Two foreign-led insurers are set to enter the Philippine market, the Insurance Commission (IC) announced. Without naming names, Insurance Commissioner Dennis B. Funa said they are now processing the applications of the two new entrants coming from a Southeast Asian conglomerate. “We will announce...
Construction of the three bridges funded by the the Asian Development Bank (ADB) will commence this second quarter or within the last three months of the Duterte administration, the Department of Finance (DOF) said. In a statement, Finance Secretary Carlos G. Dominguez III said the $175.1-million,...
The Philippines is looking at working with the United Arab Emirates (UAE) in conceptualizing and implementing innovative energy efficiency programs to contribute to the global effort to reverse the devastating effects of climate change, a Cabinet official said. During the Climate Change Virtual...
The Bureau of the Internal Revenue (BIR) is planning to auction off some of the properties of the late President Ferdinand E. Marcos as his heirs continue to refuse in paying the estate tax. In a report to Finance Secretary Carlos G. Dominguez III on Wednesday, March 30, the BIR disclosed that the...
The International Finance Corp. (IFC) and AboitizPower Corp. have signed an agreement to help assess the viability of renewable energy as a source of base load power in the Philippines. In a statement, IFC said on Wednesday, March 30, that it was tapped to conduct a joint in-depth study with...
The time spent in settling insurance claims and resolving loan accounts in closed banks was significantly reduced following the Philippine Deposit Insurance Corp.’s (PDIC) shift to digital platforms, the Department of Finance (DOF) said. Roberto B. Tan, PDIC president and chief executive officer...
Dividends remitted by government-owned or controlled corporations (GOCCs) surpassed its pre-pandemic collection last year, driven by the fiscal discipline imposed on state-run firms, the Department of Finance (DOF) said. Data from the DOF’s Corporate Affairs Group (CAG) showed on Monday, March...
The government’s chief economic manager vowed to “redouble” their efforts in the final months of the Duterte administration to recover lost opportunities incurred by the economy during the prolonged pandemic. Finance Secretary Carlos G. Dominguez III said that their goal in the final quarter...
The next administration would need to continue the ongoing infrastructure projects of the current government to support foreign direct investment (FDI) inflows, the Department of Finance (DOF) said. Finance Chief Economist Gil S. Beltran said on Friday, March 25, that the ongoing infrastructure...
The Bureau of Customs’ modernization program has automated and streamlined most of its processes and procedures in the last five-years, resulting in above-target collections despite the pandemic, the Department of Finance (DOF) reported. In a report to Finance Secretary Carlos G. Dominguez III...
A shift from a pandemic to an endemic mindset will help mitigate the impact of external shocks, such as the Russia-Ukraine crisis, as well as minimize the long-term scarring effects of Covid-19, three of the government’s economic managers said. In a joint statement on Thursday, March 24, Finance...
Dividends remitted by the Philippines Ports Authority (PPA) to the government coffers under President Duterte’s watch exceeded the sum it had contributed in more than two decades, the Department of Finance (DOF) said. In a statement, Finance Secretary Carlos G. Dominguez III on Wednesday, March...
