Senate President Francis “Chiz” Escudero is considering filing a bill that would grant standby authority to the Department of Finance (DOF) or the President to temporarily reduce oil taxes in response to global fuel price spikes triggered by geopolitical crises, such as the ongoing Iran-Israel...
President Marcos’ chief economic manager has ordered the finalization of a cooperative agreement between the Bureau of Customs (BOC) and its Hong Kong counterpart to enhance trade facilitation. Currently a draft, the bilateral customs cooperative arrangement also aims to protect consumers “from...
Consunji-led Semirara Mining and Power Corp. (SMPC) has filed a case against the Department of Finance (DOF), the Bureau of Internal Revenue (BIR), and the Bureau of Customs (BOC) over the imposition of taxes on its fuel imports. In a disclosure to the Philippine Stock Exchange on Wednesday, June...
A framework on crypto-assets will be implemented by the end of Marcos administration to combat cross-border tax evasion and illicit financial flows, according to the Department of Finance (DOF). “We need faster and stronger systems for collaboration if we are to beat tax evasion and illicit...
State-run Bases Conversion and Development Authority (BCDA) has remitted ₱2.04 billion in cash dividends to the Bureau of the Treasury (BTr), equivalent to 80 percent of its net income last year, the Department of Finance (DOF) reported. Apart from this being “the highest amount” the BCDA has...
Department of Finance (DOF) Secretary Ralph G. Recto has ordered the swift implementation of the value-added tax (VAT) exemption on the expanded list of medicines for cancer, diabetes, and hypertension. Recto, President Marcos’ chief economic manager, has addressed this mandate to the Bureau of...
Raising the minimum wage by ₱200 would have “dangerous repercussions,” including hurting the Philippine economy, small business owners, and driving a spike in consumer price hikes, according to the Marcos administration’s economic managers. This comes as the public has intensified their...
A $600-million (over ₱33-billion) loan scheduled to be greenlit by the Washington-based World Bank in December is aiming to not only help sustain robust economic expansion in the Philippines but also ensure that Filipino workers are ready to reap growth-induced employment. In a June 2 program...
Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr. said the Japan Credit Rating Agency’s (JCR) latest affirmation of the Philippines’ “A-” credit rating with a stable outlook is expected to strengthen confidence among Japanese investors in the country. On Thursday, June 5, JCR...
The Department of Finance (DOF) said the Marcos administration has been prudently managing the Philippines’ swollen debt stock, which was bloated by the ₱6.84 trillion added by the Duterte regime during the Covid-19 pandemic. In a statement released on Thursday, June 5, the DOF said the...
Consumer price increases slowed further to 1.3 percent in May from 1.4 percent in April, marking the slowest pace in nearly six years, with the poorest households experiencing no increase in overall prices. According to the Philippine Statistics Authority (PSA), the country’s headline inflation...
The Marcos Jr. administration 's chief economic manager has allayed concerns about the rising public debt level, claiming that the national government maintains prudent fiscal management. Asked on Tuesday, June 3, if there 's anything to worry about regarding debt accumulation, especially...
