Amid a national energy emergency, government response to the oil crisis is expected to accelerate spending in the first half of the year, reversing a slump in infrastructure expenditures last year in the aftermath of the flood-control corruption scandal. According to the Department of Budget and...
The Marcos Jr. administration’s chief economic manager assured on Tuesday, April 7, that the Philippine government has enough resources to tackle the oil crisis head-on, given an improving fiscal position with rising revenues coupled with prudent spending on public goods and services. “Our...
Fiscal indicators under the Duterte administration generally trended upward, though the pattern was heavily shaped by the pandemic shock mid-term. In the early pre-pandemic years, revenues grew steadily, bolstered by improved tax administration and the initial impact of the TRAIN reforms. The...
The Bureau of Customs (BOC) exceeded its revenue targets for a third consecutive month in March, bolstered by the surge in trade volume and the high-profile sale of seized luxury supercars. Preliminary data showed that the BOC’s total collections for the first quarter reached ₱238.9 billion,...
Let us now examine the record of the Benigno Aquino III Administration (2011 to 2016) in fiscal management. This administration anchored its economic agenda on inclusive growth driven by good governance and anti-corruption reforms. The central premise was that restoring credibility in public...
To accelerate the country’s progress toward upper middle-income status, the Philippine government has secured roughly ₱82.4 billion (221.7 billion Japanese yen) in financing from the Japan International Cooperation Agency (JICA) for two landmark infrastructure projects. Finance Secretary...
With tough times ahead, austerity is the new buzzword. Yes, Virginia, we are in belt-tightening mode. The legs of inflation have walked their way into every aspect of basic services, with no apparent de-escalation of hostilities on the horizon. As an emerging economy, the Philippines is believed to...
President Ferdinand R. Marcos Jr.’s chief economic manager said the economic team is in dialogue with the Philippines’ development partners, including the Asian Development Bank (ADB), to secure ample funding for the country’s power and fuel needs. “We are in constant discussion with our...
Oil industries expressed support for the removal of the 12 percent value-added tax (VAT) on petroleum products at the point of importation, saying the move would be easier to implement and would directly lower pump prices. During the second organization meeting of the Senate Proactive Response and...
The Philippines can quarantine a virus, but it cannot quarantine the global oil market. This is the warning from one of the architects of the country’s pandemic recovery, who argues that the current fuel shock could be a more ruthless economic adversary than Covid-19. While the health crisis was...
The ongoing conflict has created economic shockwaves, leaving the oil supply hanging in the balance and price pressures threatening our collective affordability. Yes Virginia, there’s no stopping inflation from rearing its ugly head. It could stay with us indefinitely depending on the resolution...
A Senate panel on Wednesday, March 11, approved "in principle" the proposals that would grant President Marcos powers to either suspend or reduce excise tax on fuel amid rising fuel costs. "In principle, the members who attended are supportive of the main principle of the bill, which is to give...
