Business NEWS

President Duterte’s chief economic manager said that additional stimulus spending for this year, if there would be any, will not be funded by borrowings.

The Department of Finance (DOF) said the newly formed committee tasked to streamline trade processes and modernize major customs operations will be beneficial to micro, small and medium enterprises (MSMEs).

President Duterte’s chief economic manager justified the multi-trillion peso borrowings for the year, citing the national government needed to rely on financing to the bridge the widening gap between revenues and expenditures.

Despite being behind other regional economies in terms of recovery from the malaise of the global pandemic, the government’s chief economic manager assured that the country can bounce back stronger due to sound economic fundamentals.

Businesses should invest heavily in digitalization and innovation to stay competitive as the world rapidly transitions to a new post-pandemic global economy, the government’s chief economic manager said.

The Fiscal Incentives Review Board (FIRB) has adopted the framework for the grant of incentives to qualified industries under the government’s Strategic Investment Priorities Plan (SIPP).

The Department of Finance (DOF) is exploring a number of projects, including the first urban car cable system in the country, for possible funding by France.

The Philippines’ chief economic manager said the domestic economy should quickly adapt digitalization to remain viable, otherwise “drown in its wake.”

The reforms initiated by the government to deepen the local capital markets will ensure the economy to emerge stronger and more resilient in the aftermath of the prolonged pandemic, the Duterte administration’s chief economic manager said.

The Department of Finance (DOF) has begun looking for funds for the inoculation program for young teens and for the probable need for a booster vaccination next year.

Finance Secretary Carlos G. Dominguez III called for the just and equitable distribution of coronavirus vaccines to ensure the access of lower-income and developing countries to life-saving medical interventions amid the prolonged pandemic.

After weeks of disagreement on pork imports, the Senate and the President’s economic team, led by Finance Secretary Carlos Dominguez III, decided to lower the import tariff cut proposed under Executive Order (EO) 128 and adjust the volume of pork imports allowed to enter the Philippines under minimum access volume (MAV).

75 YEARS OF PH-US RELATIONS

As House lawmakers finalize the third coronavirus relief package, the Duterte administration’s chief economic manager said the government is not relaying too much on stimulus programs in reviving the local economy.

The extended enhanced community quarantine (ECQ) in Metro Manila and nearly provinces will push more than 100,000 additional Filipinos into poverty as these stringent lockdowns are seen take a heavier toll on the economy, jobs and household income.

The Indian government has extended $50,000 worth of assistance to the Philippines’ corn sector and has even initiated a bilateral exchange on agricultural technology with the Philippine government. 

Finance Secretary Carlos G. Dominguez III expects the Home Development Mutual Fund, commonly known as PAG-IBIG Fund, will further boost its efforts in closing the housing gap and spur domestic activity as the government rolls out its recovery program this year. 

Finance Secretary Carlos G. Dominguez III has commended the Bureau of Customs for its better-than-expected revenues last year while ensuring the free flow of goods and redoubling its campaign against smuggling.