Globe Telecom’s Innove ties up with PH Gov’t for Budget & Treasury Mgt. System
Innove Communications, a subsidiary of Globe Telecom, has partnered with the Philippine government for a Php495 million Budget and Treasury Management System (BTMS) project. The system is aimed to effectively execute and monitor annual budgets promoting transparency with the general public.
The BTMS project, which will be used by the Department of Budget and Management, as well as the Bureau of the Treasury and the Commission on Audit, involves the implementation and operation of a fiscal management solution which will later on be rolled out to the rest of the government operating departments. The new system is expected to improve the timely execution of budgets to the agencies and provide timely information on the actual utilization of funds.
The new budget and treasury management system will be the main source of information on government budgets, appropriations, allocations, releases, obligations, expenditure and performance reporting. This will also provide online, updated and ready access to allocations, liabilities, payments, receipts and account balances and will generate reports to suit specific needs of agency users. The system will also improve accuracy of cash flow projections, planned versus current expenditure, revenue and debts, thus minimizing borrowing costs and improving fiscal forecasting.
Innove President & CEO Gil Genio said, “As the leading provider of ICT solutions, Globe and its units are fully committed to nation-building by helping the government raise its ICT capabilities to enhance delivery of public services for the benefit of the country as a whole.”
For this project, Innove entered into a joint venture partnership with FreeBalance, a Canadian provider of software solutions for public financial management. The joint venture will provide a solution based on Version 7 of FreeBalance Accountability Suite, a trusted suite of software modules designed specifically for government financial management. Innove will be the lead partner providing the hardware platform and the local support services and as the overall solution integrator while FreeBalance will provide the solution software and related services.
FreeBalance helps governments around the world leverage technology to accelerate country growth. The FreeBalance Accountability Suite has been successfully deployed in 22 countries around the world, including government organizations in Canada, United States, Uganda, Afghanistan, Mongolia, Sierra Leone, Liberia, Sri Lanka, Nicaragua, Timor Leste and Kosovo.
FreeBalance President & CEO Manuel Pietra said, “FreeBalance works directly with governments to accelerate the reform process with sustainable technology. We fundamentally believe that good governance provides improved development outcomes and enhances citizen services.”