Finance Secretary Ralph G. Recto on Wednesday welcomed the results of the 2024 Public Expenditure and Financial Accountability (PEFA) Reports launched by the Public Financial Management (PFM) Committee. The assessment, conducted with the support of the Asian Development Bank (ADB) and development partners, affirmed that the Philippines meets key public financial management (PFM) standards and performs strongly across areas such as gender, climate, child, and disaster responsiveness.
The report underlines that the Philippines has a solid fiscal foundation, with commendable performance in revenue and expenditure management, debt and cash handling, procurement oversight, and performance monitoring. It also marks a milestone as the first ASEAN country to conduct a full-scale PFM Disaster Response and Recovery Assessment.
Secretary Recto emphasized the fiscal policy implications of the findings, especially during budget season. He stressed the government’s “cardinal duty to spend every peso wisely,” urging responsible budgeting guided by the Medium-Term Fiscal Framework (MTFF) and resistant to “tinkering” that could derail national goals.
Highlighting the reports’ relevance, Recto noted, “We must spend only what we can sustainably raise,” reinforcing that current expenditures should not saddle future generations with unsustainable debt.
The multi-stakeholder event was co-led by the Department of Budget and Management (DBM), attended by representatives from government, development partners, and oversight bodies. It signals a commitment to continuously raise the bar for fiscal discipline and transparent governance under the Bagong Pilipinas initiative.
