The Department of Finance (DOF) is exploring the possibility of the Philippines joining the BRICS bloc, a coalition of emerging economies, including China and Russia, that seeks to counterbalance the influence of the United States and the West. During the Senate Finance Committee hearing on the...
Department of Finance (DOF) Secretary Ralph G. Recto said the government will work on collecting tax revenues to match the economic growth relative to the country's gross domestic product (GDP). During a Senate committee hearing, Recto said that the two main tax agencies should work hard to boost...
EMBARGO FOR MONDAY ISSUE The national government's tax effort in the first half of the year increased slightly on the back of improved collections by the government's two tax agencies. Based on the data released by the Department of Finance (DOF), the government's tax effort posted a slight...
Finance Secretary Ralph G. Recto said the Philippine government secured about P13 billion in loans from the South Korean government to finance the new Dumaguete Airport Development project. Recto and Export-Import Bank of Korea (KEXIM) Chairman and President Yoon Hee-sung signed on Wednesday, Aug....
Finance Secretary Ralph G. Recto stated on Wednesday, Aug. 7, that while the reduction of borrowing costs may still take place within the year, it is likely to happen later than August. During a press briefing at the Kapihan sa Manila Bay, Recto said that the decision to cut key policy rates by...
President Marcos’ chief economic manager stated that the substantial rise in consumer prices in July was temporary and is expected to align with the government’s target range in the coming months. Finance Secretary Ralph G. Recto said in a statement that the 4.4 percent inflation rate recorded...
President Marcos’ chief economic manager is confident that the country can uplift approximately 2.5 million poor Filipinos annually, given sustained economic growth of at least six percent bolstered by government borrowings. Finance Secretary Ralph G. Recto is optimistic about achieving a...
The Department of Finance (DOF) announced that the national government's interest payments are expected to surge by double digits next year due to refinancing of loans obtained during the pandemic. Finance Secretary Ralph G. Recto said on Monday, Aug. 5, that the government expects an 11 percent...
The Department of Finance (DOF) is projecting an uptick in revenues from "sin" products next year, driven by increased collections from alcoholic beverages. Data from the DOF showed that excise tax collections from tobacco and alcohol are estimated to reach P278.97 billion in 2025, an eight percent...
Have you ever thought about the cost efficiency of the Bureau of Internal Revenue (BIR) in generating revenue for the government? It only takes 52 centavos to generate P100. During a recent event celebrating the BIR's anniversary, Finance Secretary Ralph G. Recto highlighted the importance of the...
The Department of Finance (DOF) expects the consolidated public sector deficit (CPSD) to decrease to P603.85 billion next year from P730.32 billion this year. Data from the DOF showed that the decline in the deficit will be driven by higher budget surpluses of local government units (LGUs)...
Finance Secretary Ralph G. Recto called on the life insurance industry to redefine how people perceive life insurance, noting that it is not mere expenses but protection for a better future for Filipino families. “It is not a mere transaction but a selfless act of love that they can bestow upon...
