Appointment and Posting of Finance Attaches

October 22, 2015 DOF DEPARTMENT ORDER NO. 105-15 SUBJECT : Appointment and Posting of Finance Attaches Whereas , there is a global, unanimous recognition on the growing, and significant and transformative role of finance. For instance, finance is a subject that is actively tackled or intensely deliberated in global events such as in the recently held Third United Nations (UN) World Conference on Disaster Risk Reduction (Sendai, Japan), the Third International Conference on Financing for Development (scheduled in July 2015); and the UN Summit for the Adoption of the Post-2015 Development Agenda (scheduled in September 2015). These and many other future global events will inevitably shape discussions on the role of public finance, set trends, and introduce policy innovations that may be crucial to developing economies such as the Philippines. Whereas , the dispatch of Finance Attaches is expected to further contribute in the country's agenda towards achieving economic diplomacy with the foregoing countries. Their roles and functions are modified to respond to the changing landscape of global financial architecture and developments relating to regional or global cooperation. Now, therefore , in consideration of the foregoing, this Department Order is hereby issued. SECTION 1. The Department of Finance shall post Finance Attaches in key financial centers abroad in further pursuit of economic diplomacy, to strengthen our macroeconomic surveillance and research, to further promote international financial and fiscal cooperation with foreign governments, bilateral and multilateral development partners, and regional and/or international organizations as well as to better monitor and respond to developments in the financial markets including global capital markets. SECTION 2. The DOF Finance Attaches shall have the following duties and responsibilities: A. On Promoting Philippines' financial markets and instruments 1) To closely monitor developments in the international financial markets and provide information to higher authorities; 2) To recommend measures to enhance the trading of Republic of the Philippines (ROP)-issued financial instruments; 3) To provide information on the Philippine economy to prospective investors, conduct periodic road shows and drum up demand for the Philippines' financial instruments; 4) To generate interest in investing in the Philippine financial markets; 5) To source information on financial instruments needed by the Philippines' financial managers to match with or appropriate to the country's current economic standing; B. On Conducting Macroeconomic Surveillance and Research 6) To report on the Philippines' macroeconomic, financial, and fiscal trends and policies, international, and regional cooperation and provide highlights of economic information and/or reports on the foregoing to foreign governments, bilateral, multilateral and commercial agencies and institutions, including with reputable international organizations or non-governmental national or international institutions or firms, and/or other entities/instrumentalities; cEaSHC 7) To collect and obtain relevant data and information on financial and fiscal instruments/mechanisms, financial and fiscal policies, priority sectors in development cooperation/aid/finance, implementation arrangements, and/or strategies of the foreign government, bilateral, multilateral, and/or commercial agencies and institutions residing or headquartered or with offices in the foreign country of posting or, where applicable, located in country/ies as may be additionally assigned, including with reputable international organizations or non-governmental national or international institutions or firms, and/or other entities/instrumentalities which impact on and/or are relevant to Philippines' macroeconomic situation including fiscal performance/position and initiatives, including but not limited to Philippines' fiscal situation, fiscal measures, tax and other revenue measures/policies, liability management, and debt, among others; C. On Promoting International Fiscal, Financial, and International Cooperation 8) To serve as liaison with counterpart Finance Ministry/Department, Securities and Exchange Commission, and/or other relevant government institutions, agencies, and instrumentalities and other entities involved in, including but not limited to, macroeconomic, international finance, international financial system, fiscal (including international taxation and related measures), securities, global capital markets, customs administration, development finance, development cooperation, foreign aid, sovereign and non-sovereign lending, public debt, climate finance, disaster risk finance, and other finance- and fiscal-related matters/issues; 9) To promote the fiscal and financial initiatives, regulations, reforms, and policies of the country to the foreign government and relevant entities and stakeholders; 10) To evaluate and assess impacts of foreign government's laws, policies, and regulations including macroeconomic conditions and trends to the interests of the Philippines; 11) To attend international conferences, workshops, and/or meetings in the area of representation or in other countries as authorized and delegated by the Secretary of Finance; 12) To support in the organization of international conferences and meetings of Secretary of Finance and Department Officials with foreign governments, bilateral, multilateral, and commercial agencies or institutions including with reputable international organizations or non-governmental national or international institutions or firms or with non-governmental organizations or firms; 13) To coordinate with relevant Philippine Government agencies/entities to address issues/concerns raised by foreign governments, international organizations, private sector, and other entities relative to Philippines' fiscal and financial policies and regulations; 14) To serve as main coordinator/liaison with bilateral, multilateral, and/or commercial agencies and institutions and relevant international organizations headquartered or with offices in the foreign country or, where applicable, located in country/ies as may be additionally assigned, including with reputable international organizations or non-governmental national or international institutions or firms, and/or other entities/instrumentalities, relevant ministries/departments of foreign governments, and provide feedback and coordinate initiatives of the Philippine Government to the same to further enhance economic and development cooperation, including on financial cooperation, development finance, climate finance, disaster risk finance, development cooperation, foreign aid, technical cooperation, fiscal cooperation, customs administration, securities, global capital markets, international taxation and related measures, and/or such other areas aligned or related to the mandate of the Department and its attached bureaus/agencies/offices; and CTIEac 15) To perform such other functions and roles as may be designated by the Secretary of Finance from time to time. SECTION 3. The proposed geographical assignments for the Attaches are initially in the United States (New York) and in Asia (Tokyo), with additional postings in Europe (London, United Kingdom) and another in Asia (Beijing, People's Republic of China) in the future. The above countries: are top global markets for the country; are considered as top export destinations of the country (comprising about 28%-37% of total country exports for 2014; Between January to March 2015, preliminary estimates show that the top 3 destination of exports are Japan, US; and China with a share of 47.2% valued at US$6.7 B); are listed as the main sources of imports of the country (For 2014, US is top import source in the North American region (about 9% of total imports) while China and Japan are among the top two (2) sources in the Asian region contributing about 23% overall. For Q1 2015 alone, China, US and Japan are the top three (3) import sources accounting for a cumulative total share of 34% with total value of US$5.3 B); are official members of the Group of 20 (which cover 90% of the global economy) and, with the exception of China, are part of the Group of 7; belong to the top 20 investing countries in the Philippines (in 2014, the countries accounted for roughly 38.3% of total foreign investments); 1 are host to the world's international financial centres; jointly comprise about 48%-52% of total remittances of Overseas Filipino Workers in 2014 ( i.e. , US+UK+China: 52.37%; US+UK+Japan: 48%). In terms of bilateral economic cooperation, the Philippines has established strategic arrangements and/or are actively pursuing partnerships in terms of trade facilitation; regional integration; investments; development cooperation; development finance and/or international finance. Japan and US are the country's only strategic partners. The countries also host multilateral, regional and/or international organizations that play decisive and/or emerging roles or provide substantive contributions towards shaping and addressing national, regional, and global matters or have mandates that tackle finance, development, and other international cooperation issues. SECTION 4. The DOF shall conform to the "One Country Team Approach" and the provisions embodied in the Joint Circular No. 01-2015, dated 16 April 2015, on the "Guidelines on the Assignment of Representatives of Partner Agencies to Philippine Foreign Service Posts." (attached as Annex A) The DOF recognizes the immediate administrative supervision of the Head of Post over our representatives and shall observe the "One Country Team" approach at Post. Any cost sharing arrangements and training in the rigors of foreign service posting shall be subject of a separate discussion between the Department of Foreign Affairs (DFA) and the DOF. SECTION 5. The Finance Attaches shall have a tour of duty of two (2) years subject to performance evaluation by the DOF in consultation with the Head of Post, DFA. The Finance Attaches can be recalled by the DOF prior to completion of his/her tour of duty under special circumstances or as the need arises. In terms of basic qualification standards, a candidate seeking to be a Finance Attache must be: SaCIDT a. Be a bona fide Filipino citizen; b. Be at least 25 years old upon appointment; c. At the minimum, a holder of a Bachelor's degree in economics, finance, public administration/management, development studies, business administration, banking and finance, international relations/studies, accountancy, mathematics, social sciences, or related courses/disciplines from a college or university of good standing (Graduate or Post-graduate degree is a plus); d. Have at least three (3) years of supervisory experience; e. Secure Civil Service Professional Eligibility, or have been conferred with Civil Service Eligibility Status as an honor graduate or as a professional license holder pursuant to PD 907 and RA 1080; f. Be fluent in Filipino and English. Proficiency in other foreign languages will be an advantage; and g. Have no pending criminal or civil case or record. The DOF Selection Board shall conduct a thorough and objective evaluation of prospective applicants or recommendees in consideration of the qualification standards for the position and pertinent Civil Service Commission regulations. The Secretary shall recommend the appointment of Finance Attaches to the Office of the President. SECTION 6. This Department Order shall take effect immediately. (SGD.) CESAR V. PURISIMA Secretary Footnotes 1. http://www.nscb.gov.ph/fiis/publication/PSA_NSCB_FI%20Q4%202014.pdf.