The Philippines and Cambodia are set to formally sign their double taxation agreement (DTA) after six years of negotiations, the Department of Finance (DOF) announced. In a statement on Friday, May 3, the DOF said that the draft DTA between Manila and Phnom Penh was finalized on April 19, with the...
The Department of Finance (DOF) said that the Philippine government is on track to finalize four loan agreements with the Japan International Cooperation Agency (JICA) this year. According to the DOF, these loan agreements, estimated at $1.5 billion (P86.4 billion), are earmarked for projects...
Despite a recent downward revision in the economic growth outlook, the Department of Finance (DOF) said that the Marcos administration is standing by its tax collection target for the year. Finance Secretary Ralph G. Recto said that the Bureau of Internal Revenue (BIR) and the Bureau of Customs are...
Finance Secretary Ralph G. Recto said he expects the economy to grow within the target band of 5.8 percent to 6.3 percent in the first quarter of this year. These estimates were based on the high base effect from last year wherein the economy grew by 6.4 percent during the first quarter, Recto...
Senate Deputy Minority Leader Risa Hontiveros on Monday, April 29 urged the Department of Foreign Affairs (DFA) to cancel religious leader Apollo Quiboloy’s passport. Hontiveros, who is leading the investigation into Quiboloy’s alleged abuses, made the call after the Kingdom of...
The Marcos administration plans to borrow more funds this year than initially planned, the Department of Finance (DOF) announced. In a statement, Finance Secretary Ralph G. Recto said on Monday, April 29, that the national government plans to borrow P2.57 trillion in 2024. The funds will be...
The Department of Finance (DOF) assured that the country’s economic fundamentals are robust enough to weather any unforeseen developments in the United States. With a strong foundation in place, Finance Secretary Ralph G. Recto said the Philippines is well-equipped to navigate any potential...
Finance Secretary Ralph Recto and his family attended the Department of Finance (DOF) anniversary celebration, which garnered positive feedback from many of the attendees. However, some employees were still disheartened. At the 127th DOF anniversary party last Friday, Recto was accompanied by his...
The Department of Finance (DOF) is set to introduce a four-day workweek to alleviate the burden on its employees who are struggling with the intense traffic congestion in Metro Manila. During the DOF anniversary celebration, Finance Secretary Ralph G. Recto announced that the new department...
Had Ralph Recto heeded his wife's request, he might not be the Secretary of Finance (SOF) today. This revelation was shared by veteran actress Vilma Santos-Recto, who openly admitted her strong opposition to President Marcos’ offer for her husband to take the role. Santos-Recto opposed the...
Filipino borrowers hoping for a reduction in interest rates will have to hold their horses as the anticipated rate cuts may not come in the near future. Finance Secretary Ralph G. Recto said on Friday, April 26, that elevated inflation is likely to persist, and interest rates may remain high for a...
The Department of Finance (DOF) has appointed a new chief economist and two undersecretaries to lead fiscal policy formulation and revenue operations. Charlito Martin R. Mendoza will now be the undersecretary for the Revenue Operations Group (ROG), while Domini S. Velasquez has been appointed as...
