Pervasive corruption in the Philippines is preventing the country from realizing its full economic potential, despite President Ferdinand R. Marcos Jr. making “steady progress” on his reform agenda, according to the think tank Capital Economics. In its Asia Economic Outlook report for the...
A motel was vandalized by several masked rallyists along Recto Avenue in Manila as anti-corruption protests continued in parts of the city on Sunday, Sept. 21. According to authorities, the protesters threw rocks and debris at the glass windows and doors of the motel. Four men allegedly entered the...
The Philippines has been placed on a positive watchlist by J.P. Morgan Chase & Co. for potential inclusion in its influential emerging market government bond index, a move that could attract a new wave of foreign investment and lower the nation 's borrowing costs. In a statement on Monday,...
The Philippines will repay until 2053 its latest $400-million (nearly ₱23-billion) loan from the Manila-based Asian Development Bank (ADB) that supports the Marcos Jr. administration’s “Walang Gutom” Food Stamp Program. Documents showed that Finance Secretary Ralph G. Recto, on behalf of...
Amid the recent flood control scandals preoccupying the Philippine government, Japan has assured that it will continue extending low-cost loans for big-ticket bridge, spillway, and maritime projects. This reaffirmation comes as investigations into anomalous flood control projects are being...
The Philippines will repay its latest $700-million (over ₱39-billion) World Bank loan, which is aimed at strengthening community resilience, until 2053. The latest World Bank documents showed that Finance Secretary Ralph G. Recto, on behalf of the Philippine government, signed the loan agreement...
With more than ₱50 billion in revenues being forgone due to the non-imposition of top-up taxes on large multinational enterprises (MNEs) in the Philippines, the Department of Finance (DOF) is eyeing to slap “very large” corporations with such a levy to contain the flight of potential tax...
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...
