The Department of Finance (DOF; ) is the executive department of the Philippine government responsible for the formulation, institutionalization and administration of fiscal policies, management of the financial resources of the government, supervision of the revenue operations of all local government units, the review, approval and management of all public sector debt, and the rationalization, privatization and public accountability of corporations and assets owned, controlled or acquired by the government. History The Department of Finance 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 by General Emilio Aguinaldo. The Finance Director became the Secretary of the Treasury under the first constitutional republican government, the Biak-na-Bato Republic. In 1901, the Department of Finance and Justice was formally organized by virtue of an act passed by the Civil Service Commission, which was headed by William Howard Taft. Gregorio Araneta was the first Filipino appointed Secretary of Justice and Finance. In 1916, through Reorganization Act No. 2666 of the Philippine Legislature, 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. The preparation of income and resource estimates remained with the department. 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. In 1970, Minister Cesar E. A. Virata, concurrently Prime Minister, was appointed Secretary. In 1974, with the adoption of the parliamentary form of government, the department was changed to a ministry. In the 1980s, as government policy turned increasingly interventionist in the economy, the Ministry became the voice of caution. It spearheaded the creation of inter-agency committees to rationalize the otherwise free-for-all system of allocating government resources. The Investment Coordination Committee (ICC) was created to rationalize government investments, the Government Corporate Monitoring and Coordinating Committee (GCMCC) to reform the government corporate sector and the Fiscal to reverse the proliferation of the fiscal incentives. In 1987, the Ministry of Finance was reverted to a department following the ratification of the 1987 Constitution which provided for a presidential form of government. Accordingly, the department was reorganized and its organizational structure, distribution of powers and functions, and coordination mechanisms