While the proposed wage increase is meant to support workers, the Department of Finance (DOF) is concerned that it could lead to inflationary pressures and impose a heavier burden on small business owners. Finance Secretary Ralph G. Recto said on Thursday, Feb. 15, that the proposed legislation for...
New taxes are still a possibility, as the Department of Finance (DOF) clarified that the Marcos administration is just currently not keen on introducing additional tax proposals, apart from its existing priority tax measures. Finance Secretary Ralph G. Recto said the DOF is not developing new tax...
After the shelving the planned merger, the Department of Finance (DOF) is now considering the public listing of Land Bank of the Philippines and the Development Bank of the Philippines (DBP). On Wednesday, Feb. 14, Finance Secretary Ralph G. Recto told Manila Bulletin that informal discussions have...
Finance Secretary Ralph G. Recto calls on the Bureau of Customs (BOC) to keep the cash flowing, stressing the crucial link between efficient tax collections and funding at least a fifth of the government's spending. Addressing BOC employees during the agency’s anniversary celebration on Tuesday,...
Finance Secretary Ralph G. Recto said that the central bank’s Monetary Board (MB) will hold its policy meeting on Wednesday, Feb. 14, instead of the originally scheduled Thursday, Feb. 15. Recto, who represents the government on the MB, explained that the seven-member body decided to advance the...
Finance Secretary Ralph G. Recto emphasized the need to promote a culture of saving and investing in the country, while encouraging Filipinos to consider investing in retail treasury bonds (RTB). “We should instill in our people a mindset that embraces and normalizes a culture of saving and...
The Department of Finance (DOF) has indicated that the Marcos administration may need to adjust its economic growth targets due to the lower-than-expected expansion recorded last year. Finance Secretary Ralph G. Recto emphasized the need for the Development Budget Coordination Committee (DBCC) to...
Finance Secretary Ralph G. Recto is reminding Filipinos to fulfill their tax duties diligently, underscoring their crucial role in the country's development. At the Bureau of Internal Revenue’s (BIR) National Tax Campaign Kick-off event, Recto stressed the importance of both the tax agency and...
With rice prices soaring, the head of President Marcos' economic team said that their main focus is to lower inflation and protect the purchasing power of the Filipino people. Finance Secretary Ralph G. Recto said he was “encouraged by the further drop in the Philippines’ headline inflation to...
A former finance chief said that the Philippines stands alone in the Asian region with Constitutional restrictions on foreign ownership, emphasizing the need to ease these restrictive economic provisions. Former Finance Secretary Margarito B. Teves said the Philippines trails behind its Southeast...
The Marcos administration is seeking financial support from a US foreign aid agency to bolster its efforts to combat corruption and enhance revenue generation, the Department of Finance (DOF) said. Finance Secretary Ralph G. Recto said the Washington-backed Millennium Challenge Corp. (MCC) could...
The Department of Finance (DOF) said the government's lack of a unified approach to digital transformation has slowed down efforts to make business easier, streamline processes, speed up responses, and deliver public services promptly. In a statement on Saturday, Feb. 3, Finance Secretary Ralph G....
