UBX, the leading open finance platform in the Philippines, is ready to support the government in its goal of adopting the integrated financial management information system (IFMIS) to promote efficiencies in government transactions while reducing corruption by improving transparency.
As President Ferdinand “Bongbong” Marcos Jr. calls for local government units and offices to adopt the IFMIS, UBX signified its intention to provide the government the necessary digital support to concretize this plan.
By unifying and automating the government’s largely disjointed and manual processes, the IFMIS is a significant tool in enhancing the capacity and capability of the government for financial management and control of transactions, which ensures accountability and compliance with existing statutes and regulations.
“We at UBX fully support the adoption of the IFMIS to streamline government transactions, especially in local government units (LGUs). UBX is ready to partner with the government in implementing digital transformation initiatives to fast-track the implementation of this goal and scale it up as necessary,” UBX Global Chief Technological Officer Mario Domingo said.
The IFMIS addresses the traffic of documents and reports, reduces manual processes that are prone to human error, and enables improved financial management and control.
Furthermore, the IFMIS also aims to enhance citizens’ access to information and facilitate their participation in fiscal governance.
Additionally, fiduciary functions of the government such as the creation of financial reports, tracking of treasury funds, and compliance with reportorial requirements will be made more seamless thanks to IFMIS.
Signed by President Marcos on June 1, Executive Order No 29, the IFMIS is envisioned to improve “bureaucratic efficiency by capitalizing on digitalization initiatives to ensure swift and efficient delivery of services to the public.”
Backed by a team of the country’s best software and infrastructure architects, designers, engineers, and testers, UBX has already made a headstart in helping the government achieve its goal.
Digital Transformation ng Pilipinas (DigiPinas), a UBX-led multisectoral initiative for digital transformation in the government, aids the government in developing digital solutions to improve its services, especially for constituents in the far-flung and rural municipalities.
Recently, UBX has implemented the digital transformation of several local governments under the province of Oriental Mindoro – the first digital province in the country powered by UBX as part of the administration’s digitalization push.
“Our strategy in promoting greater inclusion has always been to transform legacy systems to digital systems. We believe that we are best positioned to provide the government the necessary support in implementing the IFMIS, especially at the LGU level,” said Mikan Leachon, DigiPinas Spokesperson.
