Spanning 79 sections under eight titles, the Parliament Bill No. 325, also known as the Bangsamoro Budget System Act (BBSA), advanced on second reading during the third session of the BTA Parliament held yesterday, August 29, 2024 in the Bangsamoro Government Center, Cotabato City.

Minister of Finance, and Budget and Management, and Member of the Bangsamoro Parliament Ubaida C. Pacasem, authored the Bill, underscored that the proposed BBSA provides a comprehensive blueprint for how the Bangsamoro Government, as stewards of the region’s resources, will establish an integrated public financial management (PFM) system. “This system is designed to complement and reinforce the institutional foundations laid by the BOL, instilling fiscal discipline throughout the budget cycle and at the core of all PFM processes in the BARMM”, Pacasem added.

The proposed BBSA is cohesive with Article XII of the Republic Act No. 11054 or the Organic Law of the Bangsamoro highlighting BARMM’s Fiscal Autonomy. It also explains the budget process, public financial management strategies, budget priorities framework, as well as institutionalizing cash budgeting system (CBS) and single treasury account (STA). Further, the BBSA is aimed at strengthening the Parliament’s power of the purse by specifying content requirements of the General Appropriations Bill of the Bangsamoro and establishing clear procedures for supplemental and automatic appropriations.

“It also introduces safeguards to prevent practices that could potentially bypass legislative scrutiny, such as provisions on lump sum appropriations and special purpose funds (SPFs)”, Pacasem said. Pacasem urges the legislature to sustain and enhance the reforms through the enactment of the BBSA. “This legislation will secure greater accountability in managing our region’s funds, keeping our fiscal practices strong, transparent, and aligned with our long-term goals, regardless of the changes that may come with any new administration.”

Pacasem strongly believes that passing this (BBSA) transformative legislation will secure a legacy of fiscal responsibility and fiscal autonomy toward a stable and prosperous future for the Bangsamoro people.