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.
History of the Department of Finance
The fact that the birth of the Department of Finance predated that of the Philippine Republic 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 rests on the shoulder of the Department of Finance.
Under Executive Orders 127, 127-A and 292, the Department of Finance is responsible for 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.
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.
(Source: Department of Finance website)