ASSIGNMENT IN FINANCIAL PLANNING AND CONTROL.docx
- 1. ASSIGNMENT IN FINANCIAL PLANNING AND CONTROL CECIL C. BARDAJE MA.ED. Structure & Funtions of Deparment of finance The Department is headed by the secretary of finance(Philippines),with the following 11 under secretaries and 6 assistant secretaries OFFICE OF THE SECRETARY (OSEC) The authority and responsibility for the exercise of the mandate of the Department and for the discharge of its power and functions shall be vested in the Secretary of Finance, who shall have supervision and control of the Department and shall be appointed by the President. Under secretary for Strategy, Economics, and Results Group (SERG) Under secretary for the Chief Economist (OCE) Under secretary for Corporate Affairs Group (CAG) The CAG monitors the cash flows of the government corporate sector; provides technical support in the privatization of transferred accounts and government corporations; formulates and implements policies affecting government-owned and controlled corporations (GOCCs). Corporate Operations Office COO initiatives are: 1) to increase the net contributions of GOCCs to the National Treasury, 2) to make the government corporate sector responsive to financial and fiscal reforms, and 3) to instil public accountability and financial discipline in GOCCs. Under secretary for Anti-Red Tape Program
- 2. Under secretary for Domestic Finance Group and Legislative Liaison (DFG) The DFG is primarily responsible for forecasting and programming revenues of the national government (NG); cash programming and monitoring of NG finances; undertaking studies on capital market development, debt management, resource mobilization, fiscal reforms, etc. Fiscal Policy And Planning Office Formulates long-range and annual projections of revenue needs, cash position and borrowing capacity of the Government as basis for policy decisions of the Department; Supervise policy research and development on fiscal and tax measures undertaken by the operating bureaus and offices of the Department; Coordinate with other government agencies on policy research as it impacts on fiscal and tax measures. • Assists in the overall macroeconomic planning process in coordination with the DBCC by providing inputs to the National Government’s Annual and Medium-Term Fiscal Program • Prepares/Forecasts/assesses the revenue program/projections • Consolidates the Public Sector Financial Position and Public Sector Debt from reports provided by the Corporate Affairs Group, Bureau of the Treasury, GFIs and BSP. • Prepares studies on Excise taxation, VAT and Tariffs – formulates/drafts tax reform measures/bills; prepares position papers; provides technical assistance to Congress; reviews implementing rules and regulations • Collects, monitors, reviews, consolidates and analyzes economic reports and data required for fiscal planning and policy formulation activities Information and Liaison Office The Information and Liaison Office is primarily responsible for tax policy formulation, legislative liaison work on tax, financial and economic proposals, and information dissemination activity. Specifically, these involve the a) Conduct of studies and simulations, and preparations of DOF position papers/comments on various tax and fiscal- related bills, or on the tax aspects of other bills initiated by other agencies or legislators; b) Drafting of tax reform bills and the submission and shepherding of the same in both Houses of Congress; c) Extending technical assistance to both Houses of Congress and individual legislators in the drafting and analysis of tax bills; d) Participation in the preparation or review of implementing rules and regulations of various tax laws or laws with tax provisions; and e) Conduct of briefings/lectures on the mandate, functions, activities and accomplishments of the DOF to visiting students from various colleges and universities, as well as other government functionaries.
- 3. Under secretary for Revenue Integrity Protection Service (RIPS) RIPS is the anti-corruption arm of the Department of Finance created by Executive Order 259 (December 17, 2003). RIPS investigates allegations of corruption in the Department of Finance and its attached agencies such as the Bureau of Internal Revenue and the Bureau of Customs, the Bureau of Local Government Finance, Bureau of Treasury, Central Board of Assessment Appeals, the Insurance Commission, the National Tax Research Center, the Fiscal Incentives Review Board, and the Privatization and Management Office. RIPS then files the necessary charges against erring officials and employees with the proper government agencies (e.g., Office of the Ombudsman). RIPS encourages active citizens participation in eradicating corruption in Government. Under secretary for Extractive Industries Transparency Initiative (EITI) International Finance Group (IFG) The IFG secures foreign grants and loans; initiates and negotiates foreign borrowing and debt restructuring; participates in policy formulation regarding external resource mobilization; coordinates with other government agencies regarding international agreement on trade, investment, tax treaties and other international arrangements. International Finance Operations Office IFOO provides advisory and technical support services in the formulation, evaluation and execution of Philippine negotiating positions and options with respect to the restructuring of external debt, as well as new loans and grants, from bilateral and multilateral financial institutions. International Finance Policy Office IFPO provides advisory and technical supports services with respect to international economic, financial and trade developments and their implications for the Philippine economy. IFPO also provides inputs into the formulation of fiscal, monetary, financial, foreign trade, budgetary, balance of payments and exchange rate policies. •Under secretary for Municipal Development Fund office Executive Order no. 41 created the Municipal Development Fund office (MDFO) to assume the administration of the Special Revolving Fund that aims to establish an effective mechanism that would enable local government units (LGUs) to avail funds local and international assistance for the implementation of various social and economic development projects. The MDFO through its various programs, projects
- 4. and activities provides assistance to LGUs in financing development projects, help establish LGUs credit worthiness, and promote fiscal discipline. Under secretary for Policy Development and Management Services Group (PDMSG) The PDMSG provides administrative and financial management support to the Groups in DOF OSEC; designs and manages the human resource development program of the Department; coordinates activities of the bureaus, agencies and corporations under the DOF and with other institutions on matter of national importance and in ensuring that directives and collaborative undertakings for executive offices on common concerns are promptly considered; and attends to public relations and related concerns Central Administration Office The CAO supervises services relating to personnel human resource development and general service administration, property and supplies procurement and custody, and maintenance of central files, and corresponding reporting system. Central Financial Management Office The CFMO supervises activities relating to budget preparation and management, accounting and internal audit. Central Management Information Office The CMIO monitors and evaluates programs and projects, including those that are executed by operating Bureaus and Offices; Formulates policies, plans and procedures for data control and systems management; act as the central repository of existing and future computer files. Under secretary for Privatization and Office of Special Concerns (PRIVA) The Privatization Council (PrC) is a cabinet-level and inter-agency policy making body tasked to oversee the Philippine Privatization Program. It formulates privatization guidelines, approves privatization transactions as to price and buyer, designates disposition entities and monitors post-privatization activities. Privatization Group The Privatization Group provides technical and administrative assistance to the Secretary of Finance in the exercise of his function as Chairman of the Committee on Privatization. It evaluates and reviews issues involved in the prospective privatization or disposal of government corporation assets, monitors the implementation of dispositive actions for transferred assets and GOCCs
- 5. approved by the President including the introduction of necessary legislation thereon, and assesses the aggregative and sectoral financial and socio-economic impact of the privatization or disposal of specific transferred or corporate assets in coordination with other appropriate and concerned entities. Under secretary for Revenue Operations Group (ROG) The ROG processes requests for tax exemptions, reviews tax rulings, revenue and customs regulations for issuance; reviews protest cases; general supervision and coordination of internal revenue and customs operations. Revenue Office The Revenue Office is responsible for processing of applications for exemption from payment of duties or taxes on importations of qualified applicants and chartered entities; Reviews discussions of the BOC in seizure, forfeiture, dumping, auction, abatement and refunds, protest and other tariff and customs related cases. One-stop-shop Tax Credit And Duty Drawback Center The CENTER was established as the government’s response to the mounting complaints being aired by the private sector over the countries highly chaotic and inefficient tax credit and duty drawback system. The CENTER was formed primarily to serve as one of the governments pillars in its export promotion and investment generation drive by making the various tax credit and duty drawback incentive programs readily accessible to legitimate exporters. Legal Affairs Office Provides legal services and opinions to and conducts legal research on the domestic and international aspect of taxes, customs, and tariff, as appropriate within the Department as well as bureaus and offices under it. Financial Analytics and Intelligence Unit Executive Order No. 46 Reviving the Post Clearance Audit Function of the Bureau of Customs and institutionalizing the functions of the Financial Analytics and Intelligence Unit of the Department of Finance. (a) Act as the data analytic unit of the DOF for purposes of revenue management; (b) Require, as it may deem necessary, agencies, bureaus and offices attached to DOF to submit all relevant trade and industry data related to revenue generation, subject to existing laws, rules and regulations; (c) Review matters that may be deemed fiscally adverse to the government, including those elevated by agencies, bureaus and offices attached to DOF for the approval and conformity of the Secretary of Finance; (d) Provide recommendations to the Secretary of Finance on policies and actions to be taken on the basis of its analysis of the available data; and (e) Perform such other functions as may be necessary or
- 6. incidental in carrying into effect the provisions of this Order, and as may be provided by law. Powers and Functions 1. Formulate goals, action plans and strategies for the Governments resource mobilization effort; 2. Formulate, institutionalize and administer fiscal and tax policies; 3. Supervise, direct and control the collection of government revenues; 4. Act as custodian of, and manage all financial resources of Government 5. Manage public debt; 6. Review and coordinate policies, plans and programs of GOCCs; 7. Monitor and support the implementation of policies and measures on local revenue administration; 8. Coordinate with other government agencies on matters concerning fiscal, monetary, trade and other economic policies 9. Investigate and arrest illegal activities such as smuggling, dumping, illegal logging, etc. affecting national economic interest