Department of Budget and Management (DBM) Secretary Florencio Abad underscored the importance of the Government Integrated Financial Management System (GIFMIS), a program at the center of the Aquino administration’s goal to integrate fiscal oversight and reporting systems in the Philippine bureaucracy.

“As part of the agency’s budget reforms, the GIFMIS is geared towards providing reliable, accurate, and updated financial and performance information. The system will collect and organise 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,” Abad said.

In addition, GIFMIS is expected to reduce the administrative costs such as paper documentation and various IT systems, resulting in more savings more the government.

Now that public bidding for the consulting services has begun, DBM is looking to secure the best service possible to ensure that fiscal automation requirements are properly met.