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Philippines : improving government performance : discipline, efficiency and equity in managing public resources

 Format: Print  Author/s: Government of the Philippines; World Bank; Asian Development Bank  Call Number: HJ1384 P45 2003  Publisher: Government of the Philippines; World Bank; Asian Development Bank  Place of Publication: Manila, Philippines  Date of Publication: 2003  Pages: 200  Language: English  Dimension: 28 cm  Tags: Financial management -- PhilippinesFinancial reportFinancial report -- National governmentPublic expenditure -- Auditing and inspectionPublic expenditure -- Philippines |
 About the Resource:

This Public Expenditure, Procurement and Financial Management Review (PEPFMR) is the first time such a process has been completed collaboratively between the Government, the Asia  Development Bank and the World Bank in the Philippinesand also the first time that such an integrated report on these three related themes has been prepared We thank the Philippine authorities for their continuous support and intensive participation in this process, which involved the range of national government agencies. The authorities are to be congratulated for initiating implementation of some major reforms during the PEPFMR preparation. Examples include the enactment of the Procurement Reform Law, the restructuring of the Commission on Audit, and the introduction of the New Government Accounting System. However, as report notes, challenge abound on the revenue and expenditure fronts. The fiscal deficit increased sharply in 2002 as revenue and expenditure targets were both missed. Large public sector deficits, debt and contingent liabilities, a significant upturn in domestic interest rates in mid-2002, and a rise in global bond spreads, signal that the Philippines‘ fiscal performance will continue to remain under close scrutiny by markets.

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