The Marcos administration plans to borrow more funds this year than initially planned, the Department of Finance (DOF) announced. In a statement, Finance Secretary Ralph G. Recto said on Monday, April 29, that the national government plans to borrow P2.57 trillion in 2024. The funds will be...
The Department of Finance (DOF) assured that the country’s economic fundamentals are robust enough to weather any unforeseen developments in the United States. With a strong foundation in place, Finance Secretary Ralph G. Recto said the Philippines is well-equipped to navigate any potential...
Finance Secretary Ralph Recto and his family attended the Department of Finance (DOF) anniversary celebration, which garnered positive feedback from many of the attendees. However, some employees were still disheartened. At the 127th DOF anniversary party last Friday, Recto was accompanied by his...
Had Ralph Recto heeded his wife's request, he might not be the Secretary of Finance (SOF) today. This revelation was shared by veteran actress Vilma Santos-Recto, who openly admitted her strong opposition to President Marcos’ offer for her husband to take the role. Santos-Recto opposed the...
Filipino borrowers hoping for a reduction in interest rates will have to hold their horses as the anticipated rate cuts may not come in the near future. Finance Secretary Ralph G. Recto said on Friday, April 26, that elevated inflation is likely to persist, and interest rates may remain high for a...
The Philippines is keen on hosting the Loss and Damage Fund (LDF) Board to secure increased climate financing and wider opportunities for cooperation to effectively tackle the impacts of climate change. In a statement on Tuesday, April 23, Finance Secretary Ralph G. Recto announced that President...
The Department of Finance (DOF) has warned that the government’s slow implementation of digitalization amid the rapid growth of e-commerce could result in significant revenue loss. In a statement, the DOF said that Finance Secretary Ralph G. Recto is now seeking additional funding from the...
The Department of Finance (DOF) has secured a standby fund from the World Bank that the Philippines can readily utilize during emergency or crisis situations. In a statement on Monday, April 22, the DOF announced that the signing of the Rapid Response Option (RRO) agreement with the World Bank...
The Department of Finance (DOF) said that the World Bank Group (WBG) will assemble a team to assist the Philippines in enhancing its digital infrastructure, specifically its tax system. In a statement on Saturday, April 20, the DOF said that WBG President Ajay Banga expressed support for the...
President Marcos' chief economic manager warned that developing countries, including the Philippines, are at risk of falling even further behind as global economic growth is projected to decline for the third consecutive year. Finance Secretary Ralph G. Recto said that developing nations have...
The Philippines has received backing from the World Bank Group (WBG) for the government's digitalization initiative aimed at improving tax administration and other critical sectors, a Cabinet official said. Finance Secretary Ralph G. Recto said that the WBG has shown strong support for...
President Ferdinand "Bongbong" Marcos Jr. (Noel Pabalate/ MANILA BULLETIN) Here's a bold suggestion to President Marcos on the heels of his triumphant participation in the trilateral summit with United States (US) President Joe Biden and Japan Prime...
