The Bureau of Internal Revenue (BIR) clarified that cross-border services, including information technology outsourcing and consulting, are not subject to automatic income tax, easing concerns among multinational firms about the 2024 rule, which appeared to broaden the government’s reach. In a...
As the April 15 deadline for the filing of annual income tax returns (ITRs) approaches, Sen. Sherwin Gatchalian called on the Bureau of Internal Revenue (BIR) to ensure the full and effective implementation of the law that makes filing of such document easier and faster. Gatchalian is referring to...
The Department of Human Settlements and Urban Development (DHSUD) and the University of the Philippines (UP) broke ground on a rental housing project aimed at low-income housing for the university community. DHSUD Secretary Jose Ramon Aliling and UP President Angelo Jimenez on Friday led the...
Manila Mayor Francisco "Isko Moreno" Domagoso met with Housing Investment Committee officials on Wednesday, March 4, to discuss plans on how to further boost the city 's passive income funds collected from the city 's housing projects. Domagoso said the plan aims to create additional...
Senator Jinggoy Ejercito Estrada is now pushing for a bill seeking to lower the individual income tax rates to increase the take-home pay of workers, particularly for low and middle-income earners. In filing Senate Bill No. 1685, Estrada proposes to adjust tax brackets starting in 2027 by amending...
Workers in the private sector and domestic service will benefit from new wage increases and programs aimed at improving productivity, led by the Department of Labor and Employment (DOLE). In a statement, DOLE said these initiatives respond to surveys showing higher wages as a top concern among...
The Makati City local government was recognized by the Department of Finance 's (DOF) Bureau of Local Government Finance (BLGF) on Wednesday, Nov. 5, as one of the top-performing cities in the country for Finance Year 2024. Makati Mayor Nancy Binay said the city was ranked among the Top 10...
Progressive fisherfolk group Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya) has called on Environment Secretary Raphael Lotilla to investigate the ongoing offshore dredging operations in Ilocos Sur, which the group said have caused severe income losses to more than 9,000 small...
The Philippines will borrow $800 million, or over ₱45 billion, from the World Bank next year for another development policy loan (DPL) that aims to increase clean energy use and enhance water management in the country. In a Sept. 23 project information document (PID), the Washington-based...
Malacañang remains hopeful that the Philippines would be able to attain the upper middle income threshold this year. The country is just $26 away from reaching the upper middle-income country (UMIC) status, according to Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio...
Citing a lackluster performance that the Philippine economy has been showing since its recovery from the Covid-19 pandemic, climbing to the high-income-status target 15 years from now could be impossible, the country’s chief socioeconomic planner stated. Department of Economy, Planning, and...
While the Philippines’ climb to upper-middle-income-country (UMIC) status is attainable in the medium term, the country will be surpassed by neighboring Vietnam, which would jump to become a high-income economy 15 years from now, according to Singapore-based DBS Bank Ltd. The Philippines,...
