were streamlined. In 1988, the Value Added Tax was introduced and replaced a complicated sales tax structure. Through the Department's policies, which resulted in sound fiscal and monetary conditions, the Philippines was hailed as "Asia's Newest Tiger" by various international credit institutions and in 1997, the National Government recorded a budget surplus for the third consecutive year, and the public sector generated its fiscal surplus since the sector started to be monitored in 1985. In 2004, the Japan Credit Rating Agency (JCRA) maintained its credit rating of "BBB" for the Philippines’ long-term foreign currency and domestic currency long-term senior debts for the government's ability to manage its deficit and macro fundamentals. The rating is two notches higher than those of non-Asian rating agencies such as Moody's, Standard and Poor's, and Fitch. List of the Secretaries of the Department of Finance Organizational structure The department is headed by the Secretary of Finance (Philippines), with the following undersecretaries and assistant secretaries.* Undersecretary for Fiscal Policy and Monitoring Group Undersecretary for Revenue Generation and Local Finance Group Undersecretary for International Finance Group Undersecretary for Privatization and Corporate Affairs Group Undersecretary for Policy Development and Management Services Group Undersecretary for Legal Services Group Undersecretary for Revenue Integrity Protection Service Undersecretary, Office of the Chief Economist Assistant Secretary for Fiscal Policy and Monitoring Group Assistant Secretary for Revenue Generation and Local Finance Group Assistant Secretary for International Finance Group Assistant Secretary for Privatization and Corporate Affairs Group Assistant Secretary for Legal Services Group Assistant Secretary for Information Management Service Assistant Secretary, Office of the Chief Economist Offices Bureaus Bureau of Internal Revenue (BIR) Bureau of Customs (BOC) Bureau of Local Government Finance (BLGF) Bureau of the Treasury (BTr) Offices Central Administration Office Central Financial Management Office Financial and Fiscal Policy and Planning Office Internal Audit Service International Finance Policy Office International Finance Operations Office Privatization and Management Office (PMO) Revenue Integrity Protection Service Agencies and Corporations Central Board of Assessment Appeal (CBAA) Insurance Commission (IC) National Tax Research Center (NTRC) Philippine Crop Insurance Corporation (PCIC) Philippine Guarantee Corporation (PHILGUARANTEE) Philippine Tax Academy (PTA) Securities and Exchange Commission (SEC) Land Bank of the Philippines References External links Department of Finance Philippines website Philippines, Finance Philippines Finance Government finances in the Philippines