Department of Finance (Philippines)
Encyclopedia
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.
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
.
Philippines
The Philippines , officially known as the Republic of the Philippines , is a country in Southeast Asia in the western Pacific Ocean. To its north across the Luzon Strait lies Taiwan. West across the South China Sea sits Vietnam...
' Department of Finance (DOF) (Filipino: Kagawaran ng Pananalapi) is the executive department
Executive Departments of the Philippines
The Executive departments of the Philippines is the largest component of the national executive branch of the government of the Philippines. There are a total of nineteen executive departments. The departments comprise the largest part of the country's bureaucracy...
of the Philippine government
Politics of the Philippines
The Politics of the Philippines takes place in an organized framework of a presidential, representative, and democratic republic whereby the president is both the head of state and the head of government within a pluriform multi-party system...
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.
History
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 AguinaldoBaldomero Aguinaldo
Baldomero Aguinaldo y Baloy was a leader of the Philippine Revolution. He was the first cousin of Emilio Aguinaldo, the first president of the Philippines, as well as the grandfather of Cesar Virata, a former prime minister in the 1980s.-Early life:Baldomero Aguinaldo was born in Kawit, Cavite...
was appointed Director of Finance by General Emilio Aguinaldo
Emilio Aguinaldo
Emilio Aguinaldo y Famy was a Filipino general, politician, and independence leader. He played an instrumental role during the Philippines' revolution against Spain, and the subsequent Philippine-American War or War of Philippine Independence that resisted American occupation...
. 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
William Howard Taft
William Howard Taft was the 27th President of the United States and later the tenth Chief Justice of the United States...
. 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
Cesar Virata
Cesar Enrique Aguinaldo Virata is a former Prime Minister of the Philippines from 1981-1986 under the Interim Batasang Pambansa and the Regular Batasang Pambansa. One of the Philippines' business leaders and leading technocrats, he served as Finance Minister from 1970 during the Marcos regime and...
, concurrently Prime Minister
Prime Minister of the Philippines
The Prime Minister of the Philippines was the official designation of the head of the government of the Philippines from 1978 until People Power Revolution in 1986...
, 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
Moody's
Moody's Corporation is the holding company for Moody's Analytics and Moody's Investors Service, a credit rating agency which performs international financial research and analysis on commercial and government entities. The company also ranks the credit-worthiness of borrowers using a standardized...
, Standard and Poor's, and Fitch
Fitch Ratings
The Fitch Group is a majority-owned subsidiary of FIMALAC, headquartered in Paris. Fitch Ratings, Fitch Solutions and Algorithmics, are part of the Fitch Group....
.
Heads of the Finance Portfolio
| Name | Term began | Term ended | President |
|---|---|---|---|
| Director of Finance | |||
| Baldomero Aguinaldo Baldomero Aguinaldo Baldomero Aguinaldo y Baloy was a leader of the Philippine Revolution. He was the first cousin of Emilio Aguinaldo, the first president of the Philippines, as well as the grandfather of Cesar Virata, a former prime minister in the 1980s.-Early life:Baldomero Aguinaldo was born in Kawit, Cavite... |
April 1897 | November 1897 | Emilio Aguinaldo Emilio Aguinaldo Emilio Aguinaldo y Famy was a Filipino general, politician, and independence leader. He played an instrumental role during the Philippines' revolution against Spain, and the subsequent Philippine-American War or War of Philippine Independence that resisted American occupation... |
| Secretaries of the Treasury | |||
| Mariano Trias Mariano Trías Mariano Trías y Closas is considered to be the first de facto Philippine Vice President of that revolutionary government established at the Tejeros Convention - an assembly of Philippine revolutionary leaders that elected officials of the revolutionary movement against the colonial government of... |
July 15, 1898 | May 9, 1899 | Emilio Aguinaldo Emilio Aguinaldo Emilio Aguinaldo y Famy was a Filipino general, politician, and independence leader. He played an instrumental role during the Philippines' revolution against Spain, and the subsequent Philippine-American War or War of Philippine Independence that resisted American occupation... |
| Hugo Ilagan | May 9, 1899 | November 13, 1899 | Emilio Aguinaldo Emilio Aguinaldo Emilio Aguinaldo y Famy was a Filipino general, politician, and independence leader. He played an instrumental role during the Philippines' revolution against Spain, and the subsequent Philippine-American War or War of Philippine Independence that resisted American occupation... |
| Secretaries of Finance and Justice | |||
| Henry Clay Ide Henry Clay Ide Henry Clay Ide was a U.S. judge, colonial Commissioner, ambassador, and Governor-General.- Early life, States Attorney, Senator, and Presidential Commissioner to Samoa :... |
September 1, 1901 | September 24, 1906 | |
| James Francis Smith James Francis Smith James Francis Smith was an American Brigadier General, associate justice to the Supreme Court of the Philippines, Governor-General of the Philippines, and associate judge of the U.S. Court of Customs Appeals until his death.... |
September 25, 1906 | June 30, 1908 | |
| Gregorio S. Araneta Gregorio S. Araneta Gregorio S. Araneta , also known as Don Gregorio Araneta y Soriano, was a Filipino lawyer, businessman, nationalist and patriot, who served his country and people during the Spanish colonization and American occupation.... |
July 1, 1908 | October 30, 1913 | |
| Victorino Mapa Victorino Mapa Victorino Mapa was the second Chief Justice of the Philippines.-Career:He graduated his Bachelor of Laws and Jurisprudence from the University of Santo Tomas at the age of 25.... |
November 1, 1913 | January 14, 1917 | |
| Secretaries of Finance | |||
| Victorino Mapa Victorino Mapa Victorino Mapa was the second Chief Justice of the Philippines.-Career:He graduated his Bachelor of Laws and Jurisprudence from the University of Santo Tomas at the age of 25.... |
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 Elpidio Quirino Elpidio Rivera Quirino was a Filipino politician, and the sixth President of the Philippines.A lawyer by profession, Quirino entered politics when he became a representative of Ilocos Sur from 1919 to 1925. He was then elected as senator from 1925–1931... |
July 25, 1934 | February 18, 1936 | Manuel Quezon |
| Antonio de Las Alas | February 19, 1936 | November 15, 1938 | Manuel Quezon |
| Manuel Roxas Manuel Roxas Manuel Acuña Roxas was the first president of the independent Third Republic of the Philippines and fifth president overall. He served as president from the granting of independence in 1946 until his abrupt death in 1948... |
November 26, 1938 | August 28, 1941 | Manuel Quezon |
| Serafin Marabut | August 21, 1941 | December 29, 1941 | Manuel Quezon |
| Jose Abad Santos José Abad Santos In 1919, Abad Santos would become instrumental in laying the legal groundwork as well as drafting the by-laws and constitution of the Philippine Women's University, the country's and Asia's first private non-sectarian institution for higher learning for women... |
December 29, 1941 | March 26, 1942 | Manuel Quezon |
| Andres Soriano Andrés Soriano Andrés Soriano was an influential Spanish citizen businessman in the Philippines and the leader of the Philippine Falange, acting as an agent of Spanish ruler Francisco Franco of the Spanish Falange from the late 1930s. He served as finance minister of the Philippines during the Quezon administration... |
March 26, 1942 | July 31, 1944 | Manuel Quezon |
| Jaime Hernandez Jaime Hernandez Jaime Hernandez is the co-creator of the black & white independent comic book Love and Rockets .-Early life:... |
August 8, 1944 | May 27, 1946 | Sergio Osmeña Sergio Osmeña Sergio Osmeña y Suico was a Filipino politician who served as the 4th President of the Philippines from 1944 to 1946. He was Vice President under Manuel L. Quezon, and rose to the presidency upon Quezon's death in 1944, being the oldest Philippine president to hold office at age 65... |
| Elpidio Quirino Elpidio Quirino Elpidio Rivera Quirino was a Filipino politician, and the sixth President of the Philippines.A lawyer by profession, Quirino entered politics when he became a representative of Ilocos Sur from 1919 to 1925. He was then elected as senator from 1925–1931... |
May 28, 1946 | November 24, 1946 | Manuel Roxas Manuel Roxas Manuel Acuña Roxas was the first president of the independent Third Republic of the Philippines and fifth president overall. He served as president from the granting of independence in 1946 until his abrupt death in 1948... |
| Miguel Cuaderno | November 25, 1946 | January 2, 1949 | Manuel Roxas Manuel Roxas Manuel Acuña Roxas was the first president of the independent Third Republic of the Philippines and fifth president overall. He served as president from the granting of independence in 1946 until his abrupt death in 1948... , Elpidio Quirino Elpidio Quirino Elpidio Rivera Quirino was a Filipino politician, and the sixth President of the Philippines.A lawyer by profession, Quirino entered politics when he became a representative of Ilocos Sur from 1919 to 1925. He was then elected as senator from 1925–1931... |
| Jaime Hernandez Jaime Hernandez Jaime Hernandez is the co-creator of the black & white independent comic book Love and Rockets .-Early life:... |
January 1949 | January 1952 | Elpidio Quirino Elpidio Quirino Elpidio Rivera Quirino was a Filipino politician, and the sixth President of the Philippines.A lawyer by profession, Quirino entered politics when he became a representative of Ilocos Sur from 1919 to 1925. He was then elected as senator from 1925–1931... |
| Aurelio Montinola, Sr. | January 1952 | December 1953 | Elpidio Quirino Elpidio Quirino Elpidio Rivera Quirino was a Filipino politician, and the sixth President of the Philippines.A lawyer by profession, Quirino entered politics when he became a representative of Ilocos Sur from 1919 to 1925. He was then elected as senator from 1925–1931... |
| Jaime Hernandez Jaime Hernandez Jaime Hernandez is the co-creator of the black & white independent comic book Love and Rockets .-Early life:... |
December 1953 | January 1960 | Ramon Magsaysay Ramon Magsaysay Ramón del Fierro Magsaysay was the third President of the Republic of the Philippines from December 30, 1953 until his death in a plane crash in 1957. He was elected President under the banner of the Nacionalista Party.-Early life:Ramon F... , Carlos P. Garcia Carlos P. Garcia Carlos Polistico García was a Filipino teacher, poet, orator, lawyer, public official, political economist and guerrilla leader... |
| Dominador Aytona | January 25, 1960 | December 29, 1961 | Carlos P. Garcia Carlos P. Garcia Carlos Polistico García was a Filipino teacher, poet, orator, lawyer, public official, political economist and guerrilla leader... |
| Fernando Sison | January 2, 1962 | July 31, 1962 | Diosdado Macapagal Diosdado Macapagal Diosdado Pangan Macapagal was the ninth President of the Philippines, serving from 1961 to 1965, and the sixth Vice President, serving from 1957 to 1961. He also served as a member of the House of Representatives, and headed the Constitutional Convention of 1970... |
| Rodrigo Perez Rodrigo Pérez Rodrigo Antonio Pérez Albornoz is a Chilean defender, who currently plays for the Chilean club Deportes Iquique. Pérez made his professional debut with the Chilean club O'Higgins in 1993. He then moved to Santiago Wanderers in 1997. He has spent the most time in Chile playing for Cobreloa,... |
August 1, 1962 | January 7, 1964 | Diosdado Macapagal Diosdado Macapagal Diosdado Pangan Macapagal was the ninth President of the Philippines, serving from 1961 to 1965, and the sixth Vice President, serving from 1957 to 1961. He also served as a member of the House of Representatives, and headed the Constitutional Convention of 1970... |
| Rufino Hechanova | January 8, 1964 | December 13, 1965 | Diosdado Macapagal Diosdado Macapagal Diosdado Pangan Macapagal was the ninth President of the Philippines, serving from 1961 to 1965, and the sixth Vice President, serving from 1957 to 1961. He also served as a member of the House of Representatives, and headed the Constitutional Convention of 1970... |
| Eduardo Romualdez | January 1, 1966 | February 4, 1970 | Ferdinand Marcos Ferdinand Marcos Ferdinand Emmanuel Edralin Marcos, Sr. was a Filipino leader and an authoritarian President of the Philippines from 1965 to 1986. He was a lawyer, member of the Philippine House of Representatives and a member of the Philippine Senate... |
| Cesar Virata Cesar Virata Cesar Enrique Aguinaldo Virata is a former Prime Minister of the Philippines from 1981-1986 under the Interim Batasang Pambansa and the Regular Batasang Pambansa. One of the Philippines' business leaders and leading technocrats, he served as Finance Minister from 1970 during the Marcos regime and... |
February 9, 1970 | June 2, 1978 | Ferdinand Marcos Ferdinand Marcos Ferdinand Emmanuel Edralin Marcos, Sr. was a Filipino leader and an authoritarian President of the Philippines from 1965 to 1986. He was a lawyer, member of the Philippine House of Representatives and a member of the Philippine Senate... |
| Ministers of Finance | |||
| Cesar Virata Cesar Virata Cesar Enrique Aguinaldo Virata is a former Prime Minister of the Philippines from 1981-1986 under the Interim Batasang Pambansa and the Regular Batasang Pambansa. One of the Philippines' business leaders and leading technocrats, he served as Finance Minister from 1970 during the Marcos regime and... |
June 2, 1978 | March 3, 1986 | Ferdinand Marcos Ferdinand Marcos Ferdinand Emmanuel Edralin Marcos, Sr. was a Filipino leader and an authoritarian President of the Philippines from 1965 to 1986. He was a lawyer, member of the Philippine House of Representatives and a member of the Philippine Senate... |
| Vacant | March 3, 1986 | March 26, 1986 | Ferdinand Marcos Ferdinand Marcos Ferdinand Emmanuel Edralin Marcos, Sr. was a Filipino leader and an authoritarian President of the Philippines from 1965 to 1986. He was a lawyer, member of the Philippine House of Representatives and a member of the Philippine Senate... |
| Jaime Ongpin Jaime Ongpin Jaime Ongpin born 1938 died 1987 was Minister of Finance of the Philippines under President Cory Aquino, appointed in 1986 after having played an instrumental role in her campaign. He died on December 7, 1987 at age 49 of an apparently self-inflicted gunshot... |
March 26, 1986 | January 30, 1987 | Corazon Aquino Corazon Aquino Maria Corazon Sumulong Cojuangco-Aquino was the 11th President of the Philippines and the first woman to hold that office in Philippine history. She is best remembered for leading the 1986 People Power Revolution, which toppled Ferdinand Marcos and restored democracy in the Philippines... |
| Secretaries of Finance | |||
| Jaime Ongpin Jaime Ongpin Jaime Ongpin born 1938 died 1987 was Minister of Finance of the Philippines under President Cory Aquino, appointed in 1986 after having played an instrumental role in her campaign. He died on December 7, 1987 at age 49 of an apparently self-inflicted gunshot... |
January 30, 1987 | September 14, 1987 | Corazon Aquino Corazon Aquino Maria Corazon Sumulong Cojuangco-Aquino was the 11th President of the Philippines and the first woman to hold that office in Philippine history. She is best remembered for leading the 1986 People Power Revolution, which toppled Ferdinand Marcos and restored democracy in the Philippines... |
| Vicente Jayme | September 15, 1987 | December 1989 | Corazon Aquino Corazon Aquino Maria Corazon Sumulong Cojuangco-Aquino was the 11th President of the Philippines and the first woman to hold that office in Philippine history. She is best remembered for leading the 1986 People Power Revolution, which toppled Ferdinand Marcos and restored democracy in the Philippines... |
| Jesus Estanislao Jesus Estanislao Jesus P. Estanislao was the Secretary of Finance of the Philippines from 1990-1992, during the government of President Corazon Aquino. He presently heads two private institutes committed to governance reforms:... |
January 1, 1990 | June 30, 1992 | Corazon Aquino Corazon Aquino Maria Corazon Sumulong Cojuangco-Aquino was the 11th President of the Philippines and the first woman to hold that office in Philippine history. She is best remembered for leading the 1986 People Power Revolution, which toppled Ferdinand Marcos and restored democracy in the Philippines... |
| Ramon del Rosario | July 1, 1992 | June 1, 1993 | Fidel Ramos |
| Ernest Leung | June 2, 1993 | January 31, 1994 | Fidel Ramos |
| Roberto de Ocampo Roberto de Ocampo Roberto de Ocampo is the Chairman at Centennial Group Inc. He was the president of the Asian Institute of Management. From 1992 – 98, he served as Secretary of Finance under President Fidel V. Ramos. He was named Finance Minister of the Year by several organizations... |
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 Joseph Estrada Joseph "Erap" Ejercito Estrada was the 13th President of the Philippines, serving from 1998 until 2001. Estrada was the first person in the Post-EDSA era to be elected both to the presidency and vice-presidency.Estrada gained popularity as a film actor, playing the lead role in over 100 films in... |
| Jose Pardo | January 2, 2000 | January 20, 2001 | Joseph Estrada Joseph Estrada Joseph "Erap" Ejercito Estrada was the 13th President of the Philippines, serving from 1998 until 2001. Estrada was the first person in the Post-EDSA era to be elected both to the presidency and vice-presidency.Estrada gained popularity as a film actor, playing the lead role in over 100 films in... |
| Alberto Romulo Alberto Romulo Alberto Gatmaitan Rómulo is a politician in the Philippines. He served as Foreign Secretary before and during the beginning of the administration of President Benigno Aquino III.... |
January 23, 2001 | June 30, 2001 | Gloria Macapagal-Arroyo Gloria Macapagal-Arroyo Gloria Macapagal-Arroyo is a Filipino politician who served as the 14th President of the Philippines from 2001 to 2010, as the 12th Vice President of the Philippines from 1998 to 2001, and is currently a member of the House of Representatives representing the 2nd District of Pampanga... |
| Jose Isidro Camacho Jose Isidro Camacho Jose Isidro N. "Lito" Camacho is the current Managing Director and Vice Chairman of Credit Suisse Asia Pacific and Chairman of the Board of Sun Life of Canada , Inc.... |
June 30, 2001 | November 30, 2003 | Gloria Macapagal-Arroyo Gloria Macapagal-Arroyo Gloria Macapagal-Arroyo is a Filipino politician who served as the 14th President of the Philippines from 2001 to 2010, as the 12th Vice President of the Philippines from 1998 to 2001, and is currently a member of the House of Representatives representing the 2nd District of Pampanga... |
| Juanita Amatong Juanita Amatong Juanita Amatong is a member of the Monetary Board of the Philippines, a policy-making body of the Bangko Sentral ng Pilipinas , and former Secretary of Finance in the Gloria Macapagal-Arroyo administration. Amatong has been in government service since 1971 starting as Senior Financial Analyst... |
December 1, 2003 | February 14, 2005 | Gloria Macapagal-Arroyo Gloria Macapagal-Arroyo Gloria Macapagal-Arroyo is a Filipino politician who served as the 14th President of the Philippines from 2001 to 2010, as the 12th Vice President of the Philippines from 1998 to 2001, and is currently a member of the House of Representatives representing the 2nd District of Pampanga... |
| Cesar Purisima Cesar Purisima Cesar V. Purisima is the current Philippine Secretary of Finance. On June 29, 2010, President Benigno Aquino III picked him as his Secretary of Finance... |
February 15, 2005 | July 15, 2005 | Gloria Macapagal-Arroyo Gloria Macapagal-Arroyo Gloria Macapagal-Arroyo is a Filipino politician who served as the 14th President of the Philippines from 2001 to 2010, as the 12th Vice President of the Philippines from 1998 to 2001, and is currently a member of the House of Representatives representing the 2nd District of Pampanga... |
| Margarito Teves Margarito Teves Margarito "Gary" B. Teves was the secretary of the Department of Finance of the Philippines. He was appointed to the position in July 2005 by President Gloria Macapagal-Arroyo, following a mass resignation of her economic team.... |
July 22, 2005 | June 30, 2010 | Gloria Macapagal-Arroyo Gloria Macapagal-Arroyo Gloria Macapagal-Arroyo is a Filipino politician who served as the 14th President of the Philippines from 2001 to 2010, as the 12th Vice President of the Philippines from 1998 to 2001, and is currently a member of the House of Representatives representing the 2nd District of Pampanga... |
| Cesar Purisima Cesar Purisima Cesar V. Purisima is the current Philippine Secretary of Finance. On June 29, 2010, President Benigno Aquino III picked him as his Secretary of Finance... |
June 30, 2010 | Present | Benigno Aquino III Benigno Aquino III Benigno Simeon Cojuangco Aquino III , also known as Noynoy Aquino or PNoy, is a Filipino politician who has been the 15th and current President of the Philippines since June 2010.... |
Bureaus
- Bureau of Internal RevenueBureau of Internal Revenue (Philippines)The Bureau of Internal Revenue is an attached agency of Department of Finance. BIR collects more than one-half of the total revenues of the government.-Functions:...
(BIR) - Bureau of Customs (BOC)
- Bureau of the Treasury (BTr)
- Bureau of Local Government Finance (BLGF)
Offices
- 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 CorporationPhilippine Deposit Insurance CorporationThe Philippine Deposit Insurance Corporation is a government-run Philippine deposit insurance fund. It was established on June 22, 1963 by Republic Act 3591. It guarantees deposits up to P500,000.-External links:*...
(PDIC) - Philippine Export-Import Credit AgencyPhilippine Export-Import Credit AgencyThe Philippine Export-Import Credit Agency, also known as PhilEXIM, is an organization in the Philippines connected to the Department of Finance. Formed by presidential decree on January 31, 1977 under the title Philippine Export and Foreign Loan Guarantee Corporation, the organization has been...
(PHILEXIM) - Government Service Insurance SystemGovernment Service Insurance System (Philippines)The Government Service Insurance System is a government-owned and -controlled corporation in the Republic of the Philippines. Created by Commonwealth Act No...
(GSIS) - Social Security SystemSocial Security System (Philippines)The Philippine Social Security System is a social insurance program for workers in the Philippine private sector.-Reference:*...
(SSS) - Public Estates Authority (PEA)
- Cooperative Development Authority (CDA)