GOVERNMENT agencies are being directed to draft asset management plans as their investment utilization practices come under scrutiny.
In a joint memorandum circular, the departments of Finance and Budget and Management, as well as the National Economic and Development Authority released guidelines for the preparation, submission, and review of asset management plans.
Asset management plans under the circular must be two-year roadmaps detailing each agency’s investment strategy.
“It is the agency’s written representation of intended capital, maintenance and operational programs for its existing asset base, and investment in new infrastructure which is based on its understanding of demand, customer requirements, and details of its network or portfolio of assets,” it added.
The government’s National Asset Management Plan aims to manage public non-financial assets, map investments in assets, and identify the resources and capacities needed to support agencies.
“Easy access and analysis of critical information on government assets, such as costs and implementation schedules, are the bare minimum requirements to generate useful insights that lead to good asset management,” it said.
“The agency asset management plan will make the analysis of data easier and will ultimately improve the Philippine government’s asset management practices,” it added.
The program aims to increase efficiency, improve decision-making, enhance risk management, and reduce the cost of government.
The Development Budget Coordination Committee’s technical working group on asset management will identify the priority agencies that must roll out asset management plans.
The plans must include an inventory of the agency’s assets and other such data, which will be lodged with the National Asset Registry System managed by the Bureau of the Treasury. — Luisa Maria Jacinta C. Jocson