Local government units (LGUs) will be receiving a 35-percent share from the National Tax Allotment (NTA) by 2026, President Marcos’ chief economic manager said. During an informal press chat on Wednesday, Jan. 16, Finance Secretary Ralph G. Recto told reporters that come 2026, LGUs share...
The Department of Finance (DOF) faces the daunting task of generating P12.72 billion in revenue every single day to support the Marcos administration’s ambitious P6.326 trillion national budget for 2025. In a statement on Monday, Dec. 30, Finance Secretary Ralph G. Recto acknowledged the huge...
The Department of Finance (DOF) expects the Philippines to achieve a historic P606.6 billion in non-tax revenues for 2024, exceeding targets by more than 200 percent and surpassing the 2023 total by more than half. “Emerging non-tax revenues for the full year 2024 are expected to reach P606.6...
Total tax collections for 2024 reached P3.55 trillion as of end-November, according to the Department of Finance (DOF). This record marks an 11.5-percent increase from the previous year, which was driven by a 13.9-percent rise in Bureau of Internal Revenue (BIR) collections to P2.67 trillion...
President Marcos’ chief economic manager stated that he expects an additional P300 billion to be injected into the government’s treasury over the next five years following the planned revision of existing passive income tax law. Department of Finance (DOF) Secretary Ralph G. Recto, during...
Filipinos may soon experience relief from the additional burdens linked to paying electricity bills as the Department of Finance (DOF) and the Department of Energy (DOE) have signed a joint memorandum circular (JMC) granting tax exemptions to qualified electric cooperatives (ECs). According to DOF,...
The recently enacted corporate recovery and tax incentives for enterprises to maximize opportunities for reinvigorating the economy (CREATE MORE) is proving to be a game-changer in attracting global investors, earning praise from Japanese, American, and British business leaders. According to the...
The Department of Transportation (DOTr) has signed agreements with major private corporations for three key infrastructure projects aimed at boosting tourism, trade, and transportation across the Philippines. According to the Department of Finance (DOF), the Public-Private Partnership (PPP)...
President Marcos’ chief economic manager stated that the national government plans to reduce its foreign borrowings to 10 percent over the medium term, making the domestic borrowings stand at 90 percent. This came after the Department of Finance (DOF) Secretary Ralph G. Recto affirmed the...
The Department of Finance (DOF) is upbeat on its expectation that the government’s total revenue collection for 2024 will reach P4.42 trillion by the end of the year, exceeding the full-year target of P4.27 trillion. In a Dec. 16 statement, the DOF stated its anticipation that emerging...
The Philippine government and the World Bank have kick-started the implementation of a project loan aimed at putting in place a climate-resilient, inclusive as well as secure broadband connectivity in the country. The World Bank disclosed on Dec. 12 that Finance Secretary Ralph G. Recto, on behalf...
The Philippine government has recently completed the first round of negotiations for a Double Taxation Agreement (DTA) with the Lao People's Democratic Republic (Lao PDR) in a bid to prevent double taxation and tax evasion in cross-border transactions. "The DTA aims to eliminate double taxation on...
