Following the destructive typhoons that hit the Philippines, the national government is gearing up to tap half a billion dollars in climate funding from the Washington-based World Bank. According to the Department of Finance’s (DOF) Facebook post on Thursday, Nov. 20, the national government is...
To account for rising consumer prices and living costs, the Department of Finance (DOF) and its attached agency, the Bureau of Internal Revenue (BIR), are seeking to raise the ceiling for tax-exempt benefits and allowances enjoyed by both private- and public-sector workers. “Under this proposal,...
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...
The Philippines has been placed on a positive watchlist by J.P. Morgan Chase & Co. for potential inclusion in its influential emerging market government bond index, a move that could attract a new wave of foreign investment and lower the nation 's borrowing costs. In a statement on Monday,...
Amid the recent flood control scandals preoccupying the Philippine government, Japan has assured that it will continue extending low-cost loans for big-ticket bridge, spillway, and maritime projects. This reaffirmation comes as investigations into anomalous flood control projects are being...
To combat what he calls “systemic weakness,” former Finance Secretary Cesar V. Purisima is urging the government to adopt bold financial reform agenda, including cash transaction limits and demonetization, to fight corruption at its source. In a recent social media post, Purisima, who served as...
Instead of exempting over 130 lines from the 12 percent value-added tax (VAT), Finance Secretary Ralph G. Recto stated he would support the proposal to reduce the number of lines benefiting from exemption to narrow the fiscal deficit. “I’m one with you,” Recto told senators during the...
Revenue leakages from smuggling agricultural products are estimated at around ₱150 billion this year, according to the Department of Finance (DOF). “The estimate of the leakage for the year will roughly be ₱150 billion,” Finance Secretary Ralph G. Recto told reporters on the sidelines of...
The Philippine economy could have grown by six percent if flood control projects had not been hijacked by corruption, resulting in a loss of as much as ₱119 billion in economic output, according to President Ferdinand Marcos Jr.’s chief economic manager. While Finance Secretary Ralph G. Recto...
A military and uniformed personnel (MUP) reform has not made the cut for the priority legislation of President Ferdinand Marcos Jr.’s three remaining years, as enacting changes would entail higher costs. “I think the reform will be more costly at this point in time,” Finance Secretary Ralph...
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...
