In response to the shifting consumer preferences towards e-commerce, the Department of Finance (DOF) wants to bring the country's tax collection system in line with the best practices of three leading Asian nations. Finance Secretary Ralph G. Recto said the Bureau of Internal Revenue (BIR) and the...
BAGUIO CITY —The economic growth, as measured by the gross domestic product (GDP), should grow by 6.1 percent for the next three quarters to achieve the lower end of the target, a chief economist said. Department of Finance Undersecretary Domini S. Velasquez said that the positive outlook...
The Department of Finance (DOF) announced the full allocation of a P1-billion budget to support key climate adaptation projects across the country. During the 21st People's Survival Fund (PSF) Board Meeting last May 10, Finance Secretary Ralph G. Recto signed five financing agreements for local...
The Department of Finance (DOF) said the Philippines has secured a $10 million grant from the Green Climate Fund (GCF) to enhance resilience and sustainable development. The DOF said the grant is a crucial step in bolstering the country's readiness to address climate hazards and accelerate...
The Bureau of Internal Revenue (BIR) has acknowledged the Department of Finance's (DOF) role in achieving higher tax collections and executing successful enforcement operations. In a Facebook post, BIR Commissioner Romeo “Jun” Lumagui Jr. expressed his appreciation for the unwavering guidance...
The Social Security System and Government Service Insurance System could buy the shares of Subic-Clark-Tarlac Expressway to benefit their pension funds, according to Finance Secretary Ralph G. Recto. Recto told reporters on Tuesday that the government has plans for the SCTEX including selling some...
The Department of Finance (DOF) will review the proposed amendment to the Rice Tariffication Law (RTL) to ensure that the debts from the National Food Authority (NFA) do not inflate. Finance Secretary Ralph G. Recto said that the law is working, however, he noted that some tweaks should be done to...
Finance Secretary Ralph G. Recto said that the national government will expand the authorized capital stock of the Land Bank of the Philippines (Landbank) to P1 trillion. Recto told reporters that the amendments to the charters of the two major state-run banks Landbank and the Development Bank of...
The Marcos administration completed its first overseas bond sale for the year to help bridge the budget deficit and support initiatives for protecting natural resources, the Department of Finance (DOF) said. In a statement released on Wednesday, May 8, the DOF announced that Manila successfully...
The Department of Finance (DOF) noted a slowdown in rice inflation for April, ending a streak of six months of acceleration, largely driven by the falling global price of this essential food item. Despite rice continuing to be the main contributor to headline inflation with 2.1 percentage points,...
The national government's earnings from owning certain companies have already reached P88.6 billion, about an elevenfold increase from the P8 billion recorded last year. Speaking at the 2024 Government-Owned or -Controlled Corporations day, Finance Secretary Ralph G. Recto said that they expect to...
Department of Finance Secretary Ralph G. Recto said that revenues during the first four months may hit around P1.4 trillion, which makes about 32 percent of the P4.3 trillion target this year. This translates to a 7 percent increase from the P1.3 trillion collected in the same period last year....
