PFM Act Clause

Section 13. Statement of

Fiscal Policy. The DBM,
in coordination with DOF,
NEDA and OP in the DBCC,
shall prepare, subject to the
approval of the President,
the Statement of Fiscal
Policy which shall contain
measurable
medium-term
macroeconomic and fiscal
objectives and forecasts
consistent with the Fiscal
Responsibility Principles.
The President shall
submit for information of
Congress, the Statement of
Fiscal Policy not later than
ninety (90) days upon
commencement of his/her
term of office and update the
measurable fiscal objectives
set forth therein three (3)
years thereafter.

Questions

IRR

IRR Coverage

Do we need to outline IRR

the form and content of the
Fiscal Policy Statement?

Could outline the content,

timing and approvals for the
report. Secretary as Chair
of DBCC so DBM Lead
Agency

PFM Act Clause

Section 14. Mediumterm Fiscal Strategy.
The DBM, in coordination
with the DOF, NEDA, and
OP in the DBCC, shall
prepare, subject to approval
of the President, a Mediumterm
Fiscal
Strategy
consistent with the approved
Statement of Fiscal Policy, to
be updated annually. It shall
include a summary of the
fiscal policies for revenue,
debt, deficit, expenditure,
and fiscal risk management,
supported by a mediumterm fiscal sustainability
analysis, consistent with the
measurable fiscal objectives
established in the approved
Statement of Fiscal Policy.
The IRR of this Act shall
detail
the
other
specifications
for
the
Medium-Term
Fiscal
Strategy.
The
President
shall
submit for the information
of Congress, the Medium-

Questions

IRR

IRR Coverage

Do we need to outline IRR

the form and content of the
Medium Term Fiscal
Strategy?

Could outline the content,

timing and approvals for the
report. Secretary as Chair
of DBCC so DBM Lead
Agency

PFM Act Clause

term Fiscal Strategy for the
following fiscal year not
later than March 15 of the
current year and shall
publish the said report on a
government website not later
than seven (7) days after it is
submitted to Congress.

Questions

IRR

IRR Coverage

PFM Act Clause

Section
15.
Fiscal
Reports. The DBM, in
coordination with the DOF,
NEDA, and OP in the DBCC,
shall produce a Mid-year
Fiscal
Report
(MFR),
covering the first half of the
fiscal year and an Annual
Fiscal Report (AFR) on the
governments
macroeconomic and fiscal
performance.
The MFR and AFR shall
include
information
on
macroeconomic and fiscal
outturns for the period
covered as compared against
forecasts and objectives
stated in the Medium-Term
Fiscal Strategy; as well as
reporting
on
budget
execution, at least in the
aggregate and by agency
level, compared against
approved
appropriations
and
other
spending
authorities. The IRR of this
Act shall detail the other
specifications
for
the
contents of the MFR and

Questions

IRR
The IRR of this Act shall
detail the other
specifications for the
contents of the MFR and
AFR.
Required

IRR Coverage
Required and stated in the
Act therefore the content,
required approvals. The
Chair of DBCC is the
Secretary of DBM so DBM
Lead Agency with input from
DoF, NEDA and the OP?

PFM Act Clause

Questions

IRR

IRR Coverage

Do we need to outline IRR

the form and content of the
Long-term Vision Report?

NEDA is Lead Agency and

DoF, DBM and the OP
contribute

AFR.
The
President
shall
submit the MFR to Congress
not later than September 30
of each year while the AFR
shall be submitted together
with the Proposed National
Budget. Said reports shall be
published on a government
website not later than seven
(7) days after they are
submitted to Congress.
Section 16. Long-term
Vision Report. The
NEDA, in coordination with
the DOF, DBM and OP in
the DBCC, shall submit a
Long-term Vision Report to
the President and Cabinet,
and Congress not later than
October 31 and November
30, respectively.
Said
Report shall assess the longterm
sustainability
of
existing government policies
over the next thirty (30)

PFM Act Clause

years, taking into account
demographic,
environmental, and other
changes.
The
first
Long-term
Vision Report shall be
submitted to the President
and Cabinet, and Congress
within two (2) years from
the effectivity of this Act, to
be updated every six (6)
years thereafter.
The NEDA shall cause
the publication of the Longterm Vision Report on a
government website not
later than seven (7) days
upon
submission
to
Congress.

Questions

IRR

IRR Coverage

PFM Act Clause

Section 17. Deviations
from Fiscal Objectives. The government may deviate
from the medium-term fiscal
objectives in the approved
Statement of Fiscal Policy on
a temporary basis, where
such deviation is due to a
major
natural
disaster,
unanticipated
severe
economic shock, or other
significant
unforeseeable
event
that
cannot
be
accommodated
through
accessing the Contingent
Fund and/or the National
Disaster Risk Reduction and
Management Fund, as may
be applicable or prudent
fiscal policy adjustments, or
the use of other flexibilities
provided in this Act.
The
President
shall
submit a report to the
Congress,
stating
the
reasons
for
any
such
deviations, the plans and the
expected time to address
such deviations, as part of
the
succeeding Medium-

Questions

IRR

IRR Coverage

Do we need to outline IRR

the form and content of the
Deviation Report?

DBCC or DoF lead? As

DBCC (DBM Lead) on
Medium Term Fiscal
Strategy does DBM lead on
this?

PFM Act Clause

Questions

IRR

IRR Coverage

term Fiscal Strategy or its

annual update, or in the
Mid-year or Annual Fiscal
Report, whichever is the
next report due and within
the prescribed period under
this Act.
Section
18.
Shared
Fiscal Discipline. All
proposed revenue eroding
and expenditure bills shall
include a Financial and
Budgetary
Information
Sheet upon filing of the bill
containing an estimate of the
financial and budgetary
implications of said proposal
for the initial year of
implementation and the next
five (5) years. Expenditure
bills refer to those which will
result in a reduction of
revenue collections or an
increase
in
national
government expenditures,
including those mandating
the creation of recurring
expenditures.
Each House of Congress

Each House of Congress Required in the IRR or

shall provide guidelines through another mechanism
prescribing
the
form, from Congress?
content of the Financial
and Budgetary Information
Sheet, as well as the
appropriate offices from
which such information shall
be
acquired,
and
the
implications
of
noncompliance
with
said
submission.

PFM Act Clause

Questions

shall provide guidelines

prescribing
the
form,
content of the Financial
and Budgetary Information
Sheet, as well as the
appropriate offices from
which such information shall
be
acquired,
and
the
implications
of
noncompliance
with
said
submission.
Section 22. The Budget
Preparation Process.
The DBM shall determine
the
budget
preparation
process and calendar. The
budget preparation process
shall cover: (i) NGAs; (ii)
GOCCs with respect to their
impact
on
revenues,
expenditures, assets, and
liabilities and risks of the
government; and (iii) LGUs
as to their impact on
revenues and expenditures
of the government.

Should we include the

process, timing and calendar
in the IRRs or leave as is
through the use of a budget
circular?

Section 25. National

Disaster Risk Reduction

Do we need a process for

this and should it be

IRR

IRR Coverage

PFM Act Clause

Questions

and Management Fund. included in the IRRs?

- The NDRRMF shall be
used for (i) disaster risk
reduction or mitigation,
prevention
and
preparedness activities, such
as, but not limited to,
training
of
personnel,
procurement of equipment,
and capital expenditures;
and (ii) relief, recovery,
reconstruction and other
work
or
services
in
connection with natural or
human induced calamities
which may occur during the
budget year or those that
occurred in the preceding
two (2) years.
All releases from the
NDRRMF shall be subject to
the prior approval of the
President, who may take
into
consideration
the
recommendation of the

IRR

IRR Coverage

PFM Act Clause

Questions

National
Disaster
Risk
Reduction and Management
Council and the appropriate
agency
for
local
and
international disasters and
calamities.
Section 26. Contingent Do we need a process for
Fund. The Contingent this and should it be
Fund shall cover the funding included in the IRRs?
requirements of new and/or
urgent
and
unforeseen
projects and activities of
NGAs and GOCCs that need
to be implemented or paid
during the year, such as,
legal obligation of the
government arising from
final and executory decisions
by competent authority,
including
arbitration
awards,
mediation
settlement, or compromise
agreements, requirements of
newly created offices, or
deficiencies
in
the
appropriations for local and
external travels of the
President.

IRR

IRR Coverage

PFM Act Clause

As a rule, all releases
from the Contingent Fund
shall be approved by the
President.
However,
disbursements due to final
and executory decisions
promulgated by competent
authorities shall only require
the approval of the DBM.
The DBM shall inform
Congress of all releases from
the Contingent Fund in the
quarterly and annual fiscal
reports
including
information on the date of
release, the amount covered,
corresponding
purpose/s
and recipient agency.

Questions

IRR

IRR Coverage

PFM Act Clause

Questions

Section 27. Statutory Do we need a process for

Shares
of
Local this and should it be
Government Units. - The included in the IRRs?
shares of LGUs in the
proceeds from national taxes
and other transfers to LGUs
authorized by law shall be
released to the LGUs in
accordance
with
the
provisions on the use,
allocation, and release of the
funds as may be provided in
pertinent laws, rules and
regulations.
Section
28. Do we need more that
currently in the statute in the
Unprogrammed
IRRs?
Appropriations.
Congress may authorize
standby appropriations to
cover
the
funding
requirements
of
other
priority
projects
and
activities or contingencies,
as
well
as
provide
appropriations cover for
foreign-assisted
projects
(FAPs)
not
specifically

IRR

IRR Coverage

PFM Act Clause

included
in
the
programmed component of
the Appropriations Law.
The
Unprogrammed
Appropriations shall have
the same level of details as in
the programmed component
of the Appropriations Law.
The amount authorized
under the Unprogrammed
Appropriations shall not
exceed two percent (2%) of
the
total
proposed
expenditure
in
the
programmed component of
the Appropriations Law.
The
Unprogrammed
Appropriations shall take
effect only when supported
by
excess
collections
generated in any one of the
particular tax or non-tax
revenue source from its
corresponding
revenue
collection target in the BESF

Questions

IRR

IRR Coverage

PFM Act Clause

as certified by the BTr, or
when there are new loan
agreements for FAPs. In no
case
shall
the
Unprogrammed
Appropriations be activated
or released when there is a
risk
of breaching the
measurable fiscal objectives
for the budget balance
(including a deficit) or debt
for the financial year or
future years as provided in
the Statement of Fiscal
Policy and Medium-term
Fiscal Strategy or if there is a
risk of breaching any of the
Fiscal
Responsibility
Principles.
Priority projects and
activities or contingencies
shall
pertain
to
expenditures, the payment
of which are not covered
under the Contingent Fund
and could not be delayed

Questions

IRR

IRR Coverage

PFM Act Clause

until the succeeding budget
years
without
harming
public interest or arising
from the governments legal
obligation such, compliance
with
a
government
guarantee or settlement of
final and executory decisions
by competent authorities.
Releases
from
the
Unprogrammed
Appropriations shall be
subject to the prior approval
of the President of the
Philippines, except final and
executory decisions which
shall instead require the
approval of the DBM.
The DBM shall inform
Congress of all releases from
the
Unprogrammed
Appropriations
in
the
quarterly and annual reports
including information on the
date of release, the amount

Questions

IRR

IRR Coverage

PFM Act Clause

covered,
purpose/s
agency.

Questions

IRR

IRR Coverage

corresponding
and recipient

Section 34. Authority to Should this be a regulation?

Declare
and
Use
Savings. - The President of
the Philippines, the Senate
President, the Speaker of the
House of Representatives,
the Chief Justice of the
Supreme Court, the Heads of
the
Civil
Service
Commission
(CSC),
the
Commission on Elections
(COMELEC), and the COA
are hereby authorized to
declare and use savings in
their
respective
appropriations to augment
actual deficiencies incurred
for the current year in any
item of their respective
appropriations.
The
foregoing
constitutional
officers
authorized to use savings
shall be responsible for
ensuring
that
quarterly

Controversial and should

include a regulation
stipulating how and when
Savings can be used.
Question of Maximum as
well.

PFM Act Clause

Questions

reports on their respective

use of savings shall be
submitted to the Senate
Committee on Finance and
the House Committee on
Appropriations,
copy
furnished the DBM. The
report shall indicate, among
others, the amount of
savings
generated,
the
sources and grounds used
therefor, and the existing
item
of
appropriations
augmented.
They
shall
likewise ensure that said
reports are posted on their
respective official websites.
The
DBM
shall
determine the procedure, as
well as the supporting
documents needed in the
declaration and use of
savings authorized in this
Act.
Section 36. Rules on Do we need to further clarify
Augmentation.
- in the IRR?
Augmentation is the act of
the constitutional officers
authorized under Section 34

IRR

IRR Coverage

PFM Act Clause

of this Act to use Savings
realized in their respective
appropriations in order to
address a deficiency in other
items of their respective
appropriations. A deficiency
in an item of appropriations
may
result
from
the
following, as determined by
the Head of Agency:
(a) Unforeseen
modifications
or
adjustments in the
program, project or
activity (PPA); or
(b) Adjustment in the
cost of implementing
the PPA due to
justified causes.
In
particular,
the
authorized
constitutional
officers shall observe the
following when augmenting
an item of appropriations
from Savings:
(a) There should be an
existing
item
of

Questions

IRR

IRR Coverage

PFM Act Clause

Questions

IRR

IRR Coverage

appropriations to be
augmented. For this
purpose,
the
particulars of the
expenditures to be
funded
by
augmentation
from
Savings should be
within the scope of or
may be attributed to
the
item
of
appropriations to be
augmented; and
(b) In no case shall a
non-existent
allotment class in a
PPA be funded by
augmentation
from
Savings.
Section 37. Rules on
Realignment.
Realignment is the limited
flexibility given to NGAs to
modify or change the
specific details within a PPA
that shall not entail any
augmentation of the amount
appropriated for the said
PPA
during
budget

IRR Required

Limitations of in class
transfer. Rule of the Right
PS, MOOE, FE, CAP

PFM Act Clause

execution. Realignment may
be undertaken in any of the
cases specified in the IRR.
The following are
authorized to approve
realignments:
(a) For the Executive
branch, the respective
Heads of Agencies,
except for:
(i)
realignment, within
PS for the payment of
authorized
magna
carta benefits; from
one allotment class to
another and, from
one operating unit to
another, which shall
be subject to approval
of the DBM, and (ii)
realignment
of
intelligence
funds
which shall require
approval
of
the
President
of
the
Philippines;
(b) For the Senate of the
Philippines, all types

Questions

IRR

IRR Coverage

PFM Act Clause

of realignment shall
require approval of
the Senate President;
(c) For the House of
Representatives, all
types of realignment
shall require approval
of the Speaker;
(d) For
the
Judicial
branch, the Chief
Justice with regard to
the Supreme Court
and lower courts, and
the
respective
Presiding Justices of
the Court of Appeals,
Court of Tax Appeals
and Sandiganbayan,
except
for
realignment
of
intelligence
funds
which shall require
approval of the Chief
Justice; and
(e) For
the
CSC,
COMELEC, and COA,
all
types
of
realignment
shall

Questions

IRR

IRR Coverage

PFM Act Clause

Questions

require approval of
their
respective
Chairpersons.
The
DBM
shall
promulgate the rules and
regulations necessary to
ensure
the
uniform
implementation among the
various
branches
of
government, the proper
recording of realignments,
and the timely submission of
reports by all the offices
concerned.
Section 40.
Review by the
Permanent
Committee. The
Permanent
Committee shall
review all existing
SAGFs and Special
Funds to validate
their compliance with
the foregoing
requirements. Upon
evaluation, the
Permanent
Committee shall

Should this be in the IRR or

just be guidelines?

IRR

IRR Coverage

PFM Act Clause

recommend for
approval of the
President the
modification and/or
termination of said
funds as may be
necessary.
It shall likewise
review all SAGFs
created upon the
passage of this Act
and may recommend
to extend their
validity period, but in
no case shall the
extension exceed
three (3) years at any
one time, subject to
approval of the
President.
The Permanent
Committee shall
jointly issue
guidelines for the
establishment, review
and evaluation,
accounting and
reporting, and
termination of SAGFs

Questions

IRR

IRR Coverage

PFM Act Clause

and Special Funds.

Questions

IRR

IRR Coverage

PFM Act Clause

Section 44. Treasury
Single Account. The
TSA refers to the banking
arrangement managed by
the
BTr
wherein
the
government transacts all
monies collected, received
or paid by NGAs in one bank
account or a set of linked
bank accounts and gets a
consolidated view of its cash
position on at least, a daily
basis.
The TSA shall cover
remittances, releases or
disbursements from the
General
Fund,
SAGFs,
Special Funds, and any other
fund managed by the BTr,
except in any of the
following instances:
(a) When monies under
the General Fund are
placed under
investments;
(b) When the BTr is
required to hold
foreign currency

Questions

IRR
IRR to be developed

IRR Coverage

PFM Act Clause

Questions

IRR

accounts; or
(c) When authorized by
the Secretary of
Finance.
The BTr, in coordination
with NGAs authorized by
law to undertake revenue
collection
and
administration, shall make
the necessary arrangements
with authorized agent banks
(AABs) to facilitate the
collection and transfer of
said revenues to the TSA.
AABs shall deposit said
collections to TSA within the
period and in the manner
prescribed by laws, rules and
regulations.
Section 47. Investments.

The BTr may invest

portions of the funds held in
the TSA for such periods as
the BTr may deem prudent
considering
cash
management requirements
and based on terms and

IRR required

IRR Coverage

PFM Act Clause

conditions as may be set by
the IRR of this Act.
Investments are authorized
to be made in any of the
following:
(a)
deposit with any
highly reputable bank
following a selection
criteria to be issued
by the Secretary of
Finance
in
consultation with the
Bangko Sentral ng
Pilipinas;
(b)
sovereign-issued
securities with an
investment
grade
rating; or
(c)
other
fixed
income
securities
with an AAA credit
rating issued by at
least
two
(2)
reputable
international credit
rating
agencies
acceptable to the
Secretary of Finance.

Questions

IRR

IRR Coverage

PFM Act Clause

Questions

IRR

The BTr may appoint a

fund manager as an agent of
the NG to undertake the
investment of the funds.
Interest earned and other
income from investments
shall accrue to the General
Fund,
unless
otherwise
provided by law.
Section 49.
Borrowings by
Government
-Owned or
-Controlled
Corporations.
Before the end of each
fiscal year, the Head
of a GOCC shall
prepare a borrowing
program for the
following fiscal year
which shall support
the Corporate
Operating Budget and
for the medium term,
both of which shall
include a full financial

IRR required

IRR Coverage

PFM Act Clause

plan with the details
of the loans,
refinancing and
repayment that the
GOCC intends to take.
Said borrowing
program, including
changes thereon,
shall be subject to the
approval of the Head
of the NGA
overseeing the GOCC,
and shall be
submitted to DOF for
information, and
shall be published in
the concerned GOCC
website.
GOCCs shall seek
approval of DOF for
their borrowing
activities as defined in
the IRR.
Nothing in this
Section shall be
construed as creating
a government
guarantee on any
borrowing, loans or

Questions

IRR

IRR Coverage

PFM Act Clause

Questions

refinancing and
repayment that the
GOCC intends to take.
Section
51.
Debt
Reporting. The DOF
through the BTr shall ensure
that the records include
information on the principal,
terms
of
repayment,
amounts drawn, interests
and service charges accrued,
principal and interests paid,
and the balance outstanding,
and shall make the records
available in a timely way to
the President and Congress
when requested and in
accordance
with
the
reporting requirements in
this Act.
Each LGU and GOCC
shall maintain
records and provide
reports to the DOF on
loans as required by
relevant laws, rules
and regulations.

Will reporting be covered in

one regulation or do we
need a separate IRR for this
clause?
IRR required?

IRR

IRR Coverage

PFM Act Clause

Questions

Section 52. Guarantees.

Guarantee, indemnity or
security shall be provided to
an NGA or a GOCC as
provided by law, and subject
to the annual guarantee
ceiling prescribed in the
General Appropriations Law,
and upon such terms and
conditions as the Secretary IRR required?
of Finance may recommend
consistent with relevant
laws, rules and regulations.
The
overall
level
of
guarantee, indemnity or
security shall adhere to the
Fiscal
Responsibility
Principles laid down in this
Act and the fiscal objectives
in the Statement of Fiscal
Policy.
The DOF shall charge
a risk-based fee for
any guarantee,
indemnity, security,
relending or similar
financial
accommodation it
may extend to a
GOCC.

IRR

IRR Coverage

PFM Act Clause

Section 55.
Information on
Contingent
Liabilities. The
DOF shall keep a
complete and
updated registry of all
contingent liabilities
of the NG, and
provide the OCG with
a report on
contingent liabilities
as of the fiscal year.

Questions

IRR required?

IRR

IRR Coverage

PFM Act Clause

Section 57. NGA Annual
Plans and Proposed
Budgets. The Head of
each NGA shall produce an
Annual Plan which shall
have a medium term scope,
with details for the following
fiscal year, and shall include
information on the strategic
priorities for the mediumterm, consistent with the
Philippine
Development
Plan;
performance
information;
summary
proposed budget including
financial
forecasts
assumptions
and
highlighting
significant
capital projects; and other
information as required in
the IRR, as well as the
Budget Call and other
related orders from the
DBM. The Annual Plan shall
be submitted to DBM during
the
budget
preparation
process consistent with the
timetable
and
other
guidelines in the Budget
Call.

Questions

IRR
IRR required

IRR Coverage

PFM Act Clause

Questions

IRR

IRR Coverage

The Head of the NGA shall

ensure that the Annual Plan
is updated to be consistent
with a) the Proposed
National Budget, no later
than thirty (30) days after
the President has submitted
the same to Congress, and;
b)
the
General
Appropriations Act, no later
than thirty (30) days after its
enactment. Both revisions of
the Annual Plan shall be
submitted to Congress and
published on a government
website
within
the
aforementioned timeframes.
The Annual Plan of a
Department
shall
incorporate
the
Annual
Plans of its attached NGAs
and GOCCs subject to
guidelines prescribed in the
IRR.
Section
58.
NGA
Reporting
Requirements.
For
greater transparency and
accountability, each Head of

IRR required

Could use IMF version of the

Bill section on reporting.
Also Mrs Abads Bill for
suggestions

PFM Act Clause

an NGA shall:
(a) Submit monthly and
quarterly reports on
the agencys financial
and
non-financial
performance to the
DBM and OCG, not
later than thirty (30)
days after the end of
every month and
quarter in the format
specified by the DBM
and shall publish the
same
on
a
government website
within
the
same
reglementary period;
(b) Prepare an Annual
Report which shall
include
year-end
financial statements,
reporting on nonfinancial performance
compared against the
Annual Plan, and
other information as
required in the IRR;
submit
the
said

Questions

IRR

IRR Coverage

PFM Act Clause

Questions

Report to the DBM,

OCG, and Congress
no later than six (6)
months after the end
of the fiscal year; and
publish
the
said
Report
in
a
government website
no later than seven
(7) days after its
submission
to
Congress.
The monthly, quarterly, and
annual
reports
of
a
Department
shall
incorporate the reports of its
attached NGAs and GOCCs
subject
to
guidelines
prescribed in the IRR.
Section
59.
Service Do we need an IRR to
Agreements. The Head describe Service Agreement
of an NGA may enter into a requirements?
service and/or performance
agreement with another
agency for the latter to
provide services charged
against the budget of said
principal agency.

IRR

IRR Coverage

PFM Act Clause

Section 60. Corporate
Operating
Budget
(COB). The Board of
Directors or Trustees of a
GOCC shall prepare and
submit a COB to the Head of
the NGA overseeing said
GOCC, the DBM, and the
DOF, not later than ninety
(90) days prior to the
commencement of the fiscal
year, which shall include, the
objectives of the GOCCs and
its subsidiaries, the activities
to
be
undertaken,
performance targets and
risks; forecasts of financial
statements for the next three
(3)
years;
and
other
information as may be
required in the IRR.
The Head of the NGA
overseeing said GOCC shall
endorse the Board-approved
COB to the DBM, for the
latters approval. The Head
of a GOCC shall publish the
DBM-approved COB of the
GOCC on the official website
of the Corporation not later

Questions

IRR
IRR required

IRR Coverage
Look to IMF version of the
Bill

PFM Act Clause

Questions

than fourteen (14) days after

the approval of the COB.
Section
62.
Service
Agreement for a GOCC.
Where GOCCs implement
government
noncommercial programs, such
as
housing
provision,
irrigation and electrification,
and receive government
funding, a service agreement
with the NGA overseeing
said GOCC shall specify the
terms of delivery of goods or
services that the GOCC must
provide, and the funds that
the government will pay.
Program funds shall be
under the budget of the NGA
overseeing said GOCC.

Similar to Section 59. Do

we need an IRR to describe
Service Agreement
requirements?

Section
63.
Local Guidelines or regulations?
Government Units. The
Local
Chief
Executives
(LCEs) shall ensure that
adequate internal controls
and an internal audit
function are maintained.

IRR

IRR Coverage

PFM Act Clause

Questions

The LCEs shall provide

financial and non-financial
performance information of
their respective LGUs to the
OCG, DILG, and the BLGF
under the DOF, subject to
the guidelines to be issued
thereon.
Section 66. Government IRR required?
Consolidated Reporting
The OCG shall submit a
quarterly report on the
consolidated
financial
performance
of
the
government
to
the
President, which includes
information
showing
performance against the
Appropriations Law, not
later than sixty (60) days
after the end of each quarter.
This
report
shall
be
published in a government
website within seven (7)
days after the report is
submitted to the President.
The OCG shall prepare
the consolidated annual
financial statements, not

IRR

IRR Coverage

PFM Act Clause

Questions

IRR

later than six (6) months

after the end of the fiscal
year, for submission to the
President, Congress and
COA.
Section
67.
Peoples
Access
to
Public
Financial Information.
Before the start of each
fiscal year, the DBM shall
promulgate a Calendar of
Disclosures,
and
shall
publish
this
on
the
government website and
such calendar shall contain
the schedule of release of all
budget
documents
and
information required by this
Act and its IRR. The DBM
shall
monitor
and
periodically
report
to
Congress and the public on
the compliance of agencies
with
the
Calendar
of
Disclosures and other fiscal
transparency requirements
under this Act and its IRR.

IRR required for open data

format.

IRR Coverage

PFM Act Clause

Questions

IRR

All
documents
and
reports required to be
published by this Act and its
IRR shall automatically be
made available electronically
in a government website.
Current and historical data
on government revenues,
expenditures,
and
borrowings, shall be made
available electronically, in
open data format, on a
government website, subject
to guidelines in the IRR.

Section
68.
The
Peoples Budget. The
DBM shall, for every fiscal
year, publish
citizenfriendly summaries of the
following,
subject
to
guidelines
and
other
specifications in the IRR:
(a) the Statement of
Fiscal Policy in the
year of the Presidents
election and any

IRR required

IRR Coverage

PFM Act Clause

updates thereafter
within thirty (30)
days from submission
to Congress;
(b) the Proposed
National Budget, to
be published in
electronic format
within thirty (30)
days from submission
to Congress of the
Proposed National
Budget;
(c) the General
Appropriations Law,
to be published in
electronic format in a
government website
within thirty (30)
days from its
effectivity; and
(d) the Annual Fiscal
Report,
to
be
published
in
electronic format in a
government website

Questions

IRR

IRR Coverage

PFM Act Clause

Questions

IRR

IRR Coverage

within thirty (30)

days from submission
to Congress.
Section
69.
Peoples
Participation
in
the
Budget
Process.

government shall establish

and implement suitable
participatory
budget
mechanisms to facilitate the
open,
inclusive,
and
meaningful engagement of
citizens
throughout
the
budget
processfrom
budget
preparation,
to
legislation, to execution, and
to accountability and audit.
Such
participatory
mechanisms may include
consultations
and
partnerships
with
civil
society
organizations
(CSOs),
non-government
organizations
(NGOs),
peoples
organizations
(POs),
academics
and
experts, and other individual
and organized stakeholders
throughout
the
annual
budget process.

IRR required

Participation regulation to
set up processes for
Peoples Participation

PFM Act Clause

To aid the empowerment

of grassroots organizations
and communities in the
national budget process, the
DBM, DILG, and other
relevant
agencies
shall
facilitate a process wherein
CSOs,
NGOs,
POs,
community
organizations
and LGUs can jointly
identify
local
priority
poverty
reduction
and
development needs which
will serve as input to the
formulation of the Proposed
National
Budget.
Such
process shall consider the
pursuit of meaningful local
devolution
and
local
accountability, as well as the
strengthening of regional
and
local
development
councils
roles
in
the
national budget process.
Policies and regulations
for the establishment of
participatory
budgeting
mechanisms established by

Questions

IRR

IRR Coverage

PFM Act Clause

Questions

IRR

laws shall be formulated and

enforced by:
i.

The DBM, together

with other relevant agencies
of the executive, when it
comes to participation in
budget
preparation,
execution,
and
accountability;

ii.

The
House
of
Representatives and the
Senate,
through
their
relevant committees, when it
comes to participation in
budget legislation; and

iii.

The COA, when it

comes to participation in the
conduct of audit.
Section 73. Transitory
Provisions. The DBM,
DOF, BTr, NEDA and COA
shall produce and submit
within thirty (30) days from
promulgation of the IRR, a
Transitory
Plan
for
information, to the Joint

Transitory Plan

IRR Coverage

PFM Act Clause

Congressional
Oversight
Committee
on
Public
Expenditures to ensure the
proper implementation of
the provisions of this Act,
presenting the Sections that
will not be implemented on
the passing of this Act and
those requiring compliance
with certain conditions or
the happening of events
before the provisions herein
may be implemented.
Section 23. The Proposed
National Budget. - The
President shall submit to
Congress, not later than
thirty (30) days from the
fourth Monday of July of
every year, the Proposed
National Budget, in which
shall be the basis of the
general appropriations bill.
The
President
shall
determine the form and
content of the Proposed
National Budget which shall
include, but not limited, to

Questions

IRR

IRR Coverage

PFM Act Clause

the following:
i. The President's Budget
Message that provides a
preview of the Proposed
National Budget, explaining
the principles, objectives
and
policy
framework
adopted and the spending
priorities for the fiscal year;
ii. National Expenditure
Program
(NEP)
that
includes strategic objectives,
details of the three-year (3year) expenditure program,
performance
information,
such as key strategies,
outputs and outcomes for
agencies in relation to their
budgets,
and
staffing
summary;
iii. Budget of Expenditures
and Sources of Financing
that
contains
the
macroeconomic parameters;
dimensions of three-year (3year) expenditure program,
revenues, financing, and
outstanding debt; overview

Questions

IRR

IRR Coverage

PFM Act Clause

of the financial positions of
GOCCs, LGUs, and publicprivate partnership, as well
as other items listed in the
IRR;
iv. Fiscal Risk Statement
that presents a consolidated
statement of the fiscal risks
that
the
national
government faces, including
those from the contingent
liabilities of Government
Agencies and other items
listed in the IRR.
Congress may not increase
the
appropriations
recommended
by
the
President for the operations
of government as specified
by the Proposed National
Budget.
The President shall publish
the
Proposed
National
Budget on a Government
website on the same day as it
is presented in Congress.

Questions

IRR

IRR Coverage

PFM Act Clause

Questions

IRR

IRR Coverage