The Washington-based multilateral lender International Monetary Fund (IMF) sees the narrowing of Philippine debt relative to the size of the economy being delayed until it reaches 60 percent, with the proposed revenue-generating general tax amnesty (GTA) among the measures seen as offering limited...
The government is moving to curtail the power of tax investigators to conduct audits, part of an aggressive push to curb bureaucratic overreach and improve the business climate for the private sector. Finance Secretary Frederick Go told reporters the Department of Finance (DOF) is “seriously”...
Asialink Finance Corp., one of the largest non-bank lenders in the country, received a “Ba2” long-term corporate family rating from Moody’s Ratings, which cited the firm’s robust capital buffers and dominant position in the domestic credit market. In a statement, Moody’s said the credit...
The Lucio Tan Group’s (LTG) lender, Philippine National Bank (PNB), has entered into a strategic partnership with Discovery Capital Finance Corp. (DCFC) through the signing of a loan facility agreement to boost financial support for small and medium enterprises (SMEs). The new loan facility...
Finance Secretary Frederick D. Go pushes for the extension of the estate tax amnesty to the end of 2028, which could generate additional revenue while easing the burden for Filipinos settling their debts on inherited properties. This measure is among the priority tax measures the Department of...
A move is underway in the Senate to lower the value-added tax (VAT) imposed on purchased goods and services. Under Senate Bill No. 1552 filed by Senator Erwin Tulfo, Section 106 of the National Internal Revenue Code would be amended to bring down the current 12 percent VAT to 10 percent. The...
State-owned Philippine Guarantee Corp. (PHILGUARANTEE) has partnered with Discovery Capital Finance Corp. (DCFC), one of the fastest-growing financing institutions in the Philippines, to expand credit access for small and medium enterprises (SMEs) across the country. The strategic alliance...
The Department of Finance (DOF) announced the immediate and temporary suspension of all field tax audits and related operations, citing widespread taxpayer concerns over “potential abuse” and irregularities in the issuance of audit documents. In a statement on Monday, Nov. 24, Finance Secretary...
Following the destructive typhoons that hit the Philippines, the national government is gearing up to tap half a billion dollars in climate funding from the Washington-based World Bank. According to the Department of Finance’s (DOF) Facebook post on Thursday, Nov. 20, the national government is...
The Securities and Exchange Commission (SEC) is pushing for reforms to strengthen the Philippine corporate bond market and broaden capital market access for small and medium enterprises (SMEs), with strategic engagement from the World Bank Group (WBG) and its private-sector lending arm,...
President Marcos administered the oath of office of new Executive Secretary Ralph Recto and new Department of Finance (DOF) Secretary Frederick Go, formalizing key changes in his economic and administrative team. The two officials took their oaths at the Study Room in Malacañan on Wednesday, Nov....
HONG KONG — Metro Pacific Investments Corp. (MPIC) may hold off on its planned divestment from Light Rail Manila Corp. (LRMC) after the government immediately opened talks to address its obligations to the company. LRMC President and Chief Executive Officer Enrico Benipayo told MPIC Chairman...
