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.
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 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.
Our economy must be one of the most dynamic and active in the world, globally competitive 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:
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.
