Land Bank of the Philippines is poised to overtake the Sy-led BDO Unibank Inc. as the country’s largest bank after President Marcos approved the proposed merger of the two state-owner lenders. Finance Secretary Benjamin E. Diokno said the government will merge the Development Bank of the...
A pause in interest rate hikes is likely in the policy meeting of the Bangko Sentral ng Pilipinas (BSP) in May, the Department of Finance (DOF) said. "The BSP has done enough, in my view,” Finance Secretary Benjamin E. Diokno told reporters after the central bank raised its benchmark interest rate...
The Bureau of Customs announced the creation of an advisory council that will engage all stakeholders, like the private sector, in formulating strategies for the government’s second largest tax agency. In a statement on Monday, March 20, Customs Commissioner Bienvenido Y. Rubio said the advisory...
The Department of Finance (DOF) reported that the national government posted a budget surplus in the first-month of the year owing to robust revenue collection and weak public spending. Finance Secretary Benjamin E. Diokno said on Friday, March 17, that the government fiscal surplus reached P45.75...
The Philippine economy is spared from the high-profile collapse of the Silicon Valley Bank (SVB), the Department of Finance (DOF) said on Wednesday, March 15. Finance Secretary Benjamin E. Diokno said local banks have no exposure to the problems faced in the US financial sector in the aftermath of...
The Maharlika Investment Fund (MIF) would be the alternative source of government financing once the Philippines becomes an upper-middle income economy, which disqualifies the country from less expensive development loans, the Department of Finance (DOF) said. Finance Secretary Benjamin E. Diokno...
Finance Secretary Benjamin E. Diokno was not bothered about rumors that he was on his "way out" of the Marcos administration, saying his reported replacement, who is currently a House lawmaker, is a friend. On the sidelines of the Pilipinas Conference on Tuesday, Nov. 22, Diokno shrugged off...
The Marcos administration plans to create an ad hoc group composed of economic mangers, as well as trade and agriculture secretaries that would put public interest ahead of vested interest groups on the supply and demand of key commodities. Finance Secretary Benjamin E. Diokno said that one of the...
The Philippines has joined a regional initiative that aims to set tailored solutions to ensure the implementation of tax transparency standards across Asia, the Department of Finance (DOF) said. Finance Secretary Benjamin E. Diokno said the Philippines has endorsed the Bali Declaration, which calls...
President Marcos’ economic team has made a pitch for investing in the Philippines and sought Japanese participation in the country’s “high-impact sectors,” the Department of Finance (DOF) said. At the Philippine Business Opportunities Forum (PBOF) in Tokyo, Japan, Finance Secretary Benjamin...
Finance Secretary Benjamin E. Diokno welcomed the decision of the Supreme Court affirming the constitutionality of the Tax Reform for Acceleration and Inclusion (TRAIN) Act amid petitions claiming the law to be “anti-poor” and unlawful. The Supreme Court dismissed the petitioners’...
The Department of Finance (DOF) has signed two loan agreements worth Y377.02 billion, equivalent to P156.08 billion, with the Japanese government for the implementation of the North-South Commuter Railway project and its extension on the sidelines of President Ferdinand R. Marcos Jr.'s visit to...
