Question & AnswerQ&A (EXECUTIVE ORDER NO. 127)
The Minister of Finance shall be appointed by the President of the Philippines.
The Ministry is tasked to formulate fiscal policies, supervise revenue operations, manage government finances, oversee public sector debts, and coordinate with other government agencies on fiscal, economic, and financial matters.
The Ministry consists of the Ministry Proper, Policy Development and Management Services Group, Operations Groups (Revenue Operations, Domestic Operations, International Finance), Regional Offices, and the Economic Intelligence and Investigation Bureau.
The Bureau of Internal Revenue is responsible for assessing and collecting taxes, accounting for revenues, exercising police powers related to tax laws, preventing and prosecuting tax evasion, and overseeing its constituent units.
It gathers intelligence on illegal activities affecting the national economy, investigates economic crimes such as smuggling and tax evasion, coordinates intelligence work among bureaus, and prosecutes anti-graft cases within the Ministry.
Attached agencies include the Philippine Crop Insurance Corporation, Philippine Export and Foreign Loan Guarantee Corporation, Insurance Commission, National Tax Research Center, Central Board of Assessment Appeals, and Fiscal Incentives Review Board.
Section 56 detaches the Securities and Exchange Commission from the Ministry of Finance, making it an independent agency separate from the Ministry's control.
Existing officers and employees continue in a holdover capacity until a new staffing pattern is approved. Those whose positions are not included or who are not reappointed are deemed separated and entitled to retirement or separation benefits.
The Minister is required to formulate and enforce a system for periodically and objectively measuring and evaluating the Ministry's performance and submit reports annually to the President.
They are deemed abolished, with their appropriations reverting to the General Fund, assets allocated accordingly, liabilities treated under the Auditing Code, and personnel entitled to separation benefits.
Regional Offices operate within their administrative regions under the direct supervision of their respective bureaus but coordinate with the Ministry’s Regional Administrative Coordination Office (MOF-RACO) for administrative support.
The Ministry would be renamed the Department of Finance, and titles such as Minister, Deputy Minister, and Assistant Minister would change to Secretary, Undersecretary, and Assistant Secretary respectively.
Such change requires compliance with any notice or consent requirements stipulated in agreements with creditors before implementation.
They are headed respectively by the Commissioner of Internal Revenue, Commissioner of Customs, National Treasurer, and Executive Director of the Bureau of Local Government Finance, all appointed by the President upon recommendation of the Minister.