National Wealth Management Plan Released – Archyde


ECONOMIC MANAGER released national wealth management on Monday Plan (NAMP) to Maximize Government Funds in Investments in Infrastructure Projects.

The Ministry of Finance, the Ministry of Budget and Management and the National Economic and Development Agency said in a joint memorandum circular No. 2022-1 that the government’s two-year asset management plan will be used to spend the country’s limited resources on assets that need funding most.

The NAMP, covering fiscal years 2022-2023, provides information that can be used for timely government infrastructure investment decisions.

“Asset management essentially enables an organization to realize value from assets to achieve its organizational goals,” the plan states.

“As such, the NAMP serves as an important tool to help the government realize the value of its various assets to achieve its strategic and overall goals.”

As the first of many plans, the NAMP will focus on assets that have a significant socio-economic impact on the country, including schools, government buildings, roads, bridges, hospitals, dams and irrigation systemsrelationships, and treatment and welfare centers.

The NAMP focuses on challenges in urbanization, serving rural communities, managing population growth, and managing disaster risk. The plan is intended to guide decision-making for investment priorities in urbanization.

Analyzing the impact of population growth on infrastructure, NAMP said older facilities, such as those built in the 1960s, may also need funding.

Risks related to natural disasters and pandemics would also prompt “prudent investments in infrastructure,” she added.

“When infrastructure becomes obsolete or grows beyond its capacity, investments are required to meet demand. Therefore, monitoring capacity and planning for funding for this need is critical.”

Through asset management, the plan aims to protect against wasting assets and ensure that government affairs are efficientHisScientist.

“The NAMP is intended to be reviewed annually as needed, and its time horizon may be extended from the initial two years to three years in the development of subsequent NAMPs to align with mid-term planning processes.”

Dies HisThe first NAMP will be one of the government’s medium-term plans, the Department of Budget and Management’s (DBM) Financial Planning and Reform Office said in an email.

“We envision the NAMP as a way to embed asset management practices into day-to-day activities,” said DBM. Through the plan, the government aims to meet its budgetary needs by identifying data that would support its investment decisions.

The NAMP enforces the Philippine government’s wealth management policy, which was issued after the government determined in 2018 that the Philippines has limited institutional accountability for wealth management.

The country lacks policies for asset management, insurance and disaster risk management, DBM added. — Jenina P. Ibanez

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