The Department of Finance (DOF) has requested President Marcos to certify the bill establishing the Maharlika Investment Fund (MIF) as urgent, documents revealed. In a letter dated Dec. 13, 2022 signed by Finance Secretary Benjamin Diokno, the government’s chief economic manager wants to...
The proposed Real Property Valuation and Assessment Reform Act--one of the priority legislative measures President Ferdinand "Bongbong" Marcos, Jr. mentioned in his first State of the Nation Address (SONA)--has been approved on third and final reading by the House of Representatives. (Ellson...
Determined to implement the planned sovereign wealth fund, Finance Secretary Benjamin E. Diokno said has identified other sources of financing that will take up the slack following the exit of Government Service Insurance System (GSIS) and Social Security System (SSS) as original funders of the...
What is the difference? Albay 1st district Rep. Edcel Lagman Independent minority solon, Albay 1st district Rep. Edcel Lagman asked this question Saturday, Dec. 10 after it was learned that the composition of the board of directors of the proposed Maharlika Wealth Fund Corporation (MWFC) has been...
The President of the Philippines will no longer become chairman of the board of directors of the proposed Maharlika Wealth Fund (MWF). President Ferdinand "Bongbong" Marcos Jr. (Noel Pabalate/ MANILA BULLETIN) Instead, the Department of Finance (DOF) secretary will sit as chairman of the board that...
The government’s economic managers have urged for the swift passage of the proposed sovereign wealth fund bill, noting it will help usher in the country’s inclusive and sustainable growth. In a joint statement, the Department of Finance (DOF), Department of Budget and Management, National...
The Department of Finance (DOF) and the Global Green Growth Institute (GGGI) sealed the implementation agreement for the Green Climate Fund (GCF) Readiness Program that seeks to speed up climate action through green finance. Finance Secretary Benjamin E. Diokno and GGGI Philippines Country...
Economic indicators point to strong Q4 growth—Diokno By Chino S. Leyco The Department of Finance (DOF) expects strong fourth-quarter growth amid improving jobs market, rising factory output, strengthening peso, and falling global oil prices. Finance Secretary Benjamin E. Diokno said on Thursday,...
The Department of Finance (DOF) expects inflation to remain elevated in the final month of the year due to increased demand from higher economic activity and supply constraints. In a statement, Finance Secretary Benjamin E. Diokno said on Tuesday, Dec. 6, that the average rate of increase in...
The Fiscal Incentives Review Board (FIRB), chaired by the Department of Finance, has approved the tax incentive application of TDK Philippines Corp. (TPC). In a statement Tuesday, Dec. 6, Finance Assistant Secretary Juvy Danofrata said the FIRB approved the fiscal incentives for TPC’s P2.5...
Senator Risa Hontiveros on Tuesday echoed the sentiments if other lawmakers who expressed concerns over a proposal creating a sovereign wealth fund, saying it is counterproductive to the nation's economic goals. Hontiveros said she believes the proposed "Maharlika" wealth fund is better used to...
Lawmakers in the current 19th Congress weren't the first to propose the creation of a Philippine sovereign wealth fund. Senior Deputy Speaker Gloria Macapagal-Arroyo Senior Deputy Speaker and former president Gloria Macapagal-Arroyo shared this trivia in a statement Monday morning, Dec. 5, wherein...
