While the Department of Finance (DOF) is pushing for the swift enactment of its priority tax measures in the 20th Congress, raising the already eye-sore 12-percent value-added tax (VAT) by three percentage points (ppt) next year is off the table. In a Facebook post, the DOF called out Cavite 4th...
President Marcos’ chief economic manager stated that reducing the current 12-percent value-added tax (VAT) rate could weaken the government’s ability to fund operating expenses, such as personnel wages, as it would result in lower tax collections. Finance Secretary Ralph G. Recto said in an...
Department of Finance (DOF) Secretary Ralph Recto on Tuesday, Oct. 14, said the Philippine economy may experience a temporary slowdown in the latter half of 2025 due to ongoing government reforms meant to ensure proper spending of taxpayers’ money, but he expressed optimism that growth will...
Department of Finance (DOF) Secretary Ralph Recto on Tuesday, Oct. 14, said corruption in government infrastructure programs, particularly flood control projects, has hampered the country’s economic growth and affected the government’s ability to meet its revenue targets. During the Senate...
As the country reconsiders nuclear energy, the Department of Energy (DOE) is set to explore financing options in coordination with the Department of Finance (DOF), the Department of Economy, Planning and Development (DepDev), and the Maharlika Investment Corp. (MIC), among other agencies. In a...
State insurers Social Security System (SSS) and Government Service Insurance System (GSIS) have offered over ₱10 billion in calamity loans to extend financial aid to members in disaster-hit areas. This follows Department of Finance (DOF) Secretary Ralph G. Recto’s order to government financial...
Reducing the value-added tax (VAT) to 10 percent from the current 12 percent would erode the government’s fiscal consolidation, with total revenues expected to decline by an average of ₱330 billion annually, or one percent of the country’s economic output. “From our estimates, the reduction...
To boost bilateral trade and align the nearly 50-year-old pact with the current economic landscape, the Philippines has opened talks with Singapore to update its 1977 double taxation agreement (DTA). In a Sept. 25 statement, the Department of Finance (DOF) said its move supports efforts to attract...
Imposing excise tax on single-use plastics (SUPs) could allow the Philippine government to collect ₱58 billion after five years of implementation, according to the Department of Finance (DOF). With this incremental revenue, the DOF’s fiscal policy and monitoring group (FPMG) has forecast that...
Budget Secretary Amenah F. Pangandaman has approved the release of ₱1.64 billion to cover the fiscal year (FY) 2023 performance-based bonuses (PBB) of over 110,600 personnel of the Armed Forces of the Philippines–Philippine Army (AFP-PA). “This release highlights our commitment to recognize...
The Marcos Jr. administration will borrow $650 million, or over ₱37 billion, from the World Bank next year to sustain the conditional cash transfers for the Pantawid Pamilyang Pilipino Program (4Ps) and ensure that its youth beneficiaries land jobs. According to a Sept. 20 project information...
Unutilized Philippine Health Insurance Corp. (PhilHealth) funds will now be rechanneled to greater universal healthcare (UHC) access, a move welcomed by the Department of Finance (DOF). In a statement on Saturday, Sept. 20, the DOF commended President Ferdinand R. Marcos Jr. for ordering the return...
