Finance Secretary Ralph G. Recto believes that the economic growth forecast provided by multilateral organizations is the more realistic target range for the Philippines compared to the current government assumption. During the Philippine Business Forum in Melbourne, Australia on Monday, March 4,...
The agency in charge of securing funding for the Metro Manila Subway project has assured that the country’s first subway system is designed to withstand not only flooding but also other natural disasters. Given that the Philippines is among the most disaster-prone countries in the world, the...
The Japan International Cooperation Agency (JICA) is set to sign two loan agreements with the Philippines this month for a road project in Northern Luzon and the Metro Manila subway project (MMSP). The Department of Finance (DOF) said that JICA and the government are finalizing loan deals for the...
The Department of Finance (DOF) said that the World Bank has committed to develop financial instruments tailored to address the Philippines' vulnerabilities to natural calamities. According to the DOF, these instruments will be designed to strengthen the country's emergency response capabilities,...
Construction of Metro Manila Subway Project Phase 1 is well underway, aiming to bring significant improvements to transportation in the metro by 2029. With a budget of P488.5 billion, the underground mass transport system is expected to cut travel time from Valenzuela to Ninoy Aquino International...
Once operational, the Metro Manila Subway will not only enhance comfort and speed but also generate approximately P2.5 billion in daily economic benefits, the Department of Finance (DOF) said. In a briefing on Monday, Feb. 26, Finance Secretary Ralph G. Recto said the direct economic benefits,...
The Department of Finance (DOF) onboarded a new talent from the Sy-led China Banking Corp. to lead the unit responsible for analyzing emerging economic issues and developments. Domini S. Velasquez, the former chief economist of Chinabank, is set to join the DOF this week to head the Office of the...
Finance Secretary Ralph G. Recto expressed his gratitude to the Philippine Stock Exchange (PSE) for its support and trust in his appointment. At a recent event hosted by the PSE to celebrate the new finance chief's appointment, Recto shared that this support “means a lot” for him as he...
New taxes are still a possibility, as the Department of Finance (DOF) clarified that the Marcos administration is just currently not keen on introducing additional tax proposals, apart from its existing priority tax measures. Finance Secretary Ralph G. Recto said the DOF is not developing new tax...
Finance Secretary Ralph G. Recto calls on the Bureau of Customs (BOC) to keep the cash flowing, stressing the crucial link between efficient tax collections and funding at least a fifth of the government's spending. Addressing BOC employees during the agency’s anniversary celebration on Tuesday,...
The Department of Finance (DOF) is actively pursuing the removal of tax exemptions for pickup trucks that are not essential for small business operations. According to the DOF proposal, the reintroduction of excise tax on pickup trucks marketed as "lifestyle passenger vehicles" will significantly...
The Department of Finance (DOF) has thrown its support behind the proposed Constitutional amendments that aim to enable foreign ownership in the country's mass media, education, and advertising sectors. During the Senate deliberations on Charter change on Monday, Feb. 12, Finance Undersecretary...
