The Financial Management Division (FMD) of the Mines and Geosciences Bureau (MGB) Central Office recently developed its own Financial Database System (FDS), an innovation designed to achieve a more efficient way of managing financial transactions, thru the merger of two financial database systems: the Fund Accounting and the Bookkeeping Database Systems.

The FDS was also formulated for a more harmonized and efficient budgeting and bookkeeping reporting due to the increasing number of reports required by the Department of Budget and Management (DBM) and Commission on Audit (COA). Thru the FDS, the agency's financial management system has levelled-up, making report preparation more manageable, particularly the Budgetary Accountability Reports (BARS) and Accounting Reports or Financial Statements.

The new system was recently introduced to the Budget Officers and Accountants from the MGB Regional Offices nationwide thru the "Orientation-Workshop on Financial Management and Administrative Matters." The participants were taught how the system works in recording daily financial transactions.

Ms. Eloisa Legaspi, FMD Chief, introduced the system and exhorted the participants to familiarize themselves with the provisions of the General Appropriations Act, DBM Budget Circulars, COA Circulars and other related issuances, to be more effective in their work.

A series of tutorial lessons and exercises were conducted during the orientation-workshop. Lectures on procurement matters in relation to the preparation of budget proposals, work and financial plans, and cash programs were also given.

The event was held from September 7-12, 2015 at the One Tagaytay Place Hotel Suites in Tagaytay City.

By: Financial Management Division