Reorganization of Bureau of Treasury

It cites Section 78 and Section 76 of the General Provisions of Republic Act No. 8250 (General Appropriations Act for FY 1997), authorizing scaling down/phase out/abolition of non-essential activities and allowing the President to direct changes in organization and key positions.

The Bureau assists in policy formulation on borrowing and investment, maintains NG cash and public debt operations, issues and services government securities, administers the Securities Stabilization Fund, acts as custodian of financial assets, bonds accountable officers, and performs other related functions as assigned.

It must manage NG cash resources, collect advances, provide forward cover fees due to NG, control and service public debt (foreign or domestic), and issue/serve/redeem government securities authorized by law.

The Bureau administers the SSF by buying and selling government bills and bonds in the open market to increase liquidity and stabilize the value of securities to promote private investment.

It requires the Bureau to bond all accountable public officials and employees pursuant to the Public Bonding Law and to issue appropriate guidelines therefor.

The TOP is headed by the Treasurer of the Philippines appointed by the President upon the recommendation of the Secretary of Finance, and it is directly assisted by the Legal Service and the Internal Audit and Security Service.

It provides legal advice/opinions, acts as counsel in court litigation, takes legal action against violators of Treasury regulations, handles escheat of dormant bank accounts, and conducts investigation/hearings of administrative cases against Treasury personnel.

It reviews and evaluates control procedures, audits maturing coupon payments attached to Land Bank Bonds, formulates/enforces security measures for Treasury personnel/properties, and provides escort/security to the National Cashier (and others upon request).

It prepares annual plans/programs regarding inflow of funds from revenues and debt sources, recommends policies for managing NG cash/debt/financial assets, assesses operational results, provides technical assistance on treasury/debt management, and conducts policy research.

It manages NG cash receipts/disbursements, maximizes earnings and reduces costs via investment of idle cash, administers BSF and SSF, ensures same-day deposit of collections, acts as custodian of government securities and non-cash accounts, verifies daily crediting of collections to the TOP’s savings account, and determines correctness of interest credited by depository banks.

It links revenue and expenditure operations, assists policy formulation and rationalization of public borrowings, participates in structuring/timing of borrowing proposals with BSP and DBM, assists agencies on loan proceeds, monitors repayment and public debt status, and maintains an inventory of external liability documents.

It accounts for all NG receipts/disbursements (including obligations, backpays, emergency currency notes), computes guarantee fees and interest on advances and prepares billings/collection statements, accounts for liabilities transferred to NG, maintains subsidiary ledgers, and prepares financial statements/reports.

It provides general housekeeping services, procurement and building/property maintenance, manages personnel programs (recruitment/selection/promotion), and conducts training courses and seminars for personnel.

It provides computer-related support services to all operating units in the Bureau whose operational requirements call for the use of computers.

Provincial/District offices report directly to the TOP. They examine books of accounts of national collecting officers and local treasurers, monitor provincial reports, provide technical advice/support to field representations, recommend fidelity bond claims to the Treasurer (chargeable against the Fidelity Fund), and consolidate daily reports on national collections/disbursements.

The TOP may redeploy personnel, but it must not dislocate existing personnel, must not diminish rank or compensation, and must consider applicable Civil Service laws and rules.

Under Section 3, the funds needed shall be taken from funds available in the Bureau.

It takes effect immediately. The TOP must prepare implementing rules/regulations subject to the Secretary’s approval, and submit a detailed organizational structure, functional statements, and staffing pattern to the Department of Budget and Management for review and approval.