Question & AnswerQ&A (PRESIDENTIAL DECREE NO. 1374)
All revenues of government shall accrue to the General Fund and be made available to support approved priority programs and projects. Earmarking proceeds of special imposts, taxes, or other revenues for specific uses is discouraged, except for justified major priority projects with substantial funding requirements for a specified period.
The President of the Philippines is authorized to abolish dormant or unnecessary Special or Fiduciary Funds and transfer all related assets, liabilities, surpluses, and appropriations to the General Fund.
Funds that are found to be dormant, have no existing basis for creation, or have their purposes provided for by appropriations from the General Fund, rendering them unnecessary, may be recommended for abolition.
The Secretary of Finance, the Commissioner of the Budget, and the Chairman of the Commission on Audit are responsible for reviewing these funds.
They review the operations of Special and Fiduciary Funds and recommend to the President which funds should be abolished. They also recommend rules and regulations for the effective implementation of the decree.
Earmarking is allowed only if it is justified for administrative or other reasons to support a major priority project with substantial funding requirements for a specified period of time.
They are transferred to the General Fund of the national government.
Yes, it repeals and/or modifies all existing laws, decrees, letters of instruction, rules, or regulations that are inconsistent with its provisions.
The decree took effect immediately upon its signing on May 16, 1978.
The transfer facilitates the implementation of socio-economic programs and projects that benefit and improve the welfare of the masses.