Question & AnswerQ&A (EXECUTIVE ORDER NO. 449)
The primary purpose of Executive Order No. 449 is to realign and restructure the organization of the Bureau of Treasury to enable it to perform its functions more effectively in light of recent changes such as decentralization and computerization.
The Treasurer of the Philippines is appointed by the President of the Republic of the Philippines upon the recommendation of the Secretary of Finance.
The Bureau's key functions include assisting in policy formulation on borrowing and investment, formulating operational guidelines, managing government cash resources, issuing and servicing government securities, administering the Securities Stabilization Fund, acting as custodian of financial assets, bonding public officials, among others.
The Legal Service provides legal advice and opinions on statutes affecting the Bureau, acts as legal counsel in litigation, takes legal action against violators of treasury regulations, handles escheat of dormant accounts, and conducts investigations and hearings on administrative cases against Treasury personnel.
It reviews and evaluates control procedures for adequacy and effectiveness, audits coupon payments on Land Bank Bonds, formulates security measures for the Bureau, and provides escort and security services for cash withdrawals from Bangko Sentral ng Pilipinas and other government agency representatives.
It prepares annual plans and programs related to government cash inflows, formulates policies for managing cash resources and debts, assesses operations results, provides technical assistance on fiscal management and conducts research to improve treasury management.
Headed by a Deputy Treasurer, it includes the Asset Management Service which manages government cash receipts and disbursements and maximizes earnings, and the Liability Management Service which manages public borrowing policies, coordinates borrowing programs, and monitors public debt.
It includes the Accounting Service (accounting receipts and disbursements, preparing financial statements), Administrative Service (providing housekeeping, personnel management, and procurement), and Management Information Systems Service (supporting computer and IT needs of the Bureau).
Regional Offices examine books of national collecting officers, provide technical advice on treasury operations, recommend fidelity bond claims, and consolidate daily reports on national collections and disbursements from provincial offices.
The Treasurer of the Philippines may redeploy officials and employees as per the new functional alignment, provided there is no dislocation of personnel or diminution in rank and compensation, and that Civil Service laws and rules are observed.
Section 76 of the General Provisions of Republic Act No. 8250 grants the President the authority to direct changes in the organization and key positions in any department, bureau, or agency.
Funds required to implement the Executive Order shall be taken from funds available within the Bureau of Treasury.
The Secretary of Finance recommends appointments of the Treasurer of the Philippines and Deputy Treasurers, and approves rules and regulations for implementing the Executive Order alongside the Treasurer of the Philippines.
The Bureau must submit a detailed organizational structure including functional statements and staffing patterns for review and approval.
It took effect immediately upon its signing on October 17, 1997.