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Department of finance
- 2. The Department of Finance(DOF) is the government’s 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.
- 3. Mission 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.
- 4. Vision 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
- 6. Mandate 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.
- 17. January to July Fiscal Deficit at P43.713 Billion The January to July fiscal deficit of the National Government reached 43.713 billion. The National Government registered a deficit in July amounting to P26.482 billion.
- 18. Structure of DOF OFFICE OF THE SECRETARY CORPORATE AFFAIRS GROUP Corporate Operations Office DOMESTIC FINANCE GROUP AND LEGISLATIVE LIAISON Fiscal Policy And Planning Office Reseach And Information Office MUNICIPAL DEVELOPMENT FUND OFFICE INTERNATIONAL FINANCE GROUP International Finance Operations Office International Finance Policy Office POLICY DEVELOPMENT & MGT SERVICES GROUP Central Adminstration Office Central Financial Management Office CMIO – Information Systems Development Operations Division
- 19. PRIVATIZATION AND OFFICE OF SPECIAL CONCERNS Privatization Office REVENUE OPERATIONS GROUP Revenue Office Mabuhay Lane One-stop-shop Tax Credit And Duty Drawback Center Legal Affairs Office REVENUE INTEGRITY PROTECTION SERVICE
- 21. History Act No. 355 (February 6, 1902), “The Philippine Customs Administrative Act”, created the customs service of the Philippines to collect all revenues warranted by law. Executive Order No. 127 (January 30, 1987) reorganized/expanded the organization of the Bureau of Customs (BOC)-Central Office by providing units to monitor and coordinate assessment and operations of the Bureau. Executive Order No. 463 (January 9, 1998) created the Management Information System and Technology Group (MISTG) to ensure the implementation of the BOC’s computerization program. Republic Act No. 9335 (January 25, 2005), otherwise known as the Attrition Act of 2005, provided for a system of rewards and sanctions to enhance revenue performance through the creation of a Rewards and Incentives Fund and a Revenue Performance Evaluation Board within the Bureau of Internal Revenue and the BOC.
- 22. Vision A customs service more responsive to clients’ needs and supportive of government goals, adhering to world’s best practices; one that every Filipino can be truly proud of.
- 23. Mission The Bureau of Customs, an office under the Department of Finance, is tasked primarily to perform the following functions: Assess and collect lawful revenues from imported articles and all other dues, fees, charges, fines and penalties accruing under the Tariff and Customs Laws; Prevent and suppress smuggling and frauds upon the Customs; Supervise and control the entrance and clearance of vessels and aircraft engaged in foreign trade; Enforcement of Tariff and Customs Laws and all other laws, rules and regulations relating to tariff and customs administration;
- 24. Supervision and control over the handling of foreign mail arriving in the Philippines, for the purpose of collecting lawful duty on the dutiable articles thus imported and prevent smuggling through the medium of such mails; Supervise and control all import and export cargoes landed or stored in piers, terminal facilities, including container yards and freight stations; and Exercise exclusive jurisdiction over seizure and forfeiture cases under the Tariff and Customs laws.
- 25. Mandate Prevent smuggling and other frauds Control vessels/aircrafts doing foreign trade Enforce tariff and customs laws Control the handling of foreign mails for revenues and prevention purposes Control import and export cargoes Jurisdiction over forfeiture and seizure cases
- 30. The Philippine Customs is the largest collector of revenue after the Bureau of Internal Revenue. Collection equals to close to 19% of the national government’s revenue
- 31. Bureau of Internal Revenue
- 32. Mission The Bureau of Internal Revenue is committed to collect taxes for nation-building through excellent, efficient and transparent service, just and fair enforcement of tax laws, uplifting the life of every Filipino.
- 33. Vission The Bureau of Internal Revenue is an institution of service excellence, a partner in nation-building, manned by globally competitive professionals with integrity and patriotism.
- 34. Functions The powers and duties of the Bureau of Internal Revenue are: Assessment and collection of all internal revenue taxes, fees and charges; and enforcement of all forfeitures, penalties, and fines connected therewith, including the execution of judgments in all cases decided in its favor by the Court of Tax Appeals and the ordinary courts; It shall also give effect to and administer supervisory and police powers conferred to it by the National Internal Revenue Code and special laws.
- 35. History Created on August 1, 1904 by Act No. 1189 of the Philippine Commission with only 69 officials and employees, the Bureau of Internal Revenue has remarkably grown through the years. JNO S. Ford was the first Collector of Internal Revenue. He was the bureau's steward for three years (1903-1907). He was succeeded by Ellis Cromwell (1909-1912), William T. Nolting (1912-1914) and James J. Rafferty (1914-1918). Rafferty was the last American collector of the Bureau. Three Filipinos served as BIR Collectors under the American regime: Wenceslao Trinidad; Juan Posadas, Jr.; and Alfredo L. Yatco. The filipinization of the BIR started with Bibiano L. Meer, the 8th and 10th Collector (January 3, 1939-December 31, 1941; June 28, 1946-October 4, 1950). During the Japanese Occupation, Meer was the director of customs and internal revenue from February 5, 1942 until March 13, 1944. After the Liberation, he was replaced by Jose Leido, Sr. Leido was succeeded by Meer, who became collector for the second time. Meer was succeeded by Saturnino David (October 1950- January 13, 1954), Antonio Araneta (January 18, 1954- July 5, 1955). In 1957, the position of collector was changed to commissioner. Lilian Hefti, was head of the BIR who assumed office on September, 2007, but resigned on October, 2008, for health reasons.[1][2] On October 20, 2008, she was replaced by Sixto Esquivias, who served as deputy commissioner.[3] The Bureau currently has more than 75 BIR Forms[4] and tax classification for different professionals and businesses.
- 36. Mandate Assessment and collection of all national internal revenue taxes, fees and charges. Enforcement of all forfeitures, penalties, fines and execution of judgments in all cases decided in its favor by the Court of Tax Appeals and the ordinary courts Administer supervisory and police powers conferred by National Internal Revenue Code as amended by R.A. 8424 or other laws.
- 41. In October 2010, the Philippines signed the first Capacity-Building Partnership Agreement with the IMF and the MCC to help reform tax administration
- 44. National Government RevenuesJanuary to July 2011 (In Billion Pesos)
- 46. National Government ExpendituresJanuary-July 2011 (In Billion Pesos)
Notes de l'éditeur
- The Department of Finance (DOF) coat of arms shows two sea lions (taken from the Royal Spanish flag used by Legaspi in the 16th century) bearing a shield. On the shield are a key, seven bezants or roundels, and a scale. The key symbolizes economic development; the roundels are seven gold coins representing the seven original bureaus under the Department; the scale represents the judicious management of government resources. Above the shield is a chevron from which a rising sun originates and below is a scroll with the Latin inscriptions Sigil. Thesaur. Phil. meaning “Seal of the Treasury of the Philippine Archipelago”. The colors of the Department are gold for abundance, purple for courage, and blue for peace.
- The Department of Finance (DOF) is responsible for the sound and efficient management of the financial resources of the government by formulating, institutionalizing, and administering fiscal policies in coordination with other agencies of the government; generating and managing the financial resources of government; supervising the revenue operations of all local government units; and reviewing, approving, and managing all public sector debt, domestic or foreign. It is also responsible for the rationalization, privatization, and public accountability of corporations and assets owned, controlled, or acquired by the government.
- The Logical Framework Approach (LFA) is a management tool mainly used in the design, monitoring and evaluation of international development projects. It is also widely known as Goal Oriented Project Planning (GOPP) or Objectives Oriented Project Planning (OOPP). If these Activities are implemented, and these Assumptions hold, then these Outputs will be deliveredIf these Outputs are delivered, and these Assumptions hold, then this Purpose will be achieved.If this Purpose is achieved, and these Assumptions hold, then this Goal will be achieved.
- PS(Personal Services)- the talents of a person which are unusual, special or unique and cannot be performed exactly the same by another. These can include the talents of an artist, an actor, a writer, or professional services. The value of personal services is greater than general labor,MOOE(Maintainnance and Other Operating Expensis)- Operating Expenses are expenses that are incurred while running a business. Maintenance Expense could be considered anything from the cost of maintaining a company vehicle to repairs made on a building or some other type of "maintenance”CO(Capital Outlay)- Equipment, meaning motor trucks Alterations and replacements, meaning major and extensive repair, remodeling New structures, meaning the construction of new buildings Non-structural improvements to land, meaning the grading, leveling, drainage, and landscapingThe Major Final Outputs of DOF has a total appropriation of P12,226,320,000, 100% of which is allocated to PS MOOE CO
- Here we can see that BIR has the largest share of the budget allocation
- The new administration has a new agenda called fiscal sustainabiity: An integral part of the Effective Governance Agenda it has identified that fiscal sustainbaility as their top priority.The administration has a clear fiscal strategy for the medium term.This 3R’s is a program by the government to ensure that taxes are are properly collected. RATE is a program initiated by DOF and BIR to investigate and prosecute individuals or entities engaged in tax evasion.GOCC reform bill- the creation of the Government Commission for GOCCs (GCG) which will act as a central advisory and oversight body composed of a chairman with the rank of a Cabinet secretary and two commissioners with the rank of undersecretary.Build Operate Transfer (BOT) Law-is a key legal framework that authorizes the private sector to enter into agreements with the government to finance, construct, operate, and maintain public infrastructure.
- Keeping the deficit within manageable levels is also a fundamental goal for the new administration.This is the 2011 fiscal program of the new governmentHere we can see the Tax revenues of the two(2) Bureaus under the supervision of DOF
- Recently the Government presents us their financial goals and strategies of the new administration, its called Aquinomics.Aquinomics aims to create an environment that will give the private sector confidence to put in their money, generate jobs, accelerate economic growth and sustain it.Aquinomics has Four Pillar:One is fiscal sustainability and macroeconomic stability. In this Finance Secretary Purisima says the country is on track, with reserves at historic highs and borrowing costs down, a balance of payments surplus, moderate inflation, and deficit targets within range.The second pillar is the private-public partnership or PPP program. This has stalled a bit, with seven instead of 10 projects scheduled for bidding within the year.A third pillar is ease in doing business, for both local and foreign investors. Last week, for example, the Securities and Exchange Commission signed an agreement with the Land Bank of the Philippines, allowing the bank’s branches nationwide to accept incorporation papers. The SEC and Department of Trade and Industry will soon be combining their data.The fourth pillar is investment in people – giving Filipinos health care, education and the skills necessary to become “productive participants in the economy,”
- The Department of Finance is a government institution that formulates fiscal policy. Carrying out its basic function of revenue generation to ensure adequate financing for the needs of the country has led to an expansion of the DOF’s role over time. Thes two Bureaus are under the supervision of DOF.BOC is the second largest revenue Genearting agency after BIR
- Under the new administration (July, 2010 to July 28, 2011):RATS or ‘Run-after-the-Smugglers’ special task force of the Philippine Bureau of Customs
- The agencies Major Final Output (MFO) is the Fiscal Policies, plans and programs, The activities and projects under our MFO are the strict imlementation of policies on warehousing and auction and close monitoring of regulations of all imports/exports shipments
- The Bureau of Internal Revenue (BIR) seal sits at the center of a torch’s flame, illustrating the important place BIR occupies in the country’s relentless pursuit to collect revenues and the role it plays in keeping the light of governance burning. The light that the flame emits discloses the BIR’s theme, “Buwis Sandigan ng Republika”, expressing in the national language the solid and unwavering support the BIR gives to the government. The torch’s shaft, bearing the tricolor of the Philippine flag, gives credence to the BIR’s aspiration to continue to play an indispensable role in nation building even as it grows and continues to exist alongside government and country.
- The Bureau of Internal Revenue (BIR) (Filipino: Kawanihan ng Rentas Internas) is an attached agency of Department of Finance. BIR collects more than one-half of the total revenues of the government.
- The agencies Major Final Output (MFO) is the Fiscal Policies, plans and programs, The activities and projects under our MFO are the strict imlementation of policies on warehousing and auction and close monitoring of regulations of all imports/exports shipments
- In late September 2010, the Philippines was removed from the OECD(Organisation for Economic Co-operation and Developmentan international organisation helping governments tackle the economic, social and governance challenges of a globalised economy) tax haven grey list The OECD moved the Philippines from its tax haven “greylist” to the “whitelist” after agreeing that the country had “substantially implemented the internationally-agreed tax standards” with the implementation of Republic Act (R A) 10021, or The Exchange of Information on Tax Matters Act.In October 2010, the Philippines signed the first Capacity-Building Partnership Agreement with the IMF and the MCC to help reform tax administration Under the agreement, MCC will contribute US$4.6 million for technical assistance from the IMF’s Fiscal Affairs Department to help the Philippines’ Bureau of Internal Revenue (BIR) improve its revenue administration policies and procedures The 40-month project will bolster the effectiveness of revenue collection and reduce opportunities for corruption. The project’s design was based on the work the IMF has done over the pastseveral years with the BIR
- Revenue PerformanceRevenue collections reached P788.603 billion for January to July. Actual collections were recorded at P531.785 billion for BIR and P149.840 billion for BOC. The Bureau of the Treasury income was recorded at P57.033 billion while collections from other offices was recorded at P49.945 billion.Revenue collections reached P106.963 billion for the month of July. Actual collections for the month were recorded at P73.789 billion for BIR, P21.283 billion for BOC. Bureau of the Treasury income and collections from other offices for the month were recorded at P6.260 billion and P5.631 billion, respectively.ExpendituresFor January to July 2011, total disbursements amounted to P832.316 billion, 10% lower than the comparable disbursements in 2010. Excluding interest payments, total disbursements decreased by 11%. Actual disbursements in July amounted to P133.445 billion.Primary Surplus/ (Deficit)Netting out the interest payments in the expenditures, the National Government recorded a primary surplus for January to July amounting to P131.988 billion or a reverse of the primary deficit recorded last year.