Amid escalating global trade uncertainty driven by tariffs, achieving upper-middle-income status may become more challenging for the Philippines in 2025 and 2026, delaying it further to later years, according to a World Bank economist. Gonzalo Varela, World Bank lead economist and program leader...
The Bureau of Customs (BOC), the government's second largest tax agency, has failed to achieve its 2024 revenue target of ₱939.6 billion, only collecting ₱931.05 billion last year. While its 2024 revenues exceeded the ₱883.21 billion in 2023, the country's second-biggest tax-collection agency...
Following the lower-than-expected expansion in 2024, the Marcos administration's economic managers are considering the possibility of adjusting this year's growth target. Speaking to reporters on the sidelines of Makati Business Club's (MBC) general membership meeting, Budget Secretary Amenah M....
Next year's midterm elections could temper government expenditures due to a scheduled ban on new spending, such that the Cabinet-level Development Budget Coordination Committee (DBCC) has urged prompt disbursements as well as implementation of programs and projects under the proposed...
President Marcos' economic managers have revised their growth projections for this year and adjusted their outlook for the following years amid global uncertainties. Budget Secretary Amenah F. Pangandaman said in a statement that the country’s economy, as measured by gross domestic product (GDP),...
President Marcos' economic team plans to reassess the country's macroeconomic assumptions following a significant slowdown in consumer prices, the Department of Budget and Management (DBM) said. Budget Secretary Amenah F. Pangandaman said that the economic managers might consider revising the 2024...
State economic managers should also consider forming a Cabinet tourism cluster that would be in charge of addressing the multi-faceted problems of the tourism industry, as well as taking care of the country’s “crown jewels” such as Siargao, Palawan and other tourist destinations. ...
Senator Alan Peter Cayetano urged the government to implement a more efficient approach in distributing financial assistance noting how administrative costs are eating up on the funds instead of benefitting Filipinos in need. Cayetano said with the government agencies’...
Department of Finance (DOF) Secretary Ralph Recto on Wednesday, August 14 said that the Maharlika Investment Fund (MIF) has not yet ventured into any investments and has only spent “very minimal” funds. Department of Finance (DOF) Secretary Ralph Recto (Senate PRIB Photo) ...
State economic managers should find time to consolidate the Marcos administration’s economic strategy and be cohesive about it, Senate Deputy Minority leader Risa Hontiveros said. Hontiveros noted that the current plans of the Department of Finance (DOF), Department of Budget and...
House Speaker Martin Romualdez (Speaker’s office) House Speaker Martin Romualdez set the tone for the start of the deliberations of the P6.352-trillion 2025 National Expenditure Program (NEP) Monday, Aug. 5 by saying that the country's economic...
The Bureau of Internal Revenue (BIR), the government’s main tax agency, fell short of its tax collection target for the first half of the year, data released by the Department of Finance (DOF) revealed. A report on the DOF’s official Facebook page showed that the BIR, responsible for generating...
