The Philippines’ practice of releasing an annual Fiscal Risk Statement has been cited as among the good practice in the field. It attempts to provide a comprehensive view of the country’s exposure to fiscal risks emanating from fiscal projections and turnouts, public debt, and contingent liabilities associated with the financial sector, GOCCs, PPPs, local government units and natural disasters. The report also includes reforms and risk mitigation efforts.
In 2014, after 17 years of negotiations, the peace process between the government and Muslim Mindanao showed significant progress with the signing of the Comprehensive Agreement on the Bangsamoro (CAB). The CAB consolidates the understanding and commitments made between the Government of the Philippines and the Moro Islamic Liberation Front (MILF). The CAB contains the Annex on Normalization, which details the processes and activities needed in order for the communities under the
Bangsamoro to live their desired quality of life.
|Source Institution||Department of Budget and Management|
|Place of Publication||Manila|
|Original Publication Date|
|Tags||Development Budget Coordination Committee, Fiscal Risk Statement|