Manila: The proposed revamp of the Philippine budgeting system is expected to help accelerate the implementation of development projects funded by the Japan International Cooperation Agency (JICA), the Department of Budget and Management (DBM) said on Friday.

According to Philippines News Agency, the DBM shared on Facebook several photos of Acting Budget Secretary Rolando Toledo's meeting with JICA Philippines chief representative Baba Takashi at the agency's central office in San Miguel, Manila on March 4. Toledo and Takashi discussed updates on JICA-supported development initiatives, including projects in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).

Toledo briefed the JICA delegation on DBM efforts to advance the proposed Philippine Budgeting Code, which seeks to modernize and streamline the country's budgeting framework. The DBM said the measure is expected to improve the efficiency of public financial management and support the faster implementation of foreign-assisted projects, including those funded by JICA.

DBM Assistant Secretary Romeo Matthew Balanquit, Director Cresencia Sunga, and Assistant Director Maria Cecilia Socorro Abogado, along with other JICA officials, also attended the meeting. The JICA representatives expressed gratitude for the department's continued support and partnership in implementing development programs in the Philippines.

Japan has been one of the Philippines' key development partners, supporting various infrastructure and socio-economic projects through Official Development Assistance over seven decades of bilateral relations.