...------------------------------------------------- Fiscal policy of the Philippines From Wikipedia, the free encyclopedia Fiscal policy refers to the "measures employed by governments to stabilize the economy, specifically by manipulating the levels and allocations of taxes and government expenditures. Fiscal measures are frequently used in tandem with monetary policy to achieve certain goals."[1] In the Philippines, this is characterized by continuous and increasing levels of debt and budget deficits, though there have been improvements in the last few years.[2] The Philippine government’s main source of revenue are taxes, with some non-tax revenue also being collected. To finance fiscal deficit and debt, the Philippines relies on both domestic and external sources. Fiscal policy during the Marcos administration was primarily focused on indirect tax collection and on government spending on economic services and infrastructure development. The first Aquino administration inherited a large fiscal deficit from the previous administration, but managed to reduce fiscal imbalance and improve tax collection through the introduction of the 1986 Tax Reform Program and the value added tax. The Ramos administration experienced budget surpluses due to substantial gains from the massive sale of government assets and strong foreign investment in its early years. However, the implementation of the 1997 Comprehensive Tax Reform Program and the onset of the Asian financial crisis resulted to a deteriorating fiscal position in...
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...Public Fiscal Administration fiscal administration generally refers to the process/es involved in the revenue generation, allocation, and expenditures of the government. Public finance belongs to the branch of economics but that was during the earlier times. With the emergence of the field of public administration, much interest has been directed towards fiscal administration. Again, this subfield of public administration covers a wide range of issues and topics affecting government operations like taxation, public expenditures and borrowing, resource allocation, revenue administration, auditing and intergovernmental relations. As Briones (1996) puts it, “public fiscal administration embraces the formulation, implementation, and evaluation of policies and decisions on taxation and revenue administration; resource allocation, budgeting, and public expenditure; public borrowing and debt management; and accounting and auditing.” Through the years, many researches were devoted on these topics and issues; the government has also introduced reforms like reforms in tax administration, value added tax (VAT), expanded value added tax (E-VAT), procurement reforms, the medium-term expenditure framework (MTEF), accounting reforms, re-engineering the bureaucracy program (REBP), transforming local finance, and many others. Fiscal policy refers to the "measures employed by governments to stabilize the economy, specifically by manipulating the levels and allocations of taxes and government...
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...Philippine public fiscal administration has always been characterized by continuous, expanding, and increasing levels of debt and budget deficits. It has also been beset with problems of mismanagement, conflicting and wrong priorities, and even graft and corruption. Though it heavily relies on outside sources for its revenues, many times it had no protection from external and even from internal shocks including natural calamities and man-made disasters. With this backdrop, write an essay on why or how studying and learning Philippine Public Fiscal Administration is necessary in the practice of Good Governance. In your essay, take into consideration the particular experiences of Philippine Public Finance from the time of the Spaniards upto present. Philippine public fiscal administration has always been characterized by continuous, expanding, and increasing levels of debt and budget deficits. It has also been beset with problems of mismanagement, conflicting and wrong priorities, and even graft and corruption. Though it heavily relies on outside sources for its revenues, many times it had no protection from external and even from internal shocks including natural calamities and man-made disasters. With this backdrop, write an essay on why or how studying and learning Philippine Public Fiscal Administration is necessary in the practice of Good Governance. In your essay, take into consideration the particular experiences of Philippine Public Finance from the time of the Spaniards...
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...Public Fiscal Administration In: Historical Events Public Fiscal Administration Public Fiscal Administration fiscal administration generally refers to the process/es involved in the revenue generation, allocation, and expenditures of the government. Public finance belongs to the branch of economics but that was during the earlier times. With the emergence of the field of public administration, much interest has been directed towards fiscal administration. Again, this subfield of public administration covers a wide range of issues and topics affecting government operations like taxation, public expenditures and borrowing, resource allocation, revenue administration, auditing and intergovernmental relations. As Briones (1996) puts it, “public fiscal administration embraces the formulation, implementation, and evaluation of policies and decisions on taxation and revenue administration; resource allocation, budgeting, and public expenditure; public borrowing and debt management; and accounting and auditing.” Through the years, many researches were devoted on these topics and issues; the government has also introduced reforms like reforms in tax administration, value added tax (VAT), expanded value added tax (E-VAT), procurement reforms, the medium-term expenditure framework (MTEF), accounting reforms, re-engineering the bureaucracy program (REBP), transforming local finance, and many others. Fiscal policy refers to the "measures employed by governments to stabilize...
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...Economic Status of the Philippines Economic Status of the Philippines Where exactly do the Philippines stand in terms of their economic situation? The Philippines face many challenges as a country but it is these three reasons that the Aquino administration must face to improve the country’s economic crisis. Lack of jobs, over-dependence on global economy and misplaced Fiscal Austerity are the biggest challenges the Philippines is facing. This paper will attempt to look at three possible challenges posed to growth and real development of the economy in 2012, based upon the insights provided by the economic policy-making and decisions by the Aquino administration in 2011. The Republic of the Philippines is located in Southeast Asia and Manila is its capital city. The country comprises 7,107 islands and ranks as the 12th most populous country in the world. Like most other Southeast Asian regions, the Philippines too have a history of European colonization. It was a colony of Spain and the USA. The country is now home to multiple cultures and traditional ethnicity. It is also looked upon as a perfect example of a 'mixed economy'. Industrialization is a new development in the Philippines. Traditionally, the economy stabilized on the agrarian contributions and the manufacture of garments, pharmaceutical products and semiconductors. In the last decade, electronic exports added to the exports, including various products obtained by mining. The economy of the nation also...
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...Executive Summary Planning of economic policies & their implementations are the most vital facts of a country. Overall development of a country largely depends on economic policy design & its proper implementation. Every country has its own economic policies & specific way of their implementation. But some policies are same for all countries such as Fiscal Policy, Monetary Policy, etc. Philippines, as a developing country has set various economic policies & strategies over time with a view to seeking development. In course of time it has adopted a wide variety of economic policies, many of which had long term effects (both positive and negative impacts) on the lives of its people. The crucial policies that the government of the country adopted over time are – Fiscal policy, Monetary policy, Income distribution strategy, Government policy, Tax policy, Trade policy, etc. The impacts of these policies have had widespread effects on various macroeconomic variables of the country. Various surveys and reports show that the economic growth has not been as expected. Growth of the variables has gone at a slow pace. GDP increases over time but with a high fluctuating rate. Rate of educated people, standard of health care, standard of living have improved but it is still poor in comparison with other countries of the region. It is one of the countries whose economy is based on agriculture. A huge portion of the country’s GDP comes from agriculture. But yet it has some major constraints due...
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...The Constitutional Commission The Three Independent Institutions The Constitutional Commissions refer to the constitutional bodies or agencies created or maintained by the Constitution of the Republic of the Philippines. The Constitutional Commissions refer to the constitutional bodies or agencies created or maintained by the Constitution of the Republic of the Philippines. The Constitution of the Philippines provides for the creation of the three Constitutional Commissions: the Civil Service Commission; the Commission on Elections; and the Commission on Audit. The Civil Service Commission (CSC) used to be a statutory body under the 1935 Constitution until it became a Constitutional Commission under the 1973 Constitution. The Commission on Elections (COMELEC) was established by virtue of Resolution No.3 amending the 1935 Constitution on April 11, 1940. The Commission on Audit, formerly known as the General Auditing Office under the 1935 Constitution, was established under the 1973 Constitution. COMMISSION ON AUDIT The Commission on Audit (COA) is the Philippines' Supreme State Audit Institution. The Philippine Constitution declares its independence as a constitutional office, grants it powers to audit all accounts pertaining to all government revenues and expenditures/uses of government resources and to prescribe accounting and auditing rules, gives it exclusive authority to define the scope and techniques for its audits, and prohibits the legislation of any law which...
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...HISTORY OF FISCAL ADMINISTRATION AND THE THEORY AND PURPOSE OF TAXATION Introduction Fiscal Administration is not difficult to define. In simple terms, fiscal administration is the branch of economics that deals with the revenues and expenditures and their impact on the economy. It is the manner of collecting something from the constituents and spending it also for the constituents. And the exact definition according to http://www.wisegeek.com/what-is-fiscal-administration.htm, fiscal administration is the act of managing incoming and outgoing monetary transactions and budgets for governments, educational institutions, nonprofit organizations, and other public service entities. Constituents charge leaders, whether governmental or organizational, with establishing fiscal policy as part of their duties in relation to responsible fiscal administration. Fiscal policies are tools for the development of fiscal planning budgets, based on the receipt of anticipated funding. As fund disbursement in the form of payroll, purchases, or other expenses occur, management reports appropriate accounting information back to organizational leaders. Historical data, future revenue projections, and current budget demands determine needed adjustments. The entire process forms the basis for future fiscal administration decision making. Leaders of government, nonprofits, and other public service entities have a fiduciary responsibility to those who put them in office, individuals...
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...MANILA, Philippines - President Benigno Aquino III delivered on Monday afternoon his sixth and last State of the Nation Address. Here are 46 things he talked about in his last speech before Congress: 1. Stopped the culture of "wangwang" since he assumed his post as president 2. Inauguration of the Cavite-Muntinlupa Expressway; private sector's willingness working with the government in public-private partnerships 3. Previous administration's 'false achievements' and anomalies 4. Decision to run as president after the death of his mother, former President Corazon Aquino 5. Resignation of Ombudsman Merceditas Gutierrez, impeachment of Chief Justice Renato Corona 6. Appointment of competent public officials to government posts 7. Increased revenues of government-owned and controlled corporations 8. Improved tax collections by the Bureau of Internal Revenue, poised to collect P1.5 trillion in 2015, with 380 tax evasion cases filed; gave credit to BIR Commissioner Kim Henares 9. Raised the budget reenactments done by the previous administration compared to his administration's timely annual passage of the General Appropriations Act 10. Country's improvement in global competitiveness, fast growth of the Philippine economy; investment grade credit ratings 11. Only 15 labor strikes during his administration; gave credit to Labor Secretary Rosalinda Baldoz 12. Pantawid Pamilyang Pilipino program beneficiaries now at 4.4 million 13. Number of out-of-school youth went...
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...Philippine forests and forestry By FLORENCIO TAMESIS THE forest is perhaps the most valuable replaceable natural resource of the Philippines. As a source of raw materials and revenue to the Government, it can be managed to yield for a long time more than it does at present. The latest estimate on the extent of the vegetative soil cover of the Philippines is as follows: | Area in Hectares | Percent | Commercial forest | 13,198,406 | 44.5 | Noncommercial forest | 4,296,786 | 14.4 | Marsh: | | | Fresh | 168,657 | | Salt | 438,155 | | | 606,812 | 2.0 | Open grassland | 5,203,620 | 17.5 | Cultivated | 6,434,348 | 21.6 | Total | 29,740,972 | 100.0 | Approximately 97.5 percent of the forest is owned by the Government and is administered by the Bureau of Forestry; 2.5 percent is privately owned. The greater bulk of the forest is in large blocks on the principal islands such as Luzon, Mindanao, Samar, Negros, and Palawan. Most of the forest is of the tropical rain type, complex in its composition. More than 3,000 species of trees attain a diameter of 30 centimeters (one foot) or more; however, less than sixty of these are marketed. Seventy-five percent of the stand consists of dipterocarps, commonly called lauan, to which "Philippine mahogany" belongs. It is conservatively estimated that the aggregate commercial standing timber is around 2,105,000,000 m3 ® (464,729,000,000 bd. ft.). Based on forest charges (government stumpage tax), this stand has a value of P2,341...
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...GROWTH OF GOCCs RA 10149 – otherwise known as the Governance Act of 2011 An act to promote financial viability and fiscal discipline in government-owned or controlled corporations and to strengthen the role of the state in its governance and management to make them more responsive to the needs of public interest and for other purposes. This act is part of the present administration’s drive to minimize graft and corruption in the government service. It created the Governance Commission for Government Owned or Controlled Corporations (GCG) as central advisory, monitoring and oversight body with authority to formulate, implement and coordinate policies concerning GOCC’s and other related corporations. SALIENT FEATURES OF RA 10149 1. Performance Review - Creation of Governance Commission for GOCCs which shall be composed of five members – the chairman with the rank of Cabinet Secretary and two members with the rank of Undersecretary appointed by the President; and the Budget and Finance Secretaries as ex-officio members. The GCG will review the performance of GOCCs. 2. Restitution and Prosecution of Corrupt Public Officers – any board member or officer found to have benefited from the GOCC excess benefit or profit shall be subject to restitution without prejudice to any administrative, civil or criminal case. 3. Salaries and benefits are rationalized – Rationalization of salaries and benefits of officials and employees of government-owned and controlled-corporations...
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...subject PA026A – PUBLIC FISCAL ADMINISTRATION PREPARED AND SUBMITTED BY GROUP V Vincent Yuzon Rosales II Frances Santos Angelito Laderas Antonio Vitan Jr. Ma. Lourdes Cuenco SUBMITTED TO PROFESSOR CYNTHIA RAVELA CUBOS June 28, 2011 THEORIES OF EXPENDITURE GROWTH Three prominent theories that used the time-pattern of expenditure in the long-run to explain the expansion of the public sector are discuss in this chapter. Although this theories were formulated based on the experience of the now developed countries, the general idea of government expansion and the underlying concepts provide some explanations as to the pattern and growth of our government. Adolph Wagner a 19th century German political economist. Who made one of the earliest attempts to explain public sector growth. Observe the tendency of the public sector in a number of industrialize countries such as Britain, USA, France, Germany, etc. to grow, both absolutely and relative to the rest of the economy. He predicted a public sector that would grow continuously, and considered society’s economic and social structure as factors that influenced this continuous growth. Wagner’s prediction was called the “law of increasing public and particularly state activities” or the “Wagner’s Law”. The equation below shows Wagner’s presumption that the existence of a functional cause and effect relationship between growth of an economy and the relative growth of its public sector. RPCOPG1...
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...Aljone Bandola de la Cruz Basic Economics with Taxation III-BSFi 2nd Sem. A.Y. 2015-2016 Philippine Profile: Its Current Economic Status, Governance/Performance, Environmental Situation, and the Social Unset and Crimes The Philippines never had it so well, but with a slowing global economy and an election coming up this year 2016, what can it expect from the future? Does the country can still be able to be at greater heights? Our country has accustomed a private enterprise economy both in policy and in practice. Primarily, its governance intervened through fiscal and monetary policy and in the exercise of its regulatory authority. Remarkably, Philippine economy has been performing creditably since it weathers integration through global and regional economies. Current administration has been working to increase the budgets for different economic sectors such as education, health, cash transfers to the poor through 4Ps, other social spending programs and relies on the private sector through its Public-Private Partnership Program to help fund major infrastructure projects such as the nationwide road widening which still continues until this present time. Philippines has also financial downturns better than its regional peers due to minimal exposure to troubled international securities except from the fact of the rivalry with the neighboring countries about the Spratleys Islands, lower dependence on exports, relatively resilient domestic consumption, a rapidly expanding...
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...International Monetary Fund (IMF) said while the Philippines has yet to catch up with peers in the region in both quality and quantity of infrastructure, the $285-billion economy should benefit later on from on-going projects and programs meant to bridge the gaping infrastructure gap. In a paper published on Tuesday, the IMF stressed the need for the Philippines to scale up lacklustre investments for public infrastructures long understood to have hobbled its potential to expand over a long horizon and on sustainable basis. “This paper studied the macroeconomic implications of public investment scale up in the Philippines. After benchmarking the Philippines, relative to its neighbours in terms of level of public capital and quality of public infrastructure and public investment efficiency, it uses model simulations to assess the macroeconomic implications of raising public investment and improving public investment efficiency,” the IMF said. The state of public infrastructures at present, the IMF said, is clearly inferior to that found in neighbouring jurisdictions. “Persistently low public investment in the Philippines has resulted in a low public-capital stock, relative to its neighbours. Survey-based indicators also paint an unfavourable picture on the current state of public infrastructure in the Philippines,” the IMF said. “Public-investment efficiency has room for improvement. The Philippines has made steady progress in governance and fiscal transparency. However, there is still...
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...1/29/2015 Bureaus and Agencies | Department of Finance DOF Bureaus and Agencies search... HOME THE DOF STATISTICS AND ECONOMIC DATA PRESS ROOM ISSUANCES LINKS The Department of Finance is a government institution that formulates fiscal policy. Carrying out its basic function of revenue generation to ensure adequate financing for the needs of the country has led to an expansion of the DOF’s role over time. Below are the Bureaus, Agencies and Government Corporations under the supervision of DOF. BUREAU OF INTERNAL REVENUE (BIR)As Mandated: 1) Assessment and collection of all national internal revenue taxes, fees and charges. 2) Enforcement of all forfeitures, penalties, fines and execution of judgments in all cases decided in its favor by the Court of Tax Appeals and the ordinary courts 3) Administer supervisory and police powers conferred by National Internal Revenue Code as amended by R.A. 8424 or other laws. Transparency Seal Pera ng Bayan Website : http://www.bir.gov.ph HEADED BY : Kim S. JacintoHenares Commissioner Address : BIR National Office Bldg., BIR Road, Diliman, Quezon City, Philippines Telephone : (632) 9210430 (632) 9817113 Fax : (632) 9251789 Email : contact_us@cctr.bir.gov.ph BUREAU OF CUSTOMS (BOC) As mandated by Section 602 of the TCCP; Assess and collect lawful revenues: 1) Prevent smuggling and other frauds 2) Control vessels/aircraft’s doing foreign trade ...
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