The Department of Finance (DOF) is exploring the possibility of the Philippines joining the BRICS bloc, a coalition of emerging economies, including China and Russia, that seeks to counterbalance the influence of the United States and the West. During the Senate Finance Committee hearing on the...
The Philippines recorded a slight increase in its budget deficit to 4.9 percent of the gross domestic product (GDP) driven by the widening gap between government spending and revenue collection. Data from the Bureau of the Treasury revealed that the six-month budget deficit as a percentage of GDP...
The proportion of the country's outstanding debt relative to its overall economic output returned to its post-pandemic peak in the second quarter, data from the Bureau of the Treasury revealed. Despite a higher growth rate, the gross domestic product (GDP) failed to keep pace with the government's...
Finance Secretary Ralph G. Recto stated on Wednesday, Aug. 7, that while the reduction of borrowing costs may still take place within the year, it is likely to happen later than August. During a press briefing at the Kapihan sa Manila Bay, Recto said that the decision to cut key policy rates by...
President Marcos’ chief economic manager stated that the substantial rise in consumer prices in July was temporary and is expected to align with the government’s target range in the coming months. Finance Secretary Ralph G. Recto said in a statement that the 4.4 percent inflation rate recorded...
President Marcos’ chief economic manager is confident that the country can uplift approximately 2.5 million poor Filipinos annually, given sustained economic growth of at least six percent bolstered by government borrowings. Finance Secretary Ralph G. Recto is optimistic about achieving a...
(Unsplash) Amid claims that the prohibition on Philippine Offshore Gaming Operators (POGOs) would directly impact the property industry, National Economic and Development Authority (NEDA) asserts that the ban would barely make a noise in the office and residential...
Department of Finance (DOF) Secretary Ralph Recto (House of Representatives’ Facebook page) Department of Finance (DOF) Secretary Ralph Recto assured members of a House of Representatives panel that the Marcos administration is managing the country’s debt according to the “highest standards...
The Department of Finance (DOF) announced that the national government's interest payments are expected to surge by double digits next year due to refinancing of loans obtained during the pandemic. Finance Secretary Ralph G. Recto said on Monday, Aug. 5, that the government expects an 11 percent...
Have you ever thought about the cost efficiency of the Bureau of Internal Revenue (BIR) in generating revenue for the government? It only takes 52 centavos to generate P100. During a recent event celebrating the BIR's anniversary, Finance Secretary Ralph G. Recto highlighted the importance of the...
Finance Secretary Ralph G. Recto said that the inflation rate may move at a much faster pace in July, while the impact of Typhoon Carina on the prices of goods is expected to be felt in the following months. “I think, coming from a low base, the inflation will be higher, but still within target...
The Department of Finance (DOF) and the Government Financial Institutions (GFIs) have implemented measures to aid affected Filipinos and facilitate the reconstruction of areas impacted by Typhoon Carina. In a statement, Finance Secretary Ralph Recto said that every effort is being made to ensure...
