By DERCO ROSAL The Department of Finance (DOF) is urging swift action to finalize a new climate financing framework by next year, aiming to help developing countries balance growth and tackle climate challenges. As a major element of the Paris Agreement, the country is calling for the completion of...
The Department of Finance (DOF) reported that collections from the government’s two main tax agencies showed strong double-digit growth in the first nine months of the year. The Bureau of Internal Revenue (BIR) and the Bureau of Customs collectively gathered P2.771 trillion from January to...
By DERCO ROSAL After securing the deal, President Marcos’ chief economic manager stated that South Korea’s funding for three major infrastructure projects will create more jobs and expand businesses in the country. “Beyond enhancing mobility, they will create jobs, spur businesses, boost...
The proposed Capital Market Efficiency Promotion Act (CMEPA) being pushed by the Legislative-Executive Development Advisory Council (LEDAC) has removed the planned reimposition of excise tax on pick-up trucks such that the bill, if passed into law, would result in foregone revenues for the...
The Philippine Chamber of Commerce and Industry (PCCI) said that the imposition of value-added tax (VAT) on non-resident digital service providers creates a fairer competitive landscape for local businesses. In a statement, Enunina Mangio, PCCI president, said the recent signing of the VAT on...
The Philippine government is seeking a one-year extension and partial reallocation of a World Bank loan that has been partly funding the Pantawid Pamilyang Pilipino Program (4Ps) since 2021. A World Bank restructuring paper showed that the Department of Finance (DOF) on Sept. 17 requested the...
The Department of Finance (DOF) expects to generate P102.12 billion over the next five years from a new law that imposes a 12-percent value-added tax (VAT) on both local and foreign digital service providers (DSPs). According to the DOF, the estimated revenues to be collected from 2025 to 2029 will...
The 2.2-hectare Mile Long property in Makati City will likely be up for grabs among three interested developers from the private sector, whose deep pockets would help fill government coffers sans new taxes during the Marcos Jr. administration, as promised by Finance Secretary Ralph G. Recto. The...
The Department of Finance (DOF) and the Bureau of Customs (BOC) vowed to enforce the new law designed to combat smuggling and hoarding of agricultural products, ensuring a stable food supply for Filipinos. Finance Secretary Ralph G. Recto said that the recently signed Republic Act No. 12022,...
President Marcos' chief economic manager expects further appreciation of the peso against the US dollar, driven by increased remittance inflows during the upcoming holiday season. In a briefing on Tuesday, Sept. 24, Finance Secretary Ralph G. Recto explained that the local currency typically...
The Department of Finance (DOF) has assured Singaporean investors that the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) law will simplify doing business in the Philippines, streamline processes and reduce red tape....
In the first five years of its implementation, fuel marking added to government coffers a total of P988.8 billion in tax revenues, inching closer to the P1-trillion mark with one more year before the program's contract ends. The latest data obtained by Manila Bulletin on Tuesday, Sept. 17, showed...
