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...
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...
With the Philippines being flagged as one of the developing countries that spent more than 10 percent of its income on debt repayments in 2023, the Department of Finance (DOF) argued that the fiscal strain stemming from mounting debt payments remains under control. “We’re managing it,” DOF...
After receiving zero subsidies this year, the Philippine Health Insurance Corporation (PhillHealth) will be getting ₱53.3 billion in government support next year, according to President Ferdinand Marcos Jr.’s chief economic manager. Department of Finance (DOF) Secretary Ralph G. Recto told...
The Department of Finance (DOF) has clarified that a new law will not tax the savings of ordinary Filipinos, as it only standardizes the tax rate on interest income, eliminating the unfair preferential treatment previously enjoyed by the wealthy. Finance Secretary Ralph G. Recto said the passage of...
Finance Secretary Ralph G. Recto said slapping the online gaming industry with a 10-percent tax could generate at least an additional ₱20 billion in revenues annually. Recto told reporters during an informal press chat that taxing each gamer per bet is more challenging to implement. He said it...
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...
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...
President Marcos ' directive for Cabinet resignations has sparked a mix of hope and apprehension in the local financial market, as some view it as a necessary step toward improved governance and economic performance, while others are concerned about potential market volatility during the...
