Reducing the value-added tax (VAT) to 10 percent from the current 12 percent would erode the government’s fiscal consolidation, with total revenues expected to decline by an average of ₱330 billion annually, or one percent of the country’s economic output. “From our estimates, the reduction...
State-run think tank Philippine Institute for Development Studies (PIDS) is urging lawmakers to expand and amend major education-related bills to address persistent gaps in access, funding, and governance across the sector. In a statement, PIDS Senior Research Fellow Connie B. Dacuycuy outlined...
The Department of Energy (DOE) reported 18 electric cooperatives (ECs) affected by the onslaught of Typhoon “Opong” and the southwest monsoon. In a statement on Monday, Sept. 29, the DOE reported that 18 electric cooperatives (ECs) are facing partial power interruptions, while Masbate Electric...
State-run Land Bank of the Philippines (Landbank) has clarified that the handling of the bank accounts of the Department of Public Works and Highways ' (DPWH) contractors did not involve irregularities, countering insinuations that it was complicit in alleged flood control corruption. This...
The Philippines has sought to restructure disbursement estimates and project targets for a World Bank loan aimed at enhancing teachers’ competencies, as its implementation stalled due to late budget releases and procurement issues. In a Sept. 28 restructuring paper, the World Bank said that since...
The United States (US) has once again flagged the long-standing issue of corruption in the Philippines as one of the biggest hurdles to attracting American and other foreign investments. In its annual investment climate statement published over the weekend, the US Department of State (DOS) listed...
The Department of Transportation (DOTr) has ordered the swift procurement of construction materials to repair the Moises R. Espinosa Airport, also known as Masbate Airport, which faced heavy damage from the onslaught of Typhoon Opong. In a statement on Saturday, Sept. 27, Acting Transportation...
The Department of Agriculture (DA) is looking forward to a proposed ₱20-billion annual investment in the livestock sector, which will take effect once signed into law by President Ferdinand R. Marcos Jr. before the month of September ends. Speaking at a breakout session of the Arangkada...
Former Department of Public Works and Highways (DPWH) Usec. Roberto Bernardo believes almost all project biddings are rigged. Bernardo said this during the Senate Blue Ribbon Committee hearing investigating the anomalous flood control projects in the country on Thursday, Sept. 25. He was asked by...
To boost bilateral trade and align the nearly 50-year-old pact with the current economic landscape, the Philippines has opened talks with Singapore to update its 1977 double taxation agreement (DTA). In a Sept. 25 statement, the Department of Finance (DOF) said its move supports efforts to attract...
The Department of Transportation (DOTr) expects “limited impact” from potential reforms that may emerge from the ongoing investigation into corruption-ridden public infrastructure projects. The government is currently leading a crackdown on anomalous public works projects, particularly flood...
Imposing excise tax on single-use plastics (SUPs) could allow the Philippine government to collect ₱58 billion after five years of implementation, according to the Department of Finance (DOF). With this incremental revenue, the DOF’s fiscal policy and monitoring group (FPMG) has forecast that...
