The Department of Transportation (DOTr) has signed agreements with major private corporations for three key infrastructure projects aimed at boosting tourism, trade, and transportation across the Philippines. According to the Department of Finance (DOF), the Public-Private Partnership (PPP)...
Monetary Board (MB) member and Department of Finance (DOF) Secretary Ralph G. Recto aligned with market consensus, expecting that the central bank will likely reduce its key borrowing cost by 25 basis points during its final policy meeting on Thursday, Dec. 19. "I agree with the market consensus of...
President Marcos’ chief economic manager stated that the national government plans to reduce its foreign borrowings to 10 percent over the medium term, making the domestic borrowings stand at 90 percent. This came after the Department of Finance (DOF) Secretary Ralph G. Recto affirmed the...
The Department of Finance (DOF) is upbeat on its expectation that the government’s total revenue collection for 2024 will reach P4.42 trillion by the end of the year, exceeding the full-year target of P4.27 trillion. In a Dec. 16 statement, the DOF stated its anticipation that emerging...
Department of Finance (DOF) Secretary Ralph G. Recto is confident about the country’s economic outlook for 2025, driven by the recent passage of two major laws to boost tourism, local spending, and food security. Both Republic Act (RA) No. 12079, or the Value-Added Tax (VAT) Refund Mechanism for...
While the Marcos administration’s economic team has widened its full-year growth target for 2025, it stated that the worst-case scenario for the Philippine economy next year is a slowdown to six percent. The Development Budget Coordination Committee (DBCC) revised its macroeconomic assumptions...
The Philippine government has made inroads towards greater digital transformation, as required by the newest loan it secured from the World Bank. The Washington-based multilateral lender disclosed on Nov. 26 that Finance Secretary Ralph G. Recto, on behalf of the government, signed the loan...
The Philippines has secured a government-to-government financial and development cooperation agreement with Sweden, aimed at enhancing economic security and investment in key projects. The DOF announcement follows the signing on Nov. 22, 2024, involving Finance Secretary Ralph G. Recto and...
The Philippines will repay to the Asian Development Bank (ADB) the initial loan it secured for the Laguna Lakeshore Road Network (LLRN) until 2052, or 24 years after the project is expected to be passable. Documents showed that Finance Secretary Ralph G. Recto, on behalf of the Philippine...
The Philippines and the World Bank have agreed on the terms of the 466.07-million euro (equivalent to $500 million or over P29 billion) loan to ensure the safety and resiliency of schools in the country from natural disasters. Official documents disclosed on Nov. 19 showed that Finance Secretary...
Department of Finance (DOF) Secretary Ralph G. Recto announced that the double tax agreement (DTA) between the Philippines and Cambodia is expected to be finalized in February of next year. In a statemen, Recto noted that while the Philippines and Cambodia are preparing to sign the agreement,...
Local businesses can now adopt work-from-home setups without losing valuable tax incentives as the newly enacted Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act officially permits flexible work arrangements. The...
