part 1 fiscal policy.pptx DISCUSSION SLIDES AND ACTIVITY

DISCUSSION PRESENTATION

1. G R O U P 3

2. 01 03 04 05 06 07 02 CONTENT SLIDES

3. What is Fiscal Policy? What are the components of the fiscal policy? What is the fiscal position of the government? What comprises the public sector? What are the fiscal institutions in the government ? Fiscal Policy in the Philippines 02 03 04 05 06 01

4. Fiscal measures are frequently used \\\\\\ budget deficits, though there have been improvements in the last and Fiscal measures are frequently used with monetary policy to achieve certain goals. In the Philippines, this is characterized by continuous and increasing levels of debt and budget deficits, though there have been improvements in the last few years. The Philippine government’s main source of revenue is taxes, with some non-tax revenue also being collected. To finance fiscal deficit and debt, the Philippines relies on both domestic and external sources. Fiscal policy is the government’s policy on the generation of its resources through taxation and/or borrowing, as well as the setting of the level and allocation of expenditures. . It is the objective of the government to pursue and maintain sound fiscal policy. This is possible through the establishment of an efficient, equitable, and progressive revenue system. Fiscal measures are frequently used \\\\\\ budget deficits, though there have been improvements in the last and WHAT IS FISCAL POLICY?

5. Fiscal measures are frequently used \\\\\\ budget deficits, though there have been improvements in the last and Fiscal measures are frequently used with monetary policy to achieve certain goals. In the Philippines, this is characterized by continuous and increasing levels of debt and budget deficits, though there have been improvements in the last few years. The Philippine government’s main source of revenue is taxes, with some non-tax revenue also being collected. To finance fiscal deficit and debt, the Philippines relies on both domestic and external sources. Fiscal policy is the government’s policy on the generation of its resources through taxation and/or borrowing, as well as the setting of the level and allocation of expenditures. . It is the objective of the government to pursue and maintain sound fiscal policy. This is possible through the establishment of an efficient, equitable, and progressive revenue system. Fiscal measures are frequently used \\\\\\ budget deficits, though there have been improvements in the last and

6. What are the components of the fiscal policy?

7. Revenue generation Revenue is defined as cash flow which does not increase the liability of the government. Revenues of the government include both domestic and external revenue, and borrowings. Debt management policy is the policy of the government to attain a manageable debt level. This is one where the country can afford to pay its maturing liabilities as scheduled. Expenditure policy the government views expenditures as a tool for effectively implementing public policy. Funds are disbursed for the efficient delivery of services to the public and to help in economic growth by supporting priority sectors.

8. Revenue generation Revenue is defined as cash flow which does not increase the liability of the government. Revenues of the government include both domestic and external revenue, and borrowings. Debt management policy is the policy of the government to attain a manageable debt level. This is one where the country can afford to pay its maturing liabilities as scheduled. Expenditure policy the government views expenditures as a tool for effectively implementing public policy. Funds are disbursed for the efficient delivery of services to the public and to help in economic growth by supporting priority sectors.

9. Revenue generation Revenue is defined as cash flow which does not increase the liability of the government. Revenues of the government include both domestic and external revenue, and borrowings. Debt management policy is the policy of the government to attain a manageable debt level. This is one where the country can afford to pay its maturing liabilities as scheduled. Expenditure policy the government views expenditures as a tool for effectively implementing public policy. Funds are disbursed for the efficient delivery of services to the public and to help in economic growth by supporting priority sectors.

10. Two general sources of revenue 2.Non-tax Revenues are collected from sources other than compulsory tax levies, including those collected for direct services rendered by government agencies to the public. They can also arise from the government's regulatory and investment activities . Tax Revenues are compulsory charges or levies imposed by government on goods, services, transactions, individuals, entities and others, arising from the sovereign power of state.

11. What is the fiscal position of the government? The fiscal position of the government may result in a balanced budget, a budgetary surplus or a budgetary deficit. A balanced budget is achieved if government revenues equal the approved level of expenditure.

12. What comprises the public sector? National government local governments Bangko Sentral ng Pilipinas The Social Security institutions the government-owned and/or controlled corporations

13. 01 Development Budget Coordination Committee 02 Implementing agencies 03 Congress 04 Commission on Audit What are the fiscal institutions in the government?

14. 01 Development Budget Coordination Committee What are the fiscal institutions in the government? The Development Budget Coordination Committee (DBCC) is the Committee tasked to estimate revenues and recommend sources of financing. It determines and recommends the annual government expenditure program and the sectoral and activity ceilings, including the allocation between operating and capital outlay expenditures. DBCC is composed of the NEDA Director-General, a representative from the Office of the President, the Governor of the Bangko Sentral ng Pilipinas , and the Secretaries of Finance and Budget and Management.

15. 02 Implementing agencies What are the fiscal institutions in the government? In order to effectively carry out fiscal policies, government agencies help in developing and firming up macro fiscal policy at the micro level. Agencies mandated to raise revenues include the Bureau of Internal Revenue, Bureau of Customs, Land Registration Commission, and other regulatory offices. The Bureau of Treasury is mandated to manage debt policy. The rest of the agencies implement the expenditure policies.

16. 03 Congress What are the fiscal institutions in the government? The legislative bodies provide the legal framework for the implementation of fiscal policies. They ensure that fiscal policy is not only sound but also implementable and realistic. They see to it that the level of macroeconomic indicators and parameters are achievable given present economic conditions

17. 04 Commission on Audit What are the fiscal institutions in the government? The Commission on Audit (COA) ensures that agencies abide with the generally accepted rules and regulations in implementing their functions. The COA is also the agency that prepares the annual financial report of the government