The Department of Finance (DOF) said the Real Property Valuation and Assessment Reform Act (RPVARA) will enable local government units (LGUs) to achieve financial independence. In a statement, Finance Secretary Ralph G. Recto said the RPVARA, also known as Republic Act No. 12001, will overhaul the...
The Department of Finance (DOF) said the newly launched pension scheme by the Social Security System (SSS) is a vital step towards financial empowerment for Filipino workers. In a statement, Finance Secretary Ralph G. Recto said the MySSS Pension Booster program is closely aligned with the...
Finance Secretary Ralph G. Recto said the recent affirmation of the Philippines’ investment-grade credit rating by Fitch Ratings would attract more foreign investments into the country. In a statement on Monday, June 10, Recto said he welcomed Fitch’s decision to maintain the country’s...
The Philippines and France have inked a financial and development cooperation agreement aimed at tackling poverty and fostering inclusive growth for Filipinos, the Department of Finance (DOF) announced. On June 7, Finance Secretary Ralph G. Recto and Ambassador Extraordinary and Plenipotentiary of...
Finance Secretary Ralph G. Recto said that the railway connecting Cavite and Metro Manila will create more jobs and business opportunities in the south. Recto, the government's chief economic manager, said that the first phase of the Light Rail Transit (LRT) Line 1 (South) Cavite extension project...
The Department of Finance (DOF) said that the Marcos administration has implemented new measures to enhance job creation in the country. According to the DOF, President Marcos’ recently signed Executive Order No. 59 would have a significant impact on the economy by creating more quality jobs for...
The Department of Finance (DOF) expects the Luzon Economic Corridor project will attract investments that support the vibrant labor market in the Philippines. In a statement on Thursday, June 6, Finance Secretary Ralph G. Recto said that the project focuses on boosting job creation in the...
President Marcos' chief economic manager said that despite the global decline in prices, the consistently high local costs of rice remain a key concern. In a statement, Finance Secretary Ralph G. Recto pointed out the substantial price gap of rice between the current market prices and those of last...
The Marcos administration is looking to ramp up the sale of government assets this year, data from the Development Budget Coordination Committee (DBCC) revealed. Based on the DBCC's quarter fiscal program approved last May 23, the national government expects to generate P42.12 billion in proceeds...
Finance Secretary Ralph G. Recto admitted the daunting challenge of digitizing the government's tax system, prompting the need to explore non-tax revenue sources for additional funding. Recto told Manila Bulletin on Tuesday, May 28, that the Marcos administration's digitalization initiatives to...
The Department of Finance (DOF) has projected that the average yearly income of Filipinos is on track to almost double in the next six years to around P378,000, propelled by the expanding middle class. Currently, Finance Secretary Ralph G. Recto revealed that the average income per person in the...
Finance Secretary Ralph G. Recto lauded the recent issuance of an order aimed at enhancing the monitoring of imported goods entering the country through digital pre-border verification and electronic invoicing. As the chair of the committee overseeing the implementation of President Marcos’...
