Affirmation of the Philippines’ “A-“ credit rating from the Japan Credit Rating Agency Ltd. (JCR) reflects the nation’s solid economic stability and strong credit standing, the Department of Finance (DOF) said. In a statement, Finance (DOF) Secretary Ralph G. Recto said the rating is an...
The Department of Finance (DOF) and the Securities and Exchange Commission (SEC) have signed a data sharing agreement (DSA) on beneficial ownership information in support of the government-led initiative tasked to uphold international standards for the sound management of natural resources. The...
The Philippines has been placed on a positive watchlist by J.P. Morgan Chase & Co. for potential inclusion in its influential emerging market government bond index, a move that could attract a new wave of foreign investment and lower the nation 's borrowing costs. In a statement on Monday,...
Amid the recent flood control scandals preoccupying the Philippine government, Japan has assured that it will continue extending low-cost loans for big-ticket bridge, spillway, and maritime projects. This reaffirmation comes as investigations into anomalous flood control projects are being...
Following reports of South Korea dropping government aid for a ₱28-billion infrastructure project in the Philippines, the Department of Finance (DOF) has denied that such a loan exists between the two governments. According to the DOF, the Rural Modular Bridge Project loan is instead being...
To combat what he calls “systemic weakness,” former Finance Secretary Cesar V. Purisima is urging the government to adopt bold financial reform agenda, including cash transaction limits and demonetization, to fight corruption at its source. In a recent social media post, Purisima, who served as...
With more than ₱50 billion in revenues being forgone due to the non-imposition of top-up taxes on large multinational enterprises (MNEs) in the Philippines, the Department of Finance (DOF) is eyeing to slap “very large” corporations with such a levy to contain the flight of potential tax...
Instead of exempting over 130 lines from the 12 percent value-added tax (VAT), Finance Secretary Ralph G. Recto stated he would support the proposal to reduce the number of lines benefiting from exemption to narrow the fiscal deficit. “I’m one with you,” Recto told senators during the...
Revenue leakages from smuggling agricultural products are estimated at around ₱150 billion this year, according to the Department of Finance (DOF). “The estimate of the leakage for the year will roughly be ₱150 billion,” Finance Secretary Ralph G. Recto told reporters on the sidelines of...
The Philippine economy could have grown by six percent if flood control projects had not been hijacked by corruption, resulting in a loss of as much as ₱119 billion in economic output, according to President Ferdinand Marcos Jr.’s chief economic manager. While Finance Secretary Ralph G. Recto...
Nearly two years after China withdrew its funding for the Mindanao Railway Project (MRP) due to territorial disputes, India has stepped forward to negotiate a deal with the Philippine government for the project’s implementation. “For the Mindanao Railway Project, discussions are ongoing for...
While final details of the general tax amnesty eyed for enactment this year are still being ironed out, the Department of Finance (DOF) disclosed that the measure will likely cover taxable years 2007 to 2024, resuming from the last time a similar law was implemented, which raked in billions of...
