Malacañang reported on Friday that the Philippines was given a “favorable score” on fiscal transparency by the International Monetary Fund (IMF).
“In its June 2015 report, the IMF cited the Philippines’s public financial management reform strategy as having helped initiate reforms,” the Palace said.
It added that the IMF particularly recognized fiscal reporting in the country “as being timely, frequent and relatively comprehensive.”
The Palace said the IMF findings effectively validated the Aquino administration’s transparency agenda, citing initiatives such as the Department of Budget and Management’s Budget ng Bayan web site, as well as the government’s—which currently hosts 1,237 data files—help advance openness in the country by allowing citizens to access documents such as the nation’s yearly budget, among many others.
“As always, we remain committed to further improving our efforts by engaging in productive dialogue with other groups and advocates,” the Palace said in a statement released Friday.
It also recalled that as part of this year’s series of Asia-Pacific Economic Cooperation meetings, the Department of Finance held the Apec Workshop on Fiscal Management through Transparency and Reforms on June 9 and 10 in Bagac, Bataan.
The Palace said the event brought together delegates, transparency advocates, and representatives from finance ministries in a series of discussions on fiscal innovation.