Department of Finance (Philippines)
From Wikipedia, the free encyclopedia
|
|
|
| Established: | March 17, 1897 |
| Secretary: | Margarito B. Teves |
| Budget: | P5.630 billion (2005) |
| Website: | www.dof.gov.ph |
The Philippines' Department of Finance (DOF) (Filipino: Kagawaran ng Pananalapi) is the executive department of the Philippine government responsible for the formulation, institutionalization and administration of fiscal policies, management of the financial resources of government, supervision of the revenue operations of all local government units, the review, approval and management of all public sector debt, and the rationalization, privatization and public accountability of corporations and assets owned, controlled or acquired by the government.
Contents |
[edit] History
The Department of Finance was established on March 17, 1987, at the same time that the Revolutionary Government was founded in Naic, Cavite; General Baldomero Aguinaldo was appointed Director of Finance by General Emilio Aguinaldo. The Finance Director became the Secretary of the Treasury under the first constitutional republican government, the Biak-na-Bato Republic.
In 1901, the Department of Finance and Justice was formally organized by virtue of an act passed by the Civil Service Commission, which was headed by William Howard Taft. Gregorio Araneta was the first Filipino appointed Secretary of Justice and Finance. In 1916, through the Reorganization Act No. 2666 of the Philippine Legislature, the Department of Finance and Justice was split into two independent departments.
In 1936, DOF functions relative to the formulation and preparation of the Government's budget were transferred to the newly-created Budget Commission. The preparation of income and resource estimates remained with the Department. In 1949, the Central Bank of the Philippines was established, Secretary of Finance Miguel Cuaderno relinquishes the Finance portfolio to Pio Pedrosa to enable him to serve as Governor of the Central Bank.
In 1970, Minister Cesar E. A. Virata, concurrently Prime Minister, was appointed Secretary. In 1974, with the adoption of the parliamentary form of government, the Department was changed to a Ministry.
In the 1980's, as government policy turned increasingly interventionist in the economy, the Ministry became the voice of caution. It spearheaded the creation of inter-agency committees to rationalize the otherwise free-for-all system of allocating government resources. The Investment Coordination Committee (ICC) was created to rationalize government investments, the Government Corporate Monitoring and Coordinating Committee (GCMCC) to reform the government corporate sector, and the Fiscal to reverse the prolifecation of the fiscal incentives.
In 1987, the Ministry of Finance was reverted to a Department following the ratification of the 1987 Constitution which provided for a presidential form of government. Accordingly, the Department was reorganized and its organizational structure, distribution of powers and functions and coordination mechanisms were streamlined. In 1988, the Value Added Tax was first introduced and replaced a complicated sales tax structure.
Through the Department's policies, which resulted in sound fiscal and monetary conditions,the Philippines was hailed as "Asia's Newest Tiger" by various international credit institutions and in 1997, the National Government recorded a budget surplus for the third consecutive year and the public sector generated its fiscal suplus since the sector started to be monitored in 1985.
In 2004, the Japan Credit Rating Agency (JCRA) maintained its credit rating of “BBB” for the Philippines’ long-term foreign currency and domestic currency long-term senior debts for the government’s ability to manage its deficit and macro fundamentals. The rating is two notches higher than those of non-Asian rating agencies such as Moody's, Standard and Poor's, and Fitch.
[edit] Heads of the Finance Portfolio
| Name | Month started | Month finished | |
|---|---|---|---|
| Director of Finance | |||
| Baldomero Aguinaldo | April 1897 | November 1897 | |
| Secretaries of the Treasury | |||
| Mariano Trias | July 15, 1898 | May 9, 1899 | |
| Hugo Ilagan | May 9, 1899 | ||
| Secretaries of Finance and Justice | |||
| Henry Clay Ide | September 1, 1901 | September 24, 1906 | |
| James Francis Smith | September 25, 1906 | June 30, 1908 | |
| Gregorio Araneta | July 1, 1908 | October 30, 1913 | |
| Victorino Mapa | November 1, 1913 | January 14, 1917 | |
| Secretaries of Finance | |||
| Victorino Mapa | January 1, 1917 | January 14, 1917 | |
| Alberto Barreto | January 14, 1917 | July 17, 1923 | |
| Miguel Unson | July 18, 1928 | December 13, 1931 | |
| Vicente Carmona | January 1, 1932 | December 31, 1932 | |
| Rafael Alunan | July 1, 1933 | April 30, 1933 | |
| Vicente Encarnacion | April 23, 1933 | July 24, 1934 | |
| Elpidio Quirino | July 25, 1934 | February 18, 1936 | |
| Antonio de Las Alas | February 19, 1936 | November 15, 1938 | |
| Manuel Roxas | November 26, 1938 | August 28, 1941 | |
| Serafin Marabut | August 21, 1941 | December 29, 1941 | |
| Jose Abad Santos | 1941 | 1942 | |
| Andres Soriano | March 26, 1942 | July 31, 1944 | |
| Jaime Hernandez | August 8, 1944 | May 27, 1946 | |
| Elpidio Quirino | May 28, 1946 | November 24, 1946 | |
| Miguel Cuaderno | November 25, 1946 | January 2, 1949 | |
| Jaime Hernandez | January 1949 | January 1952 | |
| Aurelio Montinola Sr. | January 1952 | December 1953 | |
| Jaime Hernandez | December 1953 | January 1960 | |
| Dominador Aytona | January 25, 1960 | December 29, 1961 | |
| Fernando Sison | January 2, 1962 | July 31, 1962 | |
| Rodrigo Perez | August 1, 1962 | January 7, 1964 | |
| Rufino Hechanova | January 8, 1964 | December 13, 1965 | |
| Eduardo Romualdez | January 1, 1966 | February 4, 1970 | |
| Cesar E. A. Virata | February 9, 1970 | June 2, 1978 | |
| Ministers of Finance | |||
| Cesar E. A. Virata | June 2, 1978 | March 3, 1986 | |
| Jaime V. Ongpin | March 26, 1986 | January 30, 1987 | |
| Secretaries of Finance | |||
| 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 | |
| Roberto de Ocampo | February 1, 1994 | March 30, 1998 | |
| Salvador Enriquez | April 1. 1998 | June 30 1998 | |
| Ernest C. Leung | June 2, 1993 | January 31, 1994 | |
| 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 | Feb. 14, 2005 | |
| Cesar V. Purisima | Feb. 15, 2005 | July 15, 2005 | |
| Margarito B. Teves | July 22, 2005 | present | |
[edit] Offices
[edit] Bureaus
- Bureau of Internal Revenue (BIR)
- Bureau of Customs (BOC)
- Bureau of Treasury (BTr)
- Bureau of Local Government Finance (BLGF)
[edit] Agencies and Corporations
- Insurance Commission (IC)
- National Tax Research Center (NTRC)
- Central Board of Assessment Appeal (CBAA)
- Philippine Deposit Insurance Corporation (PDIC)
- Philippine Export-Import Credit Agency (PHILEXIM)
- Government Service Insurance System (GSIS)
- Social Security System (SSS)
- Public Estates Authority (PEA)
- Cooperative Development Authority (CDA)
[edit] Regional Offices
[edit] External links
| Executive Departments of the Philippines | |
| Agrarian Reform | Agriculture | Budget and Management | Education | Energy | Environment and Natural Resources | Finance | Foreign Affairs | Health | Interior and Local Government | Justice | Labor and Employment | National Defense | Public Works and Highways | Science and Technology | Social Welfare and Development | Tourism | Trade and Industry | Transportation and Communications | |
| Other cabinet-level government offices: Executive | Socio-Economic Planning | Press | Chief of Staff | |
