The national government’s budget deficit fell below the Duterte administration’s ceiling last year after public spending missed its target while revenues breached the revised full-year goal, data from the Bureau of the Treasury showed. Fiscal gap of the national government settled at...
The Department of Finance (DOF) approved the inclusion of all importations of coronavirus vaccines in the "Mabuhay" or express lane to allow their quick processing of the tax and duty exemptions. In a statement released by the DOF, the department said that Finance Secretary Carlos G. Dominguez...
The Bureau of Customs (BOC) has apprehended 20-footer containers with illicit cigarettes and truck loads of possible smuggled tobacco products, the Department of Finance (DOF) said. Finance Secretary Carlos G. Dominguez III said Wednesday, Feb. 24, that the Customs bureau took control of a ship...
State-run Power Sector Assets and Liabilities Management Corp. (PSALM) has rejected the new condition offered by South Premiere Power Corp. (SPPC) in paying ahead its obligations for administering a power plant in Batangas. In a statement released by the Department of Finance (DOF), it said the new...
The Power Sector Assets and Liabilities Management Corp. (PSALM) has reduced its financial obligations last year with plans to further improve its finances this year, the Department of Finance (DOF) said. In a presentation to Finance Secretary Carlos G. Dominguez III, Irene Besido Garcia,...
The Philippine Guarantee Corp. (PhilGuarantee) has extended P180.67 billion only in loan guarantees in 2020 as against the P655 billion credit guarantee lines opened for businesses as economic activities substantially slowed down during the pandemic year. In a report to Finance Secretary Carlos...
The enactment of the Financial Institutions Strategic Transfer (FIST) law, which is expected to free up over P1 trillion worth of banks’ soured loans and non-performing assets and assist 600,000 micro, small and medium enterprises (MSMEs), will ensure the stability of the local financial system...
The government’s continued movement restrictions will deter the country’s economic recovery this year, one of three major international credit rating agencies said on Thursday, Feb. 18. In a credit opinion, Moody’s Investors Service said that the Philippine economy, as measured by its...
The Department of Finance (DOF) will look into the concerns raised by the Action for Economic Reforms (AER) regarding some provisions under the ratified corporate recovery and tax incentives for enterprises (CREATE) bill. Two weeks since CREATE was ratified by Congress on Feb. 3, Finance Secretary...
The Duterte administration’s chief economic manger expects the Bureau of the Internal Revenue (BIR), the government’s main tax agency, will surpass its collection target this year. Speaking at the virtual BIR’s Tax Campaign Kick-off ceremony on Wednesday, Feb. 17, Finance Secretary Carlos G....
The local stock market bounced back to the 7,000 level as global stocks rallied. The PSEi hiked 84.85 points or 1.22 percent to close at 7.044.06 as sub-indices rose across the board. A hefty 21.86 billion shares worth P18.16 billion changed hands as gainers beat losers 122 to 89 with 54...
The United States and the Department of Finance (DOF) sealed a grant that will fund the digital transformation program of the Bureau of Internal Revenue (BIR) described as “fully functional and irreversible.” During the signing ceremonies for the grant agreement Tuesday, Feb. 16, Finance...
