This policy paper aims to look at UP System’s physical and f inancial performance in FY 2018-FY 2022 through a budget and spending review and analysis. Focusing on the UP Budget from the Annual General 2Appropriations Act (GAA), it maps out the operation of the education planning and budgeting cycle at the UP System level, covering financial planning, budgeting, cash management, and accounting and financial reporting at the system level. Further, the paper identifies structural and procedural bottlenecks emanating from the steps in the UP planning-budgeting cycle, based on the views and insights of the UP System, particularly the Office of the Vice President for Planning and Finance.