State-lender Land Bank of the Philippines (Landbank) is on track to hit its target on agriculture sector loans for this year in line with President Duterte’s order to intensify its support to local farmers. In a report submitted to the Department of Finance, Cecilia Borromeo, Landbank...
The Social Security System (SSS) said the scheduled increase in the monthly contribution of members starting next year will ensure the long-term viability of the pension fund and increase the benefits to be enjoyed by them and their beneficiaries. In a statement released by the...
The Duterte administration’s budget deficit breached the P1 trillion mark in November due to higher spending and lower revenues amid the coronavirus-induced economic recession, data from the Bureau of the Treasury revealed. The national government incurred a P1.069 trillion fiscal gap in January...
The Department of Finance (DOF) has extended the deadlines for availing of the tax amnesty on delinquencies (TAD) as well as voluntary assessment and payment program (VAPP). In a statement, the DOF said that it issued Revenue Regulations (RR) Nos. 32-2020 and 33-2020 to effectively extend the...
The Department of Finance (DOF) said the unprecedented challenge brought by the pandemic underscored the importance of “greater solidarity and stronger collaboration among nations” to overcome the crisis and return to the path of strong global growth. Finance Secretary Carlos G....
The Department of Finance (DOF) said the Philippines needs to maintain its good economic fundamentals to allow the nation to recover promptly as the pandemic-induced lockdowns continued to ease. Finance Undersecretary Gil S. Beltran said this means the government should maintain the budget...
The local equities market is “doing very well” despite the global economic shock triggered by the pandemic, the Department of Finance (DOF) said, citing a report of the Philippine Stock Exchange (PSE). In a statement, the DOF quoted PSE President Ramon Monzon as saying that the Philippines’...
The government seized an estimated P9.52 billion-worth of smuggled goods since January this year, more than half of which came from illicit cigarettes, the Bureau of Customs said. In a report submitted to Finance Secretary Carlos G. Dominguez III, Deputy Customs Commissioner...
The World Bank has approved two loans to the Philippines to support the country's recovery efforts from the coronavirus pandemic, improve competitiveness, as well as build resilience against shocks and natural disasters. In a statement, the Washington-based lender, said it approved $900 million...
The Bureau of Internal Revenue (BIR) has collected additional taxes from commercial establishments that were padlocked earlier for failing to either register or pay the correct amount of tax. In a statement, BIR Deputy Commissioner Arnel Guballa said they have collected a total...
The national government debt payments increased in October due to bigger maturing obligations, data from the Bureau of the Treasury showed. Debt servicing hit P27.19 billion in October this year, higher by eight percent compared...
The Bureau of Customs wants to collect several tax deficiencies uncovered in a post-clearance audit of cooperatives that imported rice since last year, the Department of Finance (DOF) said. In a statement, the DOF quoted Customs Commissioner Rey Leonardo Guerrero as saying that a post-clearance...
