The Fiscal Incentives Review Board (FIRB) revealed that the Philippine Economic Zone Authority (PEZA) is not tracking the inflow of actual investments made by its registered business enterprises (RBEs). In a statement, Finance Assistant Secretary and FIRB Secretariat Head Juvy Danofrata said PEZA...
The Government of the People’s Republic of China will finance the construction of a P19.32 billion two-way, four-lane bridge connecting Davao City and the Island Garden City of Samal in Mindanao, the Department of Finance (DOF) announced. In a statement on Tuesday, June 14, the DOF said the...
Incoming Finance Secretary Benjamin E. Diokno wants to put in place a formal fiscal plan that will take control of government expenditures, set clear borrowing and revenue programs, as well as design policies to manage budget deficits in the next six-years. Diokno, who is currently governor of the...
The Fiscal Incentives Review Board (FIRB) welcomed the decision of Concentrix, a major business process outsourcing (BPO) firm, to give up its tax perks in exchange for a continued hybrid work setup for its employees. Finance Assistant Secretary and FIRB Secretariat Juvy Danofrata said...
The Department of Finance (DOF) said that Binance, the largest cryptocurrency exchange in the world, is not registered with the Philippines’ securities and banking regulators. Finance Secretary Carlos G. Dominguez III said on Thursday, June 9, said Binance is not registered with the Securities...
The Department of Finance (DOF) has ordered the collection of unpaid electricity bills of the Maguindanao Electric Cooperative, Inc. (MAGELCO) and Lanao del Sur Electric Cooperative, Inc. (LASURECO). In a statement Wednesday, June 8, the DOF said MAGELCO and LASURECO have outstanding accounts...
Finance Chief Economist Gil S. Beltran said the government would need an additional P250-billion per year to bring down the government’s financing gap to a figure comparable to the pre-pandemic level of 3.4 percent. This developed as the Department of Finance (DOF) warned Tuesday, June 7, that...
The government lost billions of pesos in power subsidies and tax incentives to now-defunct Hanjin Heavy Industries and Construction Philippines Inc. (HHIC-Phil), the Fiscal Incentives Review Board (FIRB) said. In a statement Tuesday, June 7, Finance Assistant Secretary and FIRB Secretariat Head...
House Ways and Means Committee chairman and Albay 2nd district Rep. Joey Salceda refuted on Monday, June 6 the claim made by the Department of Finance (DOF) that had Congress proposals pertaining to Covid-19 stimulus and subsidies been enacted, national debt would have climbed up to P15.4 trillion....
The Marcos administration has no plan to reduce government spending to temper the nation’s ballooning debt load, the incoming chief of the Department of Finance (DOF) said on Monday, June 6. Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno, who is President-elect Ferdinand R. Marcos...
The Department of Finance (DOF) estimated that the national government’s debt could have been P2.2 trillion more had President Duterte supported the revenue-eroding proposals in Congress at the height of the pandemic. In a statement, Finance Chief Economist Gil S. Beltran said that total debt...
House Ways and Means Committee chairman and Albay 2nd district Rep. Joey Salceda has vowed to push for the Budget Reform Act in the upcoming 19th Congress. Albay 2nd district Rep. Joey Salceda (Facebook) “I will refile the bill, hopefully with enhancements from the incoming finance and budget...
