Public Finance - Sicat and Abdula, University of the Philippines

Topics: Finance, Tax, Responsibility Pages: 1 (268 words) Published: November 7, 2013
Credits to Gerardo P. Sicat and Rahimaisa Abdula, University of the Philippines This document can help finance students that are looking for the history of Public Finance in the Philippines. Just downloaded it from the web and I find it very helpful specially when you are discovering how Public Finance in the Philippines started, what are the problems it encountered in the past and other things like that. The system of public finance in the Philippines is the result of a major re-arrangement and devolution of previous finance systems in place. It is based on a tiered set of departments, each carrying responsibility and accountability for a different a separate sector within the public domain.

Local area governments are held responsible for certain aspects pertaining to public spending, but also have the authority to make decisions as to what needs to be spent where. This de-centralization is meant to ensure a more even distribution of funds.

A certain set of funding requirements is still being controlled by the central government departments. There seems to be a certain amount of confusion with regards to this system, amid fears of citizens possibly being subject to double taxes. To an uninformed individual, the whole system is extremely hard to understand, and putting it into a short answer such as this is just about impossible.

Much more detailed information can be found in a downloadable PDF document entitled 'LPFP: Balancing Autonomy and Accountability'. This document explains the shift in government and financial authorities and responsibilities in great and intricate detail, far better than could possibly achieved here in a few short words.
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