The Municipality of Baliwag, in partnership with the Department of Budget and Management-Region III, works on the improvement of the public financial management system through the introduction of the Public Financial Management Assessment Tool (PFMAT) and the Public Financial Improvement Plan (PFMIP). Such tools will help to bolster the refinement of the system currently implemented in the locality.
Public Financial Management System (PFMS)
The Public Financial Management System of the Local Government Unit is a mechanism to effectively utilize the allocated resources to the government project or programs necessary in the achievement of good local governance. Aside from that, PFM creates an opportunity for a more sustainable economic management, improved local economy and efficient public service delivery in aid of every local citizen.
Public Financial Management Assessment Tool (PFMAT)
The Public Financial Management Assessment Tool (PFMAT) is a means to evaluate the current state of the local government in terms of financial management. It helps the LGUs to determine the strengths and weaknesses of the PFM System through the following critical dimensions:
- Policy Based Budgeting;
- Comprehensiveness and Transparency;
- Credibility of Budget;
- Predictability and Control in Budget Execution;
- Accounting, Recording and Reporting;
- Internal and External Audit; and
- Citizen’s Participation.
Such assessment tool will help in the generation of necessary information to develop an appropriate Public Financial Management Improvement Plan (PFMIP). It creates a government trusted with good governance, transparency and accountable leadership – all envisioned by in Serbisyong May Malasakit.