- Department of Finance (Philippines)
Department of Finance Kagawaran ng Pananalapi Department overview Formed March 17, 1897 Headquarters DOF Building, Roxas Boulevard corner P. Ocampo Street, Manila Annual budget P1.947 billion (2011) Department executive Cesar Purisima, Secretary Website 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 the 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.
The Department of Finance was established on March 17, 1897, 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.
Heads of the Finance Portfolio
Name Term began Term ended President Director of Finance Baldomero Aguinaldo April 1897 November 1897 Emilio Aguinaldo Secretaries of the Treasury Mariano Trias July 15, 1898 May 9, 1899 Emilio Aguinaldo Hugo Ilagan May 9, 1899 November 13, 1899 Emilio Aguinaldo Secretaries of Finance and Justice Henry Clay Ide September 1, 1901 September 24, 1906 James Francis Smith September 25, 1906 June 30, 1908 Gregorio S. 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 Manuel Quezon Antonio de Las Alas February 19, 1936 November 15, 1938 Manuel Quezon Manuel Roxas November 26, 1938 August 28, 1941 Manuel Quezon Serafin Marabut August 21, 1941 December 29, 1941 Manuel Quezon Jose Abad Santos December 29, 1941 March 26, 1942 Manuel Quezon Andres Soriano March 26, 1942 July 31, 1944 Manuel Quezon Jaime Hernandez August 8, 1944 May 27, 1946 Sergio Osmeña Elpidio Quirino May 28, 1946 November 24, 1946 Manuel Roxas Miguel Cuaderno November 25, 1946 January 2, 1949 Manuel Roxas, Elpidio Quirino Jaime Hernandez January 1949 January 1952 Elpidio Quirino Aurelio Montinola, Sr. January 1952 December 1953 Elpidio Quirino Jaime Hernandez December 1953 January 1960 Ramon Magsaysay, Carlos P. Garcia Dominador Aytona January 25, 1960 December 29, 1961 Carlos P. Garcia Fernando Sison January 2, 1962 July 31, 1962 Diosdado Macapagal Rodrigo Perez August 1, 1962 January 7, 1964 Diosdado Macapagal Rufino Hechanova January 8, 1964 December 13, 1965 Diosdado Macapagal Eduardo Romualdez January 1, 1966 February 4, 1970 Ferdinand Marcos Cesar Virata February 9, 1970 June 2, 1978 Ferdinand Marcos Ministers of Finance Cesar Virata June 2, 1978 March 3, 1986 Ferdinand Marcos Vacant March 3, 1986 March 26, 1986 Ferdinand Marcos Jaime Ongpin March 26, 1986 January 30, 1987 Corazon Aquino Secretaries of Finance Jaime Ongpin January 30, 1987 September 14, 1987 Corazon Aquino Vicente Jayme September 15, 1987 December 1989 Corazon Aquino Jesus Estanislao January 1, 1990 June 30, 1992 Corazon Aquino Ramon del Rosario July 1, 1992 June 1, 1993 Fidel Ramos Ernest Leung June 2, 1993 January 31, 1994 Fidel Ramos Roberto de Ocampo February 1, 1994 March 30, 1998 Fidel Ramos Salvador Enriquez April 1. 1998 June 30, 1998 Fidel Ramos Edgardo Espiritu July 1, 1998 December 31, 1999 Joseph Estrada Jose Pardo January 2, 2000 January 20, 2001 Joseph Estrada Alberto Romulo January 23, 2001 June 30, 2001 Gloria Macapagal-Arroyo Jose Isidro Camacho June 30, 2001 November 30, 2003 Gloria Macapagal-Arroyo Juanita Amatong December 1, 2003 February 14, 2005 Gloria Macapagal-Arroyo Cesar Purisima February 15, 2005 July 15, 2005 Gloria Macapagal-Arroyo Margarito Teves July 22, 2005 June 30, 2010 Gloria Macapagal-Arroyo Cesar Purisima June 30, 2010 Present Benigno Aquino III
- Bureau of Internal Revenue (BIR)
- Bureau of Customs (BOC)
- Bureau of the Treasury (BTr)
- Bureau of Local Government Finance (BLGF)
- Privatization and Management Office (PMO)
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)
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