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DEPARTMENT OF

FINANCE

Mabilangan, Monique
Serrano, Hancellita Maria
3ALM
History
March 17, 1897 – establishment
General Baldomero Aguinaldo - appointed Director
of Finance by General Emilio Aguinaldo and became the
Secretary of the Treasury under the first constitutional
republican government, the Biak-na-Bato Republic

1901 - Department of Finance and Justice formally organized


by virtue of an act passed by the Civil Service Commission

Gregorio Araneta - first Filipino appointed Secretary of


Justice and Finance

1916 - Department of Finance and Justice was split into two


independent departments
1970 - Minister Cesar E. A. Virata, concurrently Prime Minister, was
appointed Secretary.

1974 - Adoption of the parliamentary government

1987 - the Ministry of Finance was reverted to a Department


following the ratification of the 1987 Constitution

Constitution which provided for a presidential form of


government.

1988 - he Value Added Tax was introduced and replaced a


complicated sales tax structure.
Legal Bases
Biak-na-Bato Constitution (November 1, 1897) created under the First
Philippine Republic headed by General Emilio Aguinaldo a Supreme Council one of whose
members was the Secretary of the Treasury who was before that the Director of Finance

Civil Service Act of 1901 (September 1, 1901) formally organized the


Department of Finance and Justice

Reorganization Act No. 2666 (November 18, 1916) divided the


Department of Finance and Justice into two independent departments

Presidential Decree No. 1397 (June 2, 1978) transformed the Department


of Finance (DOF) into the Ministry of Finance (MOF) under a parliamentary form of
government

Executive Order No. 127 (January 30, 1987) and No. 127-A (July 22, 1987)
reorganized the MOF

Executive Order No. 292 (July 25, 1987), the Administrative Code of 1987,
reverted the MOF into the DOF, providing for its powers and functions and organizational
structure.
Mandate
Under Executive Order Nos. 127, 127-A and 292, the Department of Finance is
responsible for the following:

Formulation, institutionalization, and administration of fiscal


policies in coordination with other concerned subdivisions, agencies, and
instrumentalities of the government;

Generation and management of the fiscal resources of the government;

Supervision of the revenue operations of all local government units;

Review, approve and manage of all public sector debt, domestic and foreign;

Rationalization, privatization and public accountability of


corporations and assets owned, controlled or acquired by the government
Mission
A strong economy with stable prices and strong growth;

A stable fiscal situation with adequate resources for government


projects and budgetary which could be adequately financed;

A borrowing program that is able to avoid the crowding-out effect


on the private sector, and minimizes costs;

A public sector debt profile with long maturities and an optimum


mix of currencies that minimizes the impact of currency
movements;

A strong economic growth with equity and productivity


Vision
Our economy must be one of the most dynamic and active in the world, globally
competitive and onward looking. The DOF shall take the lead in providing a solid
foundation for the achievement of this objective, by building a strong fiscal
position, through the following:

• Formulation, institutionalization and administration of sound fiscal policies;


• Improvement of tax collection efficiency;
• Mobilization of adequate resources on most advantageous terms to meet
budgetary requirements;
• Sound management of public sector debt; and
• Initiation and implementation of structural and policy reforms
Carlos Dominguez III
Secretaries (1998-2018)
Name Term Began Term Ended

Jaime V. Ongpin January 30, 1987 September 14, 1987

Vicente Jayme September 15, 1987 December 1989

Jesus Estanislao January 1, 1990 June 30, 1992

Ramon del Rosario July 1, 1992 June 1, 1993

Ernest C. Leung June 2, 1993 January 31, 1994

Roberto de Ocampo February 1, 1994 March 30, 1998

Salvador Enriquez April 1, 1998 June 30, 1998

Edgardo B. Espiritu July 1, 1998 December 31, 1999

Jose T. Pardo January 2, 2000 January 20, 2001

Alberto G. Romulo January 23, 2001 June 30, 2001

Jose Isidro N. Camacho June 30, 2001 November 30, 2003

Juanita D. Amatong December 1, 2003 February 14, 2005

Cesar V. Purisima February 15, 2005 July 15, 2005

Margarito B. Teves July 22, 2005 June 30, 2010

Cesar V. Purisima June 30, 2010 June 30, 2016


Affiliate Agencies
BUREAU OF CUSTOMS
It is responsible for regulating and facilitating
trade, assessment and collecting import
duties and taxes, combating illegal trade and
other forms of customs fraud, and devising and
managing customs management systems for
trade facilitation.
BUREAU OF INTERNAL
REVENUE
Responsible for the reduction and collection of all
internal revenue taxes, fees and charges and enforcement
of all forfeitures, penalties, and fines connected therewith
BUREAU OF TREASURY
Assist in the formulation of policies on borrowing,
investment and capital market development and formulate
adequate operations guidelines for fiscal and financial
policies;
BUREAU OF LOCAL
GOVERNMENT FINANCE
Assist in the formulation and implementation of policies on
local government revenue administration and fund
management;

Develop or implement plans and programs for the


improvement of resource management system, collection
enforcement mechanisms and credit utilization schemes
at the local levels;
CENTRAL BOARD ASSESSMENT APPEALS

The Central Board of Assessment Appeals is responsible


for the assessment and collection of real property taxes
by the government, and ensure that the taxpayers are
given the opportunity to be heard.
INSURANCE COMMISSION
Licensing of insurance, reinsurance companies, its intermediaries,
mutual benefit associations, trusts for charitable uses, pre-need
companies, pre-need intermediaries, and HMO (Health Maintenance
Organization) companies
PHILIPPINE DEPOSIT
INSURANCE CORPORATION
The PDIC exists to provide deposit insurance coverage
for the depositing public to help promote public
confidence and stability in the economy.
SECURITIES AND EXCHANGE
COMMISSION
National government regulatory agency charged with supervision over
the corporate sector, the capital market participants, the securities and
investment instruments market, and the investing public. The
Commission was tasked to regulate the sale and registration of
securities, exchanges, brokers, dealers and salesmen.
PRIVATIZATION AND
MANAGEMENT OFFICE

They execute and deliver, on behalf of the National


Government, the deeds of sale, contracts, and other
instruments as may be necessary or appropriate to convey
title to such assets
PHILIPPINE EXPORT-IMPORT
CREDIT AGENCY

To promote and facilitate the entry of foreign loans into


the country for development purposes having special regard
to the needs of export-oriented industries, industries
registered with the Board of Investments, public utilities,
and industries the promotion of which is encouraged by
government policy
Budget
Fiscal Year Annual Budget (in Philippine Peso)
1998 5,361,736,000.00
1999 4,906,862,000.00
2000 4,181,299,000.00
Reenactment
2001 4,181,299,000.00
2002 5,312,089,000.00
2003 5,275,148,000.00
2004 5,275,148,000.00
Reenactment
2005 5,630,317,000.00
2006 5,630,317,000.00
2007 6,482,453,000.00
2008 6,979,478,000.00
2009 12,587,049,000.00
2010 9,471,450,000.00
2011 10,601,965,000.00
2012 12,039,574,000.00
2013 11,753,939,000.00
2014 11,524,941,000.00
2015 13,863,384,000.00
2016 18,742,524,000.00
2017 21,500,732,000.00
2018 19,317,544,000.00
Annual Budget
27.50

22.00

16.50
Annual Budget

11.00

5.50

0.00
199819992000200120022003200420052006200720082009201020112012201320142015201620172018
Rising Debt

DOMESTIC DEBT ROSE


Problems
P725B(1999) – P1271B (2001)
Solutions
Voluntary Assessment
FOREIGN DEBT
Program
P601B (1995) – P1610B (2001)

Compromise

Settlement Program
1993

1997

2001

9. 9%