President Duterte said he already ordered the Department of Finance (DOF) to increase the amount of monthly subsidy for poor families from P200 to P500 per household in lieu of suspending excise tax amid rising oil prices. President Rodrigo Duterte (Malacañang photo) During his speech in...
Consumer should brace themselves for further acceleration in prices as the Philippines continues to face inflationary pressures from both food and non-food items, the Department of Finance (DOF) said. Finance Chief Economist Gil S. Beltran said effects of the African swine fever (ASF) continues to...
The Securities and Exchange Commission (SEC) has revoked the registration and secured conviction of several illegal lending companies as part of its sustained crackdown against illegal and abusive lenders, the Department of Finance (DOF) said. In a statement, the DOF cited an SEC report that showed...
Reducing infrastructure spending to temper the government's growing debt stock will be counterproductive in the long-run as far as economic recovery is concerned, the Department of Finance (DOF) warned. While there is a need to gradually narrow the government’s budget deficit, Finance Chief...
The Bureau of Internal Revenue (BIR) and the Bureau of Customs have exceeded their combined collection target, the Department of Finance (DOF) said on Thursday, March 17. In a statement, the DOF’s Revenue Operations Group (ROG) said the government’s two main tax agencies collected P2.732...
The government would need to borrow additional money from creditors should taxes on petroleum products are suspended, the Department of Finance (DOF) warned. Finance Secretary Carlos G. Dominguez III said suspending fuel excise taxes will only provide temporary and minimal relief to consumers, but...
The National Economic and Development Authority (NEDA) is proposing a four-day workweek to lower energy consumption amid skyrocketing pump prices. During President Duterte’s Talk to the People aired on Wednesday, March 16, Socioeconomic Planning Secretary Karl Kendrick T. Chua said limiting the...
Insurance claims related to the pandemic reached P16.71 billion in the past two years, with life coverages accounting for more than half of the payouts, the Department of Finance (DOF) said. In a report to Finance Secretary Carlos G. Dominguez III, the Insurance Commission said 23 percent or P3.89...
Personal income tax (PIT), which is withheld from an employee's salary and paid to the government, remained a major revenue stream for the government despite the lowering of rates on individual taxpayers and the pandemic-induced economic slowdown. Data released from the Department of Finance (DOF)...
The Department of Finance (DOF) announced the launch of a new project that aims to assist six climate-vulnerable cities in adapting to, and mitigating the effects of, climate change. On Thursday, March 10, the DOF launched the $15 million, or P750 million, five-year Climate Resilient Cities (CRC)...
The Department of Finance (DOF) said the return of information technology-business process management (IT-BPM) employees to on-site work would benefit local micro, small, and medium enterprises (MSMEs). In a statement on Wednesday, March 9, Finance Secretary Carlos G. Dominguez III defended the...
The Department of Finance (DOF) said the national government remains in good cash position despite recent failed domestic borrowings owing to high interest rates. Finance Secretary Carlos G. Dominguez III said Tuesday, March 8, that cash flow is not yet a problem for the government owing to P457.8...
