Deposit accounts opened through the Overseas Filipino Bank's (OFBank) digital onboarding system more than doubled in the first semester of the year, the Department of Finance (DOF) said. OFBank In a statement released by the DOF on Monday, Aug.30, the department reported that total deposit accounts...
As the government looks for money to run a nation grappling with the impacts of the prolonged pandemic, President Duterte’s chief economic manager revealed that selling state-assets is no longer the best option. Finance Secretary Carlos Dominguez III “We don't have any more crown jewels,”...
The Department of Finance (DOF) said the government will need to pass further fiscal reforms to address its widening budget shortfall in the wake of the prolonged coronavirus pandemic. Finance Undersecretary and Chief Economist Gil S. Beltran noted that the budget deficit as a percentage of the...
The Department of Finance (DOF) has recognized the effort of Sky Mavis, the Vietnamese company behind the play-to-earn game Axie Infinity, in encouraging players to abide by government laws. Finance Sec. Carlos Dominguez III Finance Secretary Carlos G. Dominguez III said that Sky Mavis has gotten...
Senator Pia Cayetano has called on the Inter-Agency Task Force (IATF) to provide Congress updates on the status of the government’s loans and answer queries regarding the terms of purchase of COVID-19 vaccines which until now seems to be problematic. Cayetano, who chairs the Senate ways and means...
Labor group Defend Jobs Philippines has slammed the government’s imposition of new tax measures on players of online play-to-earn (P2E) games such as Axie Infinity. (Photo from Alexandria San Juan) This, after the Department of Finance (DOF) earlier pronounced that earnings from these gaming...
Earnings from online play-to-earn games, such as Axie Infinity, are taxable, the Department of Finance (DOF) said. Axie Infinity Amid a rapid rise in popularity of online multiplayer video games that also allow players to generate profits, Finance Undersecretary Antonette C. Tiono said that...
The Department of Finance (DOF) said the national government will embark on a path of fiscal consolidation with an initial aim to push the budget deficit back to its pre-pandemic level by 2025. Finance Secretary Carlos G. Dominguez III said he has given Finance Undersecretary Gil S. Beltran and...
The Japan International Cooperation Agency (JICA) approved the fourth and final tranche of its standby loan, which will be used in the Philippines’ post-pandemic recovery programs, the Department of Finance (DOF) announced. JICA In a statement, Finance Secretary Carlos G. Dominguez III said the...
The modified tariff rates on imported pork products and rice have resulted in foregone revenues for the government, but the Department of Finance (DOF) said the economic benefits far outweigh the costs. Peso Finance Undersecretary Antonette C. Tionko said the government is projected to lose P5.4...
Following consultations with the Department of Finance (DOF) and the Bureau of Internal Revenue (BIR), the Department of Energy (DOE) said it will issue a circular to serve as policy guide on the 10-percent corporate income tax (CIT) rate tol be levied to renewable energy (RE) investors in the...
The Bureau of Internal Revenue (BIR) would dig deep into the world of marketing to unearth social media influencers who are earning huge income without paying taxes, the Department of Finance (DOF) said. BIR LOGO Finance Undersecretary Antonette C. Tionko said Tuesday, August 17, that the issuance...
