The Department of Budget and Management (DBM) on Wednesday inked an accord with three government-owned banks to implement the digital or online release of notice of cash allocation (NCA).
In a statement, the DBM said it signed a memorandum of agreement with authorized government servicing banks Land Bank of the Philippines , Development Bank of the Philippines , and Philippine Veterans Bank.
On the other hand, NCA is a cash authority issued quarterly by the DBM to central, regional and provincial offices and operating units to cover the cash requirements of the agencies. For her part, DBM Information and Technology Group Undersecretary Maria Francesca del Rosario said the institutionalization of the online release of the NCAs fosters greater transparency and efficiency as it eliminates unnecessary steps and paper wastage in physically signing, routing, and photocopying of Action Documents.
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