The government will not extend the 60-day suspension of rice imports, which forms part of an ongoing effort to address challenges faced by farmers, once the deadline expires in October. Finance Secretary Ralph Recto said on Monday, Aug. 11, that the import pause will unlikely be extended given that...
Even as revenue-raising general tax amnesty and online gambling tax measures are being studied by the Marcos administration for enactment this year, Fitch Solutions’ unit BMI has maintained its forecast that the government will exceed its widened fiscal deficit of 5.5 percent of economic...
Plans to rehabilitate the Agus-Pulangi hydropower complex are expected to make significant progress within the next three years. On the sidelines of the EJAP Economic Forum 2025, Finance Secretary Ralph Recto told reporters that the rehabilitation of the aging 1,001-megawatt (MW) Agus-Pulangi...
Department of Finance (DOF) Secretary Ralph G. Recto asserted that raising revenues to finance the national budget has become more difficult in a climate where tax collection is viewed as unacceptable. This was among Recto’s points when he urged the Bureau of Internal Revenue (BIR), the...
Senator Erwin Tulfo is set to conduct a Senate investigation into online gambling, emphasizing that its ill effects outweigh its positive impact. "But if I can have it my way, kung akong tatanungin niyo personally, I want this online gambling stopped. Kung ako po masusunod, ora mismo dapat itigil...
British financial technology (fintech) giant Revolut is set to enter the Philippine market by establishing its second Global Tech Hub in Asia, as part of its goal to reach 100 million customers worldwide. In a statement released on Wednesday, July 30, the Department of Finance (DOF) said the entry...
Budget Secretary Amenah Pangandaman cautioned on Tuesday, July 29, that government projects may face paralysis next year should President Ferdinand Marcos Jr. veto a Congress-approved national budget that deviates from his administration 's priorities. While Finance Secretary Ralph G. Recto...
Even with the weaker-than-expected gross domestic product (GDP) growth figures last year and in recent quarters, the Department of Finance (DOF) argued that the Philippine economy grew at an average rate of 5.9 percent—among the fastest-growing Asian economies—since President Ferdinand Marcos...
Citing still favorable inflation data, President Marcos’ chief economic manager said the Bangko Sentral ng Pilipinas (BSP) could proceed with delivering two quarter-point cuts in the key interest rate by year-end even if the United States (US) Federal Reserve (Fed) decides to pause its easing...
While short-dated treasury bills (T-bills) will still be offered from July to September, the national government will also issue long-term retail debt instruments amounting to around ₱200 billion within the third quarter of 2025. Department of Finance (DOF) Secretary Ralph G. Recto told reporters...
Five new climate projects across the Philippines, totaling nearly ₱100 million, have been added to the list of projects greenlit by the People’s Survival Fund (PSF) Board, bringing the total to ₱1.4 billion. The PSF Board has committed to grant resources for five new projects across the...
Halfway through fiscal year (FY) 2025, the government’s revenue performance is showing mixed results, as the Bureau of Internal Revenue (BIR) is seen to meet its target while the Bureau of Customs (BOC) is projected to fall short—a familiar scene from history. Finance Secretary Ralph G. Recto...
