Department of Finance (DOF) Secretary Ralph G. Recto is confident about the country’s economic outlook for 2025, driven by the recent passage of two major laws to boost tourism, local spending, and food security. Both Republic Act (RA) No. 12079, or the Value-Added Tax (VAT) Refund Mechanism for...
While the Marcos administration’s economic team has widened its full-year growth target for 2025, it stated that the worst-case scenario for the Philippine economy next year is a slowdown to six percent. The Development Budget Coordination Committee (DBCC) revised its macroeconomic assumptions...
The Philippine government has made inroads towards greater digital transformation, as required by the newest loan it secured from the World Bank. The Washington-based multilateral lender disclosed on Nov. 26 that Finance Secretary Ralph G. Recto, on behalf of the government, signed the loan...
The Philippines has secured a government-to-government financial and development cooperation agreement with Sweden, aimed at enhancing economic security and investment in key projects. The DOF announcement follows the signing on Nov. 22, 2024, involving Finance Secretary Ralph G. Recto and...
The Philippines will repay to the Asian Development Bank (ADB) the initial loan it secured for the Laguna Lakeshore Road Network (LLRN) until 2052, or 24 years after the project is expected to be passable. Documents showed that Finance Secretary Ralph G. Recto, on behalf of the Philippine...
Department of Finance (DOF) Secretary Ralph G. Recto announced that the double tax agreement (DTA) between the Philippines and Cambodia is expected to be finalized in February of next year. In a statemen, Recto noted that while the Philippines and Cambodia are preparing to sign the agreement,...
The Philippines is calling for increased climate financing for vulnerable nations at the 29th Conference of the Parties (COP29) in Baku, Azerbaijan, following recent typhoons that hit the country. Department of Finance (DOF) Undersecretary Maria Luwalhati Dorotan-Tiuseco stated during the...
Department of Finance (DOF) Secretary Ralph G. Recto has urged GCash, the Philippine Digital Asset Exchange (PDAX) Inc., and regulators to expedite the launch of GBonds for financial inclusion for Filipinos. Recto announced, during the Bureau of the Treasury’s (BTr) 127th Anniversary and...
Local businesses can now adopt work-from-home setups without losing valuable tax incentives as the newly enacted Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act officially permits flexible work arrangements. The...
Soaring interest payments, especially for debts that piled up to fight the Covid-19 pandemic, may slow down fiscal consolidation or budget-deficit reduction in the Philippines, according to the think tank Oxford Economics. "Because government deficits have ballooned quickly in the last few years, a...
The Marcos administration is actively courting British investors, encouraging them to choose the Philippines as the location for their business expansion, the Department of Finance (DOF). Among the prominent British companies that the delegation engaged with were Actis, BP Plc, Global...
The Philippines needs to keep pursuing tax reform measures pending in Congress en route to its plan to narrow its yawning budget deficit, according to the World Bank. In its Philippines Monthly Economic Developments report for October 2024, the World Bank noted that the fiscal deficit as a share of...
