Public Fiscal Administration Notes

Public Fiscal Administration

  • Briones' definition: Formulation, implementation, and evaluation of policies on taxation, revenue administration, resource allocation, budgeting, public expenditures, borrowing, debt management, accounting, and auditing.

Elements

  • Taxation
  • Revenue Administration
  • Resource Allocation
  • Budgeting
  • Public Expenditures
  • Public Borrowing
  • Debt Management
  • Accounting
  • Auditing

Taxation

  • Governments impose charges on individuals/businesses to finance public expenditures.
  • Forms include income, sales, property, corporate, tariffs, and excise taxes.

Revenue Administration

  • Management of processes involved in collecting revenue for government operations; ensures efficient collection of taxes, fees, and income.

Resource Allocation

  • Distributing available resources among different uses to achieve specific objectives.

Budgeting

  • Planning, preparing, presenting, and implementing a government's financial plan for a fiscal year.

Public Expenditures

  • Funds spent by government entities to finance activities and programs.

Public Borrowing

  • Governments raise funds to finance expenditures when revenues are insufficient.
  • Used to bridge deficits, fund projects, and manage cash flow.
  • Excessive borrowing can lead to debt accumulation and financial vulnerabilities.

Debt Management

  • Governments plan and execute strategies to borrow funds and manage outstanding debt.

Public Accounting

  • Analyzing, recording, classifying, summarizing transactions involving government funds and property.

Public Auditing

  • Examining financial records/operations of government entities to ensure compliance and promote transparency.

Financial Institutions in the Philippines

  • Department of Finance (DOF): Oversees financial management and economic policy-making.
  • Bureau of Internal Revenue (BIR): Implements and enforces tax laws; collects internal revenue.
  • Bureau of Customs: Regulates international trade and border security; collects duties and taxes.
  • Bureau of Local Government Finance: Oversees financial management of local government units (LGUs).
  • Bureau of the Treasury: Manages financial resources, debt, and cash flow of the national government.
  • Department of Budget and Management (DBM): Manages the national budget and promotes fiscal management.
  • PhilGEPS: Centralized electronic portal for government procurement.
  • Bangko Sentral ng Pilipinas (BSP): Central bank; formulates monetary policy and regulates the financial system.
  • Commission on Audit (COA): Audits government agencies to ensure transparency and accountability.
  • Landbank of the Philippines: Provides financial services for agricultural and rural development.
  • Development Bank of the Philippines (DBP): Provides financial support to strategic sectors for sustainable development.