Instead of exempting over 130 lines from the 12 percent value-added tax (VAT), Finance Secretary Ralph G. Recto stated he would support the proposal to reduce the number of lines benefiting from exemption to narrow the fiscal deficit. “I’m one with you,” Recto told senators during the...
Revenue leakages from smuggling agricultural products are estimated at around ₱150 billion this year, according to the Department of Finance (DOF). “The estimate of the leakage for the year will roughly be ₱150 billion,” Finance Secretary Ralph G. Recto told reporters on the sidelines of...
The Philippine economy could have grown by six percent if flood control projects had not been hijacked by corruption, resulting in a loss of as much as ₱119 billion in economic output, according to President Ferdinand Marcos Jr.’s chief economic manager. While Finance Secretary Ralph G. Recto...
When President Marcos took office in 2022, his administration vowed to ramp up oil and gas investments, starting within the safer terrains of the Philippines’ exclusive economic zone (EEZ). It also eyed the flashpoint: restarting exploration and drilling in the contested waters of the West...
A military and uniformed personnel (MUP) reform has not made the cut for the priority legislation of President Ferdinand Marcos Jr.’s three remaining years, as enacting changes would entail higher costs. “I think the reform will be more costly at this point in time,” Finance Secretary Ralph...
While the previous administration warned that imposing a “wealth tax” on the rich could trigger capital flight and tax avoidance, Finance Secretary Ralph G. Recto—the chief economic manager of the Marcos Jr. administration—said he would support Congress if it proposes such a measure. “Let...
Tax measures enacted during the Marcos Jr. administration are expected to raise a net amount of ₱27.8 billion in 2026, more than seven times the projected collections of only ₱3.8 billion in 2025. The Bureau of Internal Revenue (BIR), the main tax agency, is projected to collect ₱21.4 billion...
The government will not extend the 60-day suspension of rice imports, which forms part of an ongoing effort to address challenges faced by farmers, once the deadline expires in October. Finance Secretary Ralph Recto said on Monday, Aug. 11, that the import pause will unlikely be extended given that...
Even as revenue-raising general tax amnesty and online gambling tax measures are being studied by the Marcos administration for enactment this year, Fitch Solutions’ unit BMI has maintained its forecast that the government will exceed its widened fiscal deficit of 5.5 percent of economic...
Plans to rehabilitate the Agus-Pulangi hydropower complex are expected to make significant progress within the next three years. On the sidelines of the EJAP Economic Forum 2025, Finance Secretary Ralph Recto told reporters that the rehabilitation of the aging 1,001-megawatt (MW) Agus-Pulangi...
Department of Finance (DOF) Secretary Ralph G. Recto asserted that raising revenues to finance the national budget has become more difficult in a climate where tax collection is viewed as unacceptable. This was among Recto’s points when he urged the Bureau of Internal Revenue (BIR), the...
British financial technology (fintech) giant Revolut is set to enter the Philippine market by establishing its second Global Tech Hub in Asia, as part of its goal to reach 100 million customers worldwide. In a statement released on Wednesday, July 30, the Department of Finance (DOF) said the entry...
