Finance Secretary Ralph G. Recto admitted the daunting challenge of digitizing the government's tax system, prompting the need to explore non-tax revenue sources for additional funding. Recto told Manila Bulletin on Tuesday, May 28, that the Marcos administration's digitalization initiatives to...
The Department of Finance (DOF) has projected that the average yearly income of Filipinos is on track to almost double in the next six years to around P378,000, propelled by the expanding middle class. Currently, Finance Secretary Ralph G. Recto revealed that the average income per person in the...
Finance Secretary Ralph G. Recto lauded the recent issuance of an order aimed at enhancing the monitoring of imported goods entering the country through digital pre-border verification and electronic invoicing. As the chair of the committee overseeing the implementation of President Marcos’...
In response to the shifting consumer preferences towards e-commerce, the Department of Finance (DOF) wants to bring the country's tax collection system in line with the best practices of three leading Asian nations. Finance Secretary Ralph G. Recto said the Bureau of Internal Revenue (BIR) and the...
The Department of Finance (DOF) said the Philippines has secured a $10 million grant from the Green Climate Fund (GCF) to enhance resilience and sustainable development. The DOF said the grant is a crucial step in bolstering the country's readiness to address climate hazards and accelerate...
Despite the slowdown, President Marcos' three economic managers emphasized that the Philippines has maintained its position as one of the fastest-growing economies in the region. Budget Secretary Amenah F. Pangandaman, Finance Secretary Ralph G. Recto, and National Economic and Development...
The Marcos administration completed its first overseas bond sale for the year to help bridge the budget deficit and support initiatives for protecting natural resources, the Department of Finance (DOF) said. In a statement released on Wednesday, May 8, the DOF announced that Manila successfully...
Despite a recent downward revision in the economic growth outlook, the Department of Finance (DOF) said that the Marcos administration is standing by its tax collection target for the year. Finance Secretary Ralph G. Recto said that the Bureau of Internal Revenue (BIR) and the Bureau of Customs are...
The Marcos administration plans to borrow more funds this year than initially planned, the Department of Finance (DOF) announced. In a statement, Finance Secretary Ralph G. Recto said on Monday, April 29, that the national government plans to borrow P2.57 trillion in 2024. The funds will be...
The Department of Finance (DOF) assured that the country’s economic fundamentals are robust enough to weather any unforeseen developments in the United States. With a strong foundation in place, Finance Secretary Ralph G. Recto said the Philippines is well-equipped to navigate any potential...
Finance Secretary Ralph Recto and his family attended the Department of Finance (DOF) anniversary celebration, which garnered positive feedback from many of the attendees. However, some employees were still disheartened. At the 127th DOF anniversary party last Friday, Recto was accompanied by his...
The Department of Finance (DOF) is set to introduce a four-day workweek to alleviate the burden on its employees who are struggling with the intense traffic congestion in Metro Manila. During the DOF anniversary celebration, Finance Secretary Ralph G. Recto announced that the new department...
