SECTION 1. Declaration of Policy.—It is the policy of the State that the Department of Finance shall be primarily responsible for the sound and efficient management of the financial resources of the Government, its subdivisions, agencies and instrumentalities.
SECTION 2. Mandate.—The Department shall be responsible for the formulation, institutionalization and administration of fiscal policies in coordination with other concerned subdivisions, agencies and instrumentalities of government.
Moreover, the Department shall be responsible for the generation and management of the financial resources of government, ensuring that said resources are generated and managed judiciously and in a manner supportive of development objectives.
The Department shall be responsible for the supervision of the revenue operations of all local government units, with the objective of making these entities less dependent on funding from the national government.
Finally, the Department shall be responsible for the review, approval and management of all public sector debt, whether foreign or domestic, with the end in view of ensuring that all borrowed funds are effectively utilized and all such obligations are promptly serviced by the government.
SECTION 3. Powers and Functions.—To accomplish its goals, the Department shall:
(1) Formulate long-range, medium-term and annual plans covering the government’s resource mobilization effort, in coordination with other concerned government agencies, and involving all public sector resources whether generated by revenues and operations, foreign and domestic borrowings, sale or privatization of corporation or assets, or from other sources, and supervise the implementation of such plans;
(2) Formulate, institutionalize and administer fiscal and tax policies;
(3) Supervise, direct and control the collection of government revenues;
(4) Act as custodian and manage all financial resources of the national government;
(5) Undertake and supervise activities related to the negotiation, servicing and restructuring of domestic and foreign debt incurred or guaranteed by the government and its instrumentalities, including taking part in activities which affect the country’s capacity to service foreign debt;
(6) Review and coordinate the policies, plans and programs of government financial institutions and, thereafter, recommend to them courses of action consistent with national government fiscal policies, plans and programs;
(7) Ensure the implementation of necessary policies and measures on local revenue administration;
(8) Coordinate with other government agencies on matters concerning fiscal and monetary policies, credit, economic development, international finance, trade and investment; and
(9) Perform such other powers and functions as may be provided by law.
SECTION 4. Organizational Structure.—The Department shall consist of the Department proper comprising the Office of the Secretary, the Offices of the Undersecretary and Assistant Secretaries, the Economic Intelligence and Investigation Bureau, the Services, the Operations Groups and their constituent units, and the Regional Offices.