS)

  3. OUTLINE III. Harmonization of Philippine Government Accounting Standards (PGAS) with International Public Sector Accounting Standards (IPSAS) - Philippine Harmonization Committee IV. Government Integrated Financial Management Information System (GIFMIS)

  4. Formulation of Guidelines on the Keeping of the General Accounts of the Government

  5. Legal Bases Mandate pursuant to the 1987 Philippine Constitution: Section 2 (1), Article IX-D – The Commission shall keep the general accounts of the Governments x x x. Section 29, Article VI – No money shall be paid out of the Treasury except in pursuance of an appropriation made by law.

  6. Legal Bases Government Auditing Code of the Philippines (P.D. 1445): Section 65 (1) – All income accruing to the agencies by virtue of the provisions of law, order and regulation shall be deposited in the National Treasury x x x and shall accrue to the unappropriated surplus of the General Fund of the Government.

  7. Legal Bases Section 117 – The general accounting system shall include budgetary control accounts for revenues, expenditures and debt x x x. Section 119 – All lawful expenditures and obligations incurred during the year shall be taken up in the accounts of that year.

  8. Legal Bases Budget Accountability(P.D. 1177): Section 59 – The Commissioner of the Budget shall determine the data and information requirements thus needed and the Commission on Audit shall formulate the accounting rules and regulations, including changes in the Chart of Accounts and the general and subsidiary accounting records.

  9. Present COA’s Accounting Role Government Accountancy Sector (GAS) • Monitoring and control of appropriations and allotments thru the maintenance of Registry of Appropriations and Allotments (RAPAL) • Conduct of a quarterly reconciliation of allotment releases with DBM and agencies • Communication of observations noted with DBM and agencies concerned

  10. Present COA’s Accounting Role GAS (cont.) –Submission of the list of ABM/SAROs and other budgetary data to Audit Sectors of COA as input in the audit of agencies. – Inclusion of data in the AFR of the National Government - appropriations, allotments, obligations and balances, as well as observations/ recommendations noted.

  11. A COA Circular shall be issued to provide the guidelines on enhancement of keeping the general accounts and the accounting of allotments and obligations in the books of accounts of the national government issues.

  12. Proposed Guidelines and Procedures Government Accountancy Sector (GAS) - COA • Maintain the Registry of Appropriations and Allotments (RAPAL), the Journal of Appropriations and Allotments (JAA), the General Journal (GJ) and the General Ledger (GL)

  13. Proposed Guidelines and Procedures GAS - COA 2. Reconcile quarterly the recorded appropriations and allotments with the DBM and agency records 3. Record in the GJ the counterpart entries for income, borrowings and other receipts, obligations and other budgetary accounts and prepare the FS for Unappropriated Surplus

  14. Proposed Guidelines and Procedures National Government Agencies • Record allotment received, sub-allotments and obligations in the Journal of Allotments and Obligations (JAO) - by fund and by allotment class

  15. Proposed Guidelines and Procedures National Government Agencies • Record obligations incurred in the JAO based on the Obligation Request Status (ORS) • Submit to COA (GAS and Auditor) copies of the quarterly and year-end: - Trial Balances - Financial Statements - Statement of Budget Utilization supported by SAOB - Other reports

  16. REVISION OF CHART OF ACCOUNTS AND MANUAL ON NGAS

  17. Revision of Chart of Accounts • Based on the updated guidelines for the Keeping of the General Accounts - revision of chart by Sub- Committee for inclusion of budgetary accounts (revenue, expenditures and debt) • Evaluation of IPSAS -harmonization of PGAS - appropriate accounts

  18. Revision of Manual on NGAS • Based on the harmonization of PGAS with the IPSAS - updating of existing Manual on NGAS by a Technical Working Committee (TWG)

  19. Enhancement/Update of e-NGAS • Based on the revised NGAS Manual, updated guidelines for the Keeping of the General Accounts, and revised Chart of Accounts

  20. HARMONIZATION OF PHILIPPINE GOVERNMENT ACCOUNTING STANDARDS (PGAS) WITH THE INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS (IPSAS)

  21. Compliance of NGAS/PGAS to IPSAS SUMMARY

  22. Government Integrated Financial Management Information System (GIFMIS)

  23. DOF DBM COA Project of the oversight agencies: Objective: To provide a fully functioning financial reporting system that produces real time and accurate information on the status of government finances

  24. 1. Integrating Financial Management InformationBudget TransparencyBudget Release ProceduresCash Management OperationsPFM Capacity Building Information and Education Key Result Areas:

  25. Thank You!

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