Reorganizing the Ministry of Finance

EXECUTIVE ORDER NO. 127 January 30, 1987

REORGANIZING THE MINISTRY OF FINANCE

RECALLING that the reorganization of the government is mandated expressly in Article II, Section 1 (a), and Article III of the Freedom Constitution;

HAVING IN MIND that pursuant to Executive Order No. 5 (1986), it is directed that the necessary and proper changes in the organizational and functional structures of the government, its agencies and instrumentalities, be effected in order to promote efficiency and effectiveness in the delivery of public services;

BELIEVING that it is necessary to reorganize the Ministry of Finance to make it more capable and responsive, organizationally and functionally, in its primary mandate of judiciously generating and efficiently managing the financial resources of the Government, its sub-divisions and instrumentalities in order to attain the socio-economic objectives of the national development programs;

NOW, THEREFORE, I, CORAZON C. AQUINO, President of the Philippines, by virtue of the powers vested in me by the sovereign will of the Filipino People and the Freedom Constitution, do hereby order:...

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Reorganizing the Ministry of Finance

Mandate and Objectives:
- Reorganize the Ministry of Finance to make it more capable and responsive in generating and managing financial resources efficiently to achieve socio-economic objectives of national development programs. (Preamble)

Organizational Structure:
- The Ministry of Finance shall be composed of the Ministry Proper and the Corporate Sector. (Sec. 2)
- The Ministry Proper shall consist of the Office of the Minister and its Services. (Sec. 3)
- The Services under the Ministry Proper are: Financial Management Service, Revenue Service, Treasury Service, Corporate Affairs Service, and Administrative Service. (Sec. 4-8)
- The Corporate Sector shall consist of the existing government corporate entities attached to the Ministry. (Sec. 9)

Functions and Responsibilities:
- The Ministry shall be the primary agency responsible for the sound and judicious management of the fiscal affairs of the national government. (Sec. 10)
- The Ministry shall formulate revenue policies and administer and enforce all laws, rules and regulations pertaining to national internal revenue taxation. (Sec. 11)
- The Ministry shall manage and safeguard the resources of the National Treasury. (Sec. 12)
- The Ministry shall exercise policy supervision over government corporate entities. (Sec. 13)
- The Ministry shall provide general administrative services to the Ministry Proper and Corporate Sector. (Sec. 14)

Organizational Changes:
- The Ministry shall absorb the functions, records, equipment, property, funds, and personnel of the Ministry of Finance and its attached agencies and corporations. (Sec. 15)
- The Ministry shall be headed by a Minister who shall be a member of the Cabinet. (Sec. 16)
- The Minister shall be assisted by an Undersecretary and Assistant Secretaries. (Sec. 17)
- The Services shall be headed by Assistant Secretaries. (Sec. 18)
- The Corporate Sector shall be supervised by an Undersecretary. (Sec. 19)

Transitory Provisions:
- The incumbent Minister, Undersecretaries, and Assistant Secretaries shall continue to hold office until otherwise provided. (Sec. 20)
- The Ministry shall implement the reorganization within six months from the approval of this Executive Order. (Sec. 21)

Repealing Clause and Effectivity:
- All laws, orders, and regulations inconsistent with this Executive Order are hereby repealed or modified accordingly. (Sec. 66)
- This Executive Order shall take effect immediately upon its approval. (Sec. 68)