Updating the country’s property valuation system is the correct way to impose a so-called “wealth tax” that local government units (LGUs) can impose on affluent individuals, the Department of Finance (DOF) said. Finance Secretary Carlos G. Dominguez III said on Monday, April 11, that LGUs can...
PH calls for new areas of cooperation in ASEAN By Chino S. Leyco Southeast Asian countries are urged to explore new avenues for cooperation to enable the region to collectively contain the economic fallout from the ongoing conflict between Russia and Ukraine. Collective and urgent action is...
As the incoming leader is set to inherit an economy rising out of pandemic, Finance Secretary Carlos G. Dominguez III disclosed that they had met with some presidential candidates and discussed current economic issues. Without naming names, Dominguez said on Tuesday, April 5, that a number of...
Until the end of President Duterte’s term, the current administration will be determined to collect the unpaid estate tax of the heirs of the late former President Ferdinand E. Marcos, the Department of Finance (DOF) said. On the sidelines of the Philippine Economic Briefing on Tuesday, April 5,...
State-owned Philippine Guarantee Corp. (PHILGUARANTEE) posted record financing assistance to micro, small and medium enterprises (MSMEs) during the prolonged pandemic. Based on a report to the Department of Finance released on Monday, April 4, PHILGUARANTEE said its credit guarantee facilities to...
Two foreign-led insurers are set to enter the Philippine market, the Insurance Commission (IC) announced. Without naming names, Insurance Commissioner Dennis B. Funa said they are now processing the applications of the two new entrants coming from a Southeast Asian conglomerate. “We will announce...
Construction of the three bridges funded by the the Asian Development Bank (ADB) will commence this second quarter or within the last three months of the Duterte administration, the Department of Finance (DOF) said. In a statement, Finance Secretary Carlos G. Dominguez III said the $175.1-million,...
Senator Imee Marcos said her mother, former First Lady Imelda Marcos, has denied receiving a demand letter from the Bureau of Internal Revenue (BIR) asking her to settle the Marcos family’s supposed P203-billion estate tax liability. Nevertheless, the Marcos family’s lawyers are now...
The Bureau of the Internal Revenue (BIR) is planning to auction off some of the properties of the late President Ferdinand E. Marcos as his heirs continue to refuse in paying the estate tax. In a report to Finance Secretary Carlos G. Dominguez III on Wednesday, March 30, the BIR disclosed that the...
The time spent in settling insurance claims and resolving loan accounts in closed banks was significantly reduced following the Philippine Deposit Insurance Corp.’s (PDIC) shift to digital platforms, the Department of Finance (DOF) said. Roberto B. Tan, PDIC president and chief executive officer...
Dividends remitted by government-owned or controlled corporations (GOCCs) surpassed its pre-pandemic collection last year, driven by the fiscal discipline imposed on state-run firms, the Department of Finance (DOF) said. Data from the DOF’s Corporate Affairs Group (CAG) showed on Monday, March...
The government’s chief economic manager vowed to “redouble” their efforts in the final months of the Duterte administration to recover lost opportunities incurred by the economy during the prolonged pandemic. Finance Secretary Carlos G. Dominguez III said that their goal in the final quarter...
