The Department of Finance(DOF) is the governments steward of sound fiscal policy. It formulates revenue policies that will ensure funding of critical government programs that promote welfare among our people and accelerate economic growth and stability. The Department envisions that the effective and efficient pursuit of the critical tasks under its wings revenue generation, resource mobilization, debt management and financial market development shall provide the solid foundation for a Philippine economy that is one of the most active and dynamic in the world.
The fact that the birth of the Department of Finance predated that of the PhilippineRepublic is testimony to its importance. Founded on 24 April 1897 by the Philippine Revolutionary Government, the DOF has undergone various structural and functional overhauls, but has nonetheless remained a key department. At present, the critical tasks of revenue generation, resource mobilization and fiscal management rest on the shoulder of the Department of Finance.
The government must provide the citizenry with infrastructure, education, health and other basic services; and the DOF must be ready with the funds for them. Likewise, the DOF must steer fiscal programs toward an investment-friendly environment, which is the catalyst for growth.
- 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
Our economy must be one of the most dynamic and active in the world, globally competative 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 advantegeous terms to meet budgetary requirements;
- Sound management of public sector debt; and
- Initiation and implementation of structural and policy reforms.
Under Executive Orders 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 financial resources of government;
- supervision of the revenue operations of all local government units;
- Review, approval and management of all public sector debt, domestic or foreign; and
- Rationalization, privatization and public accountability of corporations and assets owned, controlled or acquired by the government.
- Formulate goals, action plans and strategies for the Governments resource mobilization effort;
- Formulate, institutionalize and administer fiscal and tax policies;
- Supervise, direct and control the collection of government revenues;
- Act as custodian of, and manage all financial resources of Government
- Manage public debt;
- Review and coordinate policies, plans and programs of GOCCs;
- Monitor and support the implementation of policies and measures on local revenue administration;
- Coordinate with other government agencies on matters concerning fiscal, monetary, trade and other economic policies
- Investigate and arrest illegal activities such as smuggling, dumping, illegal logging, etc. affecting national economic interest