The International Monetary Fund (IMF) has urged the Department of Finance (DOF) to enhance its macroeconomic forecasting model as it said the agency lacks a comprehensive system for consistent policy analysis and forecasting. This followed the IMF's recent scoping mission in the Philippines...
Finance Secretary Ralph G. Recto The Philippines has officially launched a value-added tax (VAT) refund system for foreign tourists, aiming to significantly boost tourism revenue by encouraging increased spending on local goods. According to the Department of Finance (DOF), the refund scheme...
The Department of Finance (DOF) is still considering slapping carbon tax as long as it won’t hike energy prices and instead facilitate the entry of green or environmentally sustainable investments. In a March 21 statement, the agency said it is working with the Washington-based multilateral...
Finance Secretary Ralph G. Recto President Marcos’ chief economic manager and representative in the Monetary Board (MB) has projected a 75-basis point (bp) reduction in the central bank’s interest rates this year, anticipating this would catalyze economic growth to seven percent or...
Finance Undersecretary Catherine Fong Despite modest privatization earnings in January, the government remains confident that revenues from asset sales will exceed ₱40 billion this year, keeping it on track to meet its ambitious ₱101 billion full-year target. “Let’s see” was Finance...
With a yawning budget deficit to finance this year, the government is enjoining ordinary Filipinos to buy its idle assets to add to much-needed public revenues. For April, the Department of Finance (DOF)-attached Privatization and Management Office (PMO) is eyeing to dispose of 51 lots, with a...
With new privatization guidelines taking effect on Tuesday, March 11, the Department of Finance (DOF) expects private-sector interest in idle properties like the Mile Long lot in Makati City to raise additional government revenues. “There are parties who have expressed interest to submit...
Senator Sherwin Gatchalian has called on the Department of Finance (DOF) and the Bureau of Internal Revenue (BIR) to immediately suspend a rule requiring members of cooperatives to obtain their respective tax identification numbers (TINs) before they are granted tax exemption privileges. ...
President Marcos’ chief economic manager believes a credit rating upgrade is now within reach after the Philippines’ removal from the global money laundering "grey list." Finance Secretary Ralph G. Recto stated that exiting the Financial Action Task Force's (FATF) grey list is a "significant...
Both the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) have raked in increased revenues in January this year, surpassing their collections during the same month last year. At a command conference on Wednesday, Feb. 19, Department of Finance (DOF) Secretary Ralph G. Recto...
The Department of Finance (DOF) has secured a billion-peso grant from the European Union (EU) to fund a program strengthening the Philippine justice system, combating corruption, and supporting marginalized sectors, particularly women. Last year, the EU signed the grant agreement for the Justice...
The US dollar's strength is expected to linger for the rest of the year, potentially hiking borrowing costs for emerging markets like the Philippines, according to the Washington-based Institute of International Finance (IIF). "A strong US dollar will be a key feature of 2025 and beyond. While...
