Association of Southeast Asian Nations (ASEAN)+3 policymakers, including the Philippines, are urged to balance near-term spending with long-term fiscal discipline as shrinking fiscal space and rising debt costs stress the need for consolidation to meet climate- and aging-related demands, according...
President Marcos on Thursday, Aug. 14, signed Republic Act No. 12233, or the Judiciary Fiscal Autonomy Act, which he said will strengthen the independence, efficiency, and accountability of the country’s courts. In his ceremonial signing in Malacañan on Thursday, Aug. 14, Marcos said the...
The Philippines’ plan to temper spending on public goods and services in a bid to narrow its budget deficit to pre-pandemic levels may slow economic growth, according to the think tank Capital Economics. “Monetary easing across the region should support consumption and investment, but tighter...
The country’s leading mining groups welcomed the bicameral conference committee’s decision to remove the highly contentious ore export ban from the reconciled version of the bill seeking to reform the mining fiscal regime. In separate statements on Wednesday, June 11, the Chamber of Mines of...
The Fiscal Incentives Review Board (FIRB) has approved nearly ₱21 billion in tax subsidies requested by 10 government institutions, exempting these agencies from paying taxes and duties. As of May 21, the FIRB, chaired by Finance Secretary Ralph G. Recto, has approved ₱20.9 billion in tax...
While the share of the Philippine government's budget deficit and debt to the economy are going down and "stabilizing," respectively, the ASEAN+3 Macroeconomic Research Office (AMRO) is urging fiscal authorities across the region to remain prudent in spending on public goods and services as a...
US President Donald J. Trump's protectionist policies remain the top risk to Philippine economic prospects this year, according to the think tank Capital Economics. "A key uncertainty over the coming year is whether and to what extent Donald Trump follows through with his threats to impose tariffs...
Department of Agriculture (DA) Secretary Francisco Tiu Laurel is committed to enforcing fiscal discipline within the agency, emphasizing the need to prioritize projects that offer strong and sustainable returns. As the DA develops its multi-year budget plan, Laurel wants to prioritize initiatives...
Senate Minority Leader Aquilino "Koko" Pimentel III on Sunday, November 10 urged state economic managers to exercise fiscal discipline in light of the government's ballooning debt which now stands at P15 trillion. Pimentel expressed his concern in a radio interview as he reiterated his call...
Soaring interest payments, especially for debts that piled up to fight the Covid-19 pandemic, may slow down fiscal consolidation or budget-deficit reduction in the Philippines, according to the think tank Oxford Economics. "Because government deficits have ballooned quickly in the last few years, a...
Vice President Sara Duterte called for enhanced fiscal discipline and effective revenue collection, saying these are drivers of economic and social growth both in the context of local government and national development goals. Vice President Sara Duterte (Noel Pabalate / MANILA BULLETIN) In...
The Department of Finance (DOF) said that all pending tax incentive applications that were previously referred to the Fiscal Incentives Review Board (FIRB) but do not meet the new investment capital threshold will be returned to the Investment Promotion Agencies (IPAs). According to the DOF, this...
