DOF

• Department of Finance (DOF) is the government’s steward of sound fiscal policy.
• DOF was founded on April 24, 1897
• DOF was established on March 17, 1897, at the same time that the Revolutionary Government was founded in Naic, Cavite.
• General Baldomero Aguinaldo was appointed Director of Finance and became the Secretary of the Treasury under the first constitutional republican government, the Biak-na-Bato Republic.
• In 1901, Department of Finance and Justice was formally organized and headed by William Howard Taft.
• Gregorio Araneta – first Filipino appointed Secretary of Justice and Finance.
• In 1916, the Department of Finance and Justice was split into two independent departments
• In 1936, DOF functions relative to the formulation and preparation of the Government's budget were transferred to the newly created Budget Commission.
• Ø  In 1949, the Central Bank of the Philippines was established, Secretary of Finance Miguel Cuaderno relinquished the Finance portfolio to Pio Pedrosa to enable him to serve as Governor of the Central Bank.
• Ø  In 1970, Minister Cesar E. A. Virata, concurrently Prime Minister, was appointed Secretary.
• Ø  In 1974, the DOF was changed to a ministry.
• In 1987, the Ministry of Finance was reverted to a department
• Ø  In 1988, the Value Added Tax was introduced and replaced a complicated sales tax structure.
• Philippines was hailed as "Asia's Newest Tiger
• In 2004, the Japan Credit Rating Agency (JCRA) maintained its credit rating of "BBB" for the Philippines’ long-term foreign currency and domestic currency