Executive Secretary Lucas Bersamin on Monday, Nov. 17, neither confirmed nor denied that he has been replaced as executive secretary. "Let 's wait for the official announcement," Bersamin said in a message when asked if it was true that he has been replaced. Bersamin also denied on Sunday,...
Department of Finance (DOF) Secretary Ralph Recto on Tuesday, Oct. 14, said the Philippine economy may experience a temporary slowdown in the latter half of 2025 due to ongoing government reforms meant to ensure proper spending of taxpayers’ money, but he expressed optimism that growth will...
Department of Finance (DOF) Secretary Ralph Recto on Tuesday, Oct. 14, said corruption in government infrastructure programs, particularly flood control projects, has hampered the country’s economic growth and affected the government’s ability to meet its revenue targets. During the Senate...
Filipinos will repay another World Bank loan until 2053, after the Marcos administration's chief economic manager signed the agreement for the Philippines first energy transition and climate resilience development policy loan (DPL). On behalf of the Philippine government, Finance Secretary Ralph G....
The Marcos administration's chief economic manager has signed another loan agreement with the World Bank, committing to repay the concessional financing until 2053. A World Bank document showed that Finance Secretary Ralph G. Recto, on behalf of the Philippine government, signed the loan agreement...
House Ways and Means Committee chair and Albay 2nd district Rep. Joey Salceda welcomed Department of Finance (DOF) Secretary Ralph Recto's withdrawal of the proposed tax increase on capital gains, which the lawmaker previously opposed. Salceda earlier objected to Recto's suggestion in the draft of...
Finance Secretary Ralph G. Recto The Department of Finance (DOF) has released new revenue regulations to simplify the process for private entities to avail of tax incentives, aiming to boost investments in education and human capital development. In a statement, Finance Secretary Ralph G. Recto...
The Philippines will repay until 2053 two of the four loans greenlit by the Washington-based World Bank last month, worth a total of $950.54 million or about ₱54.6 billion, that will finance health services and transport connectivity in Mindanao and other poor provinces in the country. World...
Finance Secretary Ralph G. Recto The Philippines has officially launched a value-added tax (VAT) refund system for foreign tourists, aiming to significantly boost tourism revenue by encouraging increased spending on local goods. According to the Department of Finance (DOF), the refund scheme...
Finance Secretary Ralph G. Recto has obtained a total of ₱65.43 billion in loans from Japan to fast-track the roll-out of infrastructure projects and provide budget support for climate change and health programs. The loan agreements for five projects and programs to be funded by Japan’s...
Finance Secretary Ralph G. Recto President Marcos’ chief economic manager and representative in the Monetary Board (MB) has projected a 75-basis point (bp) reduction in the central bank’s interest rates this year, anticipating this would catalyze economic growth to seven percent or...
President Marcos’ chief economic manager believes a credit rating upgrade is now within reach after the Philippines’ removal from the global money laundering "grey list." Finance Secretary Ralph G. Recto stated that exiting the Financial Action Task Force's (FATF) grey list is a "significant...
