The unprecedented borrowings since the government began community quarantine in March last year have added P2.3 trillion to the public debt, data from the Bureau of the Treasury showed on Monday, May 3. The total outstanding debt of the national government accelerated by 27 percent to P10.77...
The government’s chief finance manager vowed work until the last minute of President Duterte’s term in pushing the congressional passage of key reform measures that will support the nation’s strong and sustainable recovery from the pandemic-induced recession. Finance Secretary Carlos G....
The Anti-Red Tape Authority (ARTA) and four other key agencies of the government are set to issue a joint memorandum circular (JMC) that will cut down regulatory requirements for local coronavirus disease (COVID-19) vaccine manufacturers. ARTA ARTA made the statement following President Duterte's...
The Insurance Commission (IC) has processed all monetary claims as well as license and product applications last year to meet the growing needs of the insurance industry, the Department of Finance (DOF) said. In a report submitted to Finance Secretary Carlos G. Dominguez III, IC said...
The Duterte administration has already secured $18.4 billion worth of foreign loans, equivalent to about P886.1 billion, to support the country’s coronavirus response, the Department of Finance (DOF) said. Of that total amount, Finance...
Enforcement of local ordinances that allow the collection of illegal fees and taxes for the transport of goods is prohibited, an inter-agency directive reiterated. Government agencies led by Anti-Red Tape Authority (ARTA), Department of the Interior and Local Government (DILG), and Department of...
The national government’s budget deficit more than doubled last month amid lower revenues and higher spending, data from the Bureau of the Treasury showed. The government incurred a fiscal gap of P191.4 billion in March, higher by 167 percent compared with P71.6 billion in the same month last...
The temporary reduction in pork import tariffs will slash the government’s revenue haul this year, but the Department of Finance (DOF) said these losses are necessary to ease the burden on consumers already reeling from the economic impact of the pandemic. Finance Secretary Carlos G. Dominguez...
The Department of Finance urged Congress to pass the remaining tax packages plus other priority reforms of the government to help the country recover from the coronavirus pandemic. During the virtual Sulong Pilipinas 2021 forum on Monday, April 26, Finance...
The Department of Finance (DOF) said green shoots of the Philippine economic recovery are growing, citing two recent data indicating growth in trade and manufacturing sectors. In an Economic Bulletin released by the DOF, Finance Undersecretary and Chief Economist Gil S. Beltran noted that recovery...
The Duterte administration’s economic managers said the decision by the Rating and Investment Information Inc. (R&I) keeping the Philippines’ investment grade status was a vote of confidence on the economy’s COVID-19 recovery and growth prospects. In a statement, Finance Secretary Carlos...
The Department of Finance (DOF) said that local government units (LGUs) should perform in transforming the country’s most congested cities into walkable, pedestrian-friendly communities. In a statement, Finance Secretary Carlos G. Dominguez III has underscored the key role of LGUs in creating...
