Department of Finance (Philippines)

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Department of Finance

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 1 History 2 Heads of the Finance Portfolio 3 Offices 3.1 Bureaus 3.2 Offices 3.3 Agencies and Corporations 4 Regional Offices 5 External links

[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 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 1980s, 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 proliferation 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 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 surplus 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] Offices

• Privatization and Management Office (PMO)

[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

• Department of Finance website