The Department of Finance (DOF) has warned that the government’s slow implementation of digitalization amid the rapid growth of e-commerce could result in significant revenue loss. In a statement, the DOF said that Finance Secretary Ralph G. Recto is now seeking additional funding from the...
The Department of Finance (DOF) has secured a standby fund from the World Bank that the Philippines can readily utilize during emergency or crisis situations. In a statement on Monday, April 22, the DOF announced that the signing of the Rapid Response Option (RRO) agreement with the World Bank...
The Department of Finance (DOF) said that the World Bank Group (WBG) will assemble a team to assist the Philippines in enhancing its digital infrastructure, specifically its tax system. In a statement on Saturday, April 20, the DOF said that WBG President Ajay Banga expressed support for the...
President Marcos' chief economic manager warned that developing countries, including the Philippines, are at risk of falling even further behind as global economic growth is projected to decline for the third consecutive year. Finance Secretary Ralph G. Recto said that developing nations have...
The Philippines has received backing from the World Bank Group (WBG) for the government's digitalization initiative aimed at improving tax administration and other critical sectors, a Cabinet official said. Finance Secretary Ralph G. Recto said that the WBG has shown strong support for...
Two Washington-based international strategic advisory firms have indicated their readiness to support the Maharlika Investment Fund (MIF) in attracting investments and to assist the Philippines' digitalization efforts for revenue generation. In a meeting with Finance Secretary Ralph...
The Philippines may attain a single-digit poverty rate sooner than the target set by the Marcos administration, the Department of Finance (DOF) said. In a statement, Finance Secretary Ralph G. Recto said the country might reach a poverty rate of 9.3 percent by 2026, two years earlier than the...
Removing the restrictive economic provisions in the Constitution would help alleviate inflation and enhance real wages for Filipino workers, according to a former finance chief. As concerns about workers' compensation and job availability top the list of priorities for Filipinos, former Finance...
The Department of Finance (DOF) announced that the Clark Development Corp. (CDC) significantly increased its cash dividends to the government coffers for last year. On Monday, March 25, Finance Secretary Ralph G. Recto received a P1.8 billion check from CDC, reflecting the firm's dividend...
The Department of Finance (DOF) said the Public-Private Partnership (PPP) Code is poised to usher in a steady stream of strategic and high-quality investments that will bring benefits to all Filipinos. Finance Secretary Ralph G. Recto said the timely release of the PPP Code's implementing...
Politician-turned-finance chief, Ralph G. Recto, has expressed his readiness to make tough decisions, even if they may not be popular with many. Speaking before members of the Economic Journalists Association of the Philippines (EJAP) on Thursday night, March 21, Recto asserted that he has set his...
Finance Secretary Ralph G. Recto has set his sights on the 2028 elections after confirming that he will not be a candidate in the upcoming 2025 polls. READ: Recto denies 2025 election bid speculations On the sidelines of the Economic Journalists Association of the Philippines (EJAP) induction of...
