Market competition to fight rising inflation The Department of Finance (DOF) wants to further relax the country’s trade barriers imposed on regulated products to provide more competition amid rising prices of consumer products in the domestic market. In his latest economic bulletin,...
Revenues from rice tariffs increased by more than half in January amid higher imports and enhanced valuation system, the Department of Finance (DOF) said on Friday, March 5. In a report to submitted to Finance Secretary Carlos G. Dominguez III, the Bureau of Customs said that tariffs from rice...
The Department of Finance (DOF) has instructed the Bureau of Internal Revenue (BIR) to pursue discussions with Russian tax officials on further improving the Philippines’ tax administration system through digitalization. In a statement, Finance Secretary Carlos G. Dominguez III said on Thursday,...
The Bureau of Customs said it will focus on the implementation of the agency’s modernization program and other related projects this year to improve its delivery of services to stakeholders. In a report to Finance Secretary Carlos G. Dominguez III, Customs Commissioner Rey...
Only representatives from three government agencies – Department of Finance (DOF), Department of Budget and Management (DBM), and Department of Justice (DOJ) – will have the final say on how the Coconut Farmers and Industry Trust Fund (CFITF) will be managed and use. Based on the Republic Act...
The Duterte administration borrowed a record P2.74 trillion last year to bridge the ballooning budget deficit induced by the coronavirus pandemic, data from the Bureau of the Treasury showed. The national government’s gross borrowings accelerated by 170 percent in January to December last year to...
On signing of Coco Levy Act The Coconut Farmers and Industry Trust Fund Act or Coco Levy Act, which will result in the release of the P100-billion coco levy fund, has now been signed by President Rodrigo Roa Duterte, but its supposed beneficiaries are claiming that no justice or campaign promise...
Despite encouraging prospects for the local economy, the Duterte administration’s chief economic manger admitted that it would take more years before the Philippines can fully recover from the 2020 coronavirus pandemic. Speaking at the Economic Forum hosted by the Manila Times on Friday,...
The national government’s budget deficit fell below the Duterte administration’s ceiling last year after public spending missed its target while revenues breached the revised full-year goal, data from the Bureau of the Treasury showed. Fiscal gap of the national government settled at...
The Department of Finance (DOF) approved the inclusion of all importations of coronavirus vaccines in the "Mabuhay" or express lane to allow their quick processing of the tax and duty exemptions. In a statement released by the DOF, the department said that Finance Secretary Carlos G. Dominguez...
The Bureau of Customs (BOC) has apprehended 20-footer containers with illicit cigarettes and truck loads of possible smuggled tobacco products, the Department of Finance (DOF) said. Finance Secretary Carlos G. Dominguez III said Wednesday, Feb. 24, that the Customs bureau took control of a ship...
State-run Power Sector Assets and Liabilities Management Corp. (PSALM) has rejected the new condition offered by South Premiere Power Corp. (SPPC) in paying ahead its obligations for administering a power plant in Batangas. In a statement released by the Department of Finance (DOF), it said the new...
