The Duterte administration has so far borrowed more than P1 trillion from foreign lenders for the government’s coronavirus response, the Department of Finance (DOF) said. As of Jan. 14, 2022, the national government already raised a total of $22.55 billion, or roughly P1.15 trillion, in budgetary...
The Philippines needs to maintain the momentum seen in the second semester of last year to sustain its economic recovery, the Department of Finance (DOF) said. Finance Undersecretary and Chief Economist Gil S. Beltran said the robust growth in the final two quarters of 2021 should be sustained even...
The Duterte administration registered a strong fiscal performance last year that enabled the government to maintain macroeconomic stability and helped maintain investor confidence, the Department of Finance (DOF) said. Finance Undersecretary and Chief Economist Gil S. Beltran said as he pointed out...
The Bureau of the Internal Revenue (BIR), the government’s main tax agency, has missed its collection target last year, the Department of Finance (DOF) reported on Friday, Jan. 28. Citing preliminary reports from the BIR, the DOF said the bureau collected P2.07 trillion from January to December...
The government was awarded a $52.5 million payout for losses the country suffered due to Typhoon Odette, the Department of Finance (DOF) announced on Tuesday, Jan. 25. Many Filipinos affected by Super Typhoon Odette are still in need of help up to this day In a statement, the DOF said the...
Finance Secretary Carlos G. Dominguez III approved the donation by the Bureau of Customs (BOC) to the Philippine Coast Guard (PCG) of unmarked diesel fuel seized last September and forfeited in favor of the government. The BOC and PCG have already signed a memorandum of agreement on the turnover of...
The Philippines is still a lucrative destination for foreign investors with its long-term favorable growth prospect being bolstered by a strong recovery in foreign direct investments (FDI), the Department of Finance (DOF) said. Finance Undersecretary Gil S. Beltran said on Thursday, Jan. 19, noting...
The Securities and Exchange Commission (SEC) has approved five corporations that will acquire the bad loans and non-performing assets (NPAs) of financial institutions affected by the pandemic-induced crisis, the Department of Finance (DOF) said. In a statement, the DOF said that five Financial...
The inter-agency Fiscal Incentives Review Board (FIRB) has approved the grant of tax incentives to a P10-billion cement manufacturing project of San Miguel Equity Investments, Inc., the Department of Finance (DOF) announced. In a statement, the DOF said on Monday, Jan. 17, that the FIRB, upon the...
The Department of Finance (DOF) expects inflation to gradually trend downward in the coming months as the government implements programs aimed at mitigating food supply concerns. Finance Undersecretary and Chief Economist, Gil S. Beltran, said the further deceleration of inflation to 3.65 percent...
Finance Secretary Carlos Dominguez III has cited the initiatives of the Capital Market Development Council (CMDC) to make the Philippine financial system “broad-based and inclusive” as among the lasting legacies of the body under the Duterte administration. In step with President Duterte’s...
The Department of Finance believes the Philippines should continue to import pork as the local hog industry has yet to recover from the African swine (ASF) outbreak. Finance Undersecretary and Chief Economist Gil S. Beltran said on Thursday, Jan. 13, that the country “definitely” needs to...
