Photo credit: PTV

The national government has taken another step toward improving transparency and public financial management after the Public Financial Management (PFM) Committee officially endorsed the PFM Reforms Roadmap 2024–2028 Midterm Update during a ceremony at Malacañang on Friday, June 26.

The event was led by President Ferdinand R. Marcos Jr. together with Acting Budget Secretary Kim Robert De Leon.

Aside from endorsing the updated roadmap, the government also formally launched the DBM Centralized Open Monitoring Platform for Appropriations and Spending Statistics (COMPASS), a new digital platform developed by the Department of Budget and Management (DBM).

The COMPASS platform is designed to strengthen the monitoring of government appropriations and spending, making financial information more accessible while promoting greater transparency, accountability, and efficiency in the use of public funds.

The endorsement of the updated PFM roadmap also signals the government's continued push to modernize the country's public financial management system over the next several years. The roadmap outlines key reforms aimed at improving budget planning, fund utilization, and the delivery of government services.

Government officials said the launch of COMPASS and the updated reform roadmap reflects the administration's commitment to adopting digital solutions and enhancing fiscal governance to ensure more efficient and accountable management of taxpayers' money.