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...
The Marcos administration's efforts toward fiscal consolidation may proceed at a slower pace, as economic managers are considering revising down their growth forecasts for the medium term, the Department of Budget and Management (DBM) said. Budget Secretary Amenah F. Pangandaman said the...
Department of Finance (DOF) Secretary Ralph G. Recto on Wednesday revealed that they are no longer pursuing the tax reform on junk food and sweetened beverages due to a higher inflationary environment In a joint press conference with the Bureau of Customs and the Bureau of Internal Revenue, Recto...
The approved national budget of nearly P6 trillion for next year will accelerate the country’s economic growth amid looming drought and high inflation, the country’s economic team stressed. President Ferdinand R. Marcos Jr. has signed into law the General Appropriations Act of 2024 which will...
The government will stick to its growth targets of 6.5 percent to 8 percent for the medium term, National Economic and Development Authority Secretary Arsenio M. Balisacan said on Wednesday, Dec. 13. Balisacan told reporters that the highest range could still be reduced but there are no plans to...
The target ratio for the country’s debt as a share of the gross domestic product (GDP) for the medium term is attainable, Department of Finance Secretary Benjamin E. Diokno said. In a panel discussion with the Philippines’ economic managers, Diokno said that the government’s target ratio will...
The Department of Finance (DOF) has reported that the application for tax incentives for 45 projects, with a combined investment capital of P721.3 billion, has been approved by the Fiscal Incentives Review Board (FIRB). In a statement on Wednesday, Oct. 25, the DOF said these projects are...
The national government's budget deficit was nearly halved in July owing to strong revenue collection, data from the Bureau of the Treasury showed. The fiscal deficit, which arises when government expenditures exceed revenues, amounted to P47.8 billion in July 2023, a 45 percent decrease compared...
