Business NEWS

Finance Secretary Carlos G. Dominguez III has received reports that some Bureau of Internal Revenue (BIR) personnel have allegedly harassed a number of businesses to raise money for the Department of Finance (DOF) chief’s parting gift.

The Department of Finance (DOF) has ordered the suspension of the special audit task forces of the Bureau of Internal Revenue (BIR) for causing uncertainty for some taxpayers.

Gov’t earns P46 B from rice reform

The national government has paid in full its P300 billion loan with the Bangko Sentral ng Pilipinas (BSP), well ahead of the maturity date next month, the Department of Finance (DOF) announced.

The Department of Finance has warned the Philippine Crop Insurance Corp. (PCIC) as well as other government agencies to stop the practice of allowing foreign consultants to offer projects that only serve their personal interests rather than the interest of the government and Filipinos.

The Bureau of Internal Revenue (BIR) will monitor the compliance of outsourcing companies in economic zones with the onsite work policy of the Fiscal Incentives Review Board (FIRB), the Department of Finance (DOF) said.

Finance Secretary Carlos G. Dominguez III said the Philippines is looking forward to future initiatives under the umbrella of the ASEAN Plus Three (China, Japan, Korea) cooperation to help accelerate the country’s shift from coal to sustainable energy sources.

The Department of Finance (DOF) has defended the implementation of the rice tariffication law (RTL), which allows unrestricted importation of rice at 35 percent tariff, as presumptive president Ferdinand “Bongbong” R. Marcos Jr. is poised to suspend the three-year law enacted by outgoing President Duterte.

Finance Secretary Carlos G. Dominguez III said the administration of presumptive president Ferdinand “Bongbong” R. Marcos Jr. needs to increase government revenues while eliminating wasteful expenditures to get ahead of the country’s debt problem.

The Department of Finance (DOF) has begun the discussion with the team of presidential frontrunner Ferdinand “Bongbong” R. Marcos Jr. for a smooth transition of power.

A demographic partnership between Manila and Tokyo has become more feasible following the enactment of economic liberalization measures that opened wide the Philippines to foreign investors, the Department of Finance (DOF) said.

With his term ending in two months, Finance Secretary Carlos G. Dominguez III boasted one “proud tradition” in the Department of Finance (DOF): policy continuity despite changes in political leadership.

Two months before his term ends, Finance Secretary Carlos G. Dominguez III thanked on Friday, April 29, his fellow workers in the Department of Finance (DOF) for their “excellence, passion and commitment.”

Finance Secretary Carlos G. Dominguez III said the robust growth of the Philippines’ now fully reopened economy, buttressed by reforms that “widen the horizon for investments,” makes it the best place in the region to do business.

The Japanese government has extended another loan to the Philippines for the Covid-19 recovery programs, the Department of Finance (DOF) announced on Tuesday, April 26.

The Duterte administration has sealed 22 loan agreements with the World Bank Group (WBG) in the past five-years, bulk of which were used to help finance to country’s war chest against the Covid-19 pandemic, the Department of Finance (DOF) reported.

US firm Cerberus Frontier has completed the acquisition of the former Hanjin shipyard at the Subic Bay Freeport in Zambales, a “win-win” takeover especially for the Filipino people, according to the Department of Finance (DOF).

State-run Power Sector Assets and Liabilities Management Corp. (PSALM) wants to trim down further its financial obligations by implementing cost-cutting measures while increasing revenue collection, the Department of Finance (DOF) said.