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...
The Philippine Economic Zone Authority (PEZA) expects a softening up by the Fiscal Incentives Review Board (FIRB) on its position on the work-from-home (WFH) policy for IT-business process management (IT-BPMs) firms registered with the agency. PEZA Director General Tereso O. Panga said that its plea...
The Department of Trade and Industry (DTI) through Board of Investment (BOI) shall recommend for approval to the Fiscal Incentives Review Board (FIRB) an EV incentive strategy (EVIS), similar tax incentives driven to the Comprehensive Automotive Resurgence Strategy (CARS) Program, to ensure the...
The Fiscal Incentives Review Board (FIRB) has extended until Jan. 31, 2023 the deadline for the transfer of registration of Information Technology and Business Process Management (IT-BPM) firms from the Philippine Economic Zone Authority (PEZA) to the Board of Investments (BOI). FIRB announced...
The Fiscal Incentives Review Board (FIRB), chaired by the Department of Finance, has approved the tax incentive application of TDK Philippines Corp. (TPC). In a statement Tuesday, Dec. 6, Finance Assistant Secretary Juvy Danofrata said the FIRB approved the fiscal incentives for TPC’s P2.5...
The national government’s budget deficit rose by more than half in October due to higher public spending that outpaced its strong revenue growth, the Bureau of the Treasury reported. The Treasury bureau said on Friday, Nov. 25, that the Marcos administration incurred a P99.1 billion fiscal...
