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The Bases Conversion and Development Authority (BCDA) is a development corporation vested with corporate powers under Republic Act (RA) 7227 (Bases Conversion and Development Act of 1992), signed into law by former President Corazon C. Aquino on March 13, 1992. The BCDA Charter was amended by RA 7917 in 1995, and further amended by RA 9400 in 2007.
In the Philippines, a government-owned and controlled corporation (GOCC), sometimes with an "and/or", [1] is a state-owned enterprise that conducts both commercial and non-commercial activity. Examples of the latter would be the Government Service Insurance System (GSIS), a social security system for government employees.
The policy of taxation in the Philippines is governed chiefly by the Constitution of the Philippines and three Republic Acts. Constitution: Article VI, Section 28 of the Constitution states that "the rule of taxation shall be uniform and equitable" and that " Congress shall evolve a progressive system of taxation ".
In late November 2022, seven lawmakers in the Philippine House of Representatives, including Martin Romualdez and Sandro Marcos, filed House Bill No. 6398, [b] proposing the creation of a sovereign wealth fund for the Philippines to be known as the Maharlika Wealth Fund (MWF), inspired from South Korea's sovereign wealth fund.
In the Philippines, this is characterized by continuous and increasing levels of debt and budget deficits, though there were improvements in the last few years of the first decade of the 21st century. [2] The Philippine government's main source of revenue are taxes, with some non-tax revenue also being collected. To finance fiscal deficit and ...
The Department of Finance (DOF; Filipino: Kagawaran ng Pananalapi) 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 ...
The Commission on Audit (COA; Filipino: Komisyon sa Awdit [2]) is an independent constitutional commission established by the Constitution of the Philippines.It has the primary function to examine, audit and settle all accounts and expenditures of the funds and properties of the Philippine government.
Section 284 of the Local Government Code of the Philippines (RA 7160) sets up the formula for the distribution of the allotment. All or nearly all of the revenue that a local government has to spend comes from their IRA, though some local governments also have additional local sources of revenue such as property taxes and government fees ...