Globe Unit Innove Signs Deal with Gov't to Provide Budget and Treasury Management System
Solution to build transparency, enhance financial management reform
Innove Communications, a wholly-owned subsidiary of Globe Telecom, recently entered into a partnership agreement with the government to provide a Budget and Treasury Management System (BTMS) to effectively execute and monitor annual budgets in a manner that is more transparent to the public.
The project, worth P495 million, involves the implementation and operation of a fiscal management solution which will be used by the Department of Budget and Management, as well as Bureau of Treasury and Commission on Audit. This system will eventually be rolled out to the rest of the government agencies and operating units. The new system will improve the timely execution of budgets to the agencies and provide timely information on the actual utilization of funds.
“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,” said Innove President & CEO Gil Genio.
Once in place, 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. The solution 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. The solution will enable application of common controls and standards across spending agencies for recording, processing and releasing of payments to suppliers, employees, and other payees.
To implement the project, Innove entered into a joint venture partnership with FreeBalance, a Canadian provider of software solutions for public financial management. The joint venture between Innove and FreeBalance will be providing a solution based upon Version 7 of FreeBalance Accountability Suite, a trusted and proven integrated suite of software modules designed specifically for government financial management. The web-based FreeBalance Accountability Suite will leverage a robust hardware and networking infrastructure, while maintaining a significantly reduced footprint when compared to client-server applications. The overall solution is designed as a highly flexible service oriented architecture system, scalable, and low-risk option for the government.
As the solution is mostly configuration based, the risks of project over-run due to customization is greatly minimized, allowing the government and the joint venture of Innove and FreeBalance to focus on process re-engineering, change management and capacity building. Innove will assume the role of lead partner providing the hardware platform and the local support services and as overall solution integrator while FreeBalance will provide the solution software and related services. “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,” said FreeBalance President & CEO Manuel Pietra.
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.