The Department of Finance (DOF) is exploring the possibility of the Philippines joining the BRICS bloc, a coalition of emerging economies, including China and Russia, that seeks to counterbalance the influence of the United States and the West. During the Senate Finance Committee hearing on the...
The Philippines recorded a slight increase in its budget deficit to 4.9 percent of the gross domestic product (GDP) driven by the widening gap between government spending and revenue collection. Data from the Bureau of the Treasury revealed that the six-month budget deficit as a percentage of GDP...
The proportion of the country's outstanding debt relative to its overall economic output returned to its post-pandemic peak in the second quarter, data from the Bureau of the Treasury revealed. Despite a higher growth rate, the gross domestic product (GDP) failed to keep pace with the government's...
President Marcos’ chief economic manager stated that the substantial rise in consumer prices in July was temporary and is expected to align with the government’s target range in the coming months. Finance Secretary Ralph G. Recto said in a statement that the 4.4 percent inflation rate recorded...
President Marcos’ chief economic manager is confident that the country can uplift approximately 2.5 million poor Filipinos annually, given sustained economic growth of at least six percent bolstered by government borrowings. Finance Secretary Ralph G. Recto is optimistic about achieving a...
The Department of Finance (DOF) announced that the national government's interest payments are expected to surge by double digits next year due to refinancing of loans obtained during the pandemic. Finance Secretary Ralph G. Recto said on Monday, Aug. 5, that the government expects an 11 percent...
Have you ever thought about the cost efficiency of the Bureau of Internal Revenue (BIR) in generating revenue for the government? It only takes 52 centavos to generate P100. During a recent event celebrating the BIR's anniversary, Finance Secretary Ralph G. Recto highlighted the importance of the...
The Department of Finance (DOF) and the Government Financial Institutions (GFIs) have implemented measures to aid affected Filipinos and facilitate the reconstruction of areas impacted by Typhoon Carina. In a statement, Finance Secretary Ralph Recto said that every effort is being made to ensure...
President Marcos’ chief economic manager stated that achieving single-digit poverty incidence among Filipinos may happen sooner than expected. Finance Secretary Ralph G. Recto said last year's poverty rate, which better the target, was "very encouraging," given that it is also lower than...
After six months in office, President Marcos' chief economic manager continued to assert that there was no need for new tax proposals to enhance the government's revenue collection. Finance Secretary Ralph G. Recto reiterated his stance at a forum with business journalists on Monday, July 8,...
The Department of Finance (DOF) has forecasted a potential P5 per kilogram decrease in the average price of rice by August, attributing this drop to reduced import tariffs. Finance Secretary Ralph G. Recto said on Monday, July 8, that by lowering the tariff on imported rice from 35 percent to...
Finance Secretary Ralph G. Recto said that inflation may have already reached its highest point, projecting a gradual decline in the rate of food price increases in the coming months. Recto stated that the continued moderation in inflation may lead the Bangko Sentral ng Pilipinas (BSP) to consider...
