The national government’s tax effort slipped in the first nine-months of the year after the coronavirus-induced crisis dragged down the Bureau of Internal Revenue (BIR) and Bureau of Customs collections....
State-run Philippine Guarantee Corp. (PhilGuarantee) has set aside facilities to help micro, small and medium enterprises (MSMEs) recover from the coronavirus-induced economic crisis. Alberto Pascual, PhilGuarantee president and chief executive, said they have earmarked P42.3 billion in credit...
State-owned Overseas Filipino Bank (OFBank), the country’s first digital-only and branchless lender, has secured more than 10,000 new deposit accounts in less than four-months of operation, the Department of Finance (DOF) said. In a report submitted to Finance Secretary Carlos G. Dominguez...
The Department of Finance (DOF) has extended the payment of all local taxes, fees and charges imposed by local government units (LGUs) until mid-December to ease the burden on individuals and businesses affected by the community quarantines. In a statement, Finance Secretary Carlos G. Dominguez III...
Taxation is not causing oil refiners to go out of business, the Duterte administration’s chief economic managers maintained. Finance Secretary Carlos G. Dominguez III...
The Bangko Sentral ng Pilipinas (BSP) has adequate room to maintain the low interest rate environment despite the uptick in inflation last October, the Department of Finance (DOF) said. In an economic bulletin, Finance Undersecretary Gil S. Beltran,...
The Department of Finance (DOF) said the government is rapidly digitalizing the country’s agricultural systems and mechanizing farm production to ensure food security over the long run. During the virtual 2020 Annual Meetings of the International Monetary Fund and the World Bank Group, Finance...
The implementation of the fuel making system has deterred oil smuggling in the country, resulting in higher revenue collections for the government, the Department of Finance (DOF) said. Finance Secretary Carlos G. Dominguez III said the government’s full-fledged fuel marking program has...
The European Union (EU) has committed grants to the Philippines for agricultural productivity in Mindanao and to provide electricity to its far-flung small island-communities, the Department of Finance (DOF) said. In a statement, the DOF announced that EU Delegation to the Philippines...
As government sets to allow Filipino citizens to access online casino websites, the Department of Finance (DOF) is quick to remind operators that there is no tax distinction between onshore and offshore gaming operations. Finance Secretary Carlos G. Dominguez III said the Bureau of Internal Revenue...
State-run Power Sector Assets and Liabilities Management Corporation (PSALM) will need to borrow P38.4 billion this year to augment the funds needed for the power rate reduction subsidy mandated under Republic Act 11371 or the Murang Kuryente Act (MKA) that was signed by President Rodrigo Duterte...
Economy in 2021 MB file The Duterte administration’s chief economic manager is confident the country would see a strong recovery next year as mobility restrictions ease allowing more people to safely return to work while complying with minimum health standards. In a statement, Finance Secretary...
