Finance Chief Economist Gil S. Beltran said the government would need an additional P250-billion per year to bring down the government’s financing gap to a figure comparable to the pre-pandemic level of 3.4 percent. This developed as the Department of Finance (DOF) warned Tuesday, June 7, that...
The government lost billions of pesos in power subsidies and tax incentives to now-defunct Hanjin Heavy Industries and Construction Philippines Inc. (HHIC-Phil), the Fiscal Incentives Review Board (FIRB) said. In a statement Tuesday, June 7, Finance Assistant Secretary and FIRB Secretariat Head...
House Ways and Means Committee chairman and Albay 2nd district Rep. Joey Salceda refuted on Monday, June 6 the claim made by the Department of Finance (DOF) that had Congress proposals pertaining to Covid-19 stimulus and subsidies been enacted, national debt would have climbed up to P15.4 trillion....
The Marcos administration has no plan to reduce government spending to temper the nation’s ballooning debt load, the incoming chief of the Department of Finance (DOF) said on Monday, June 6. Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno, who is President-elect Ferdinand R. Marcos...
The Department of Finance (DOF) estimated that the national government’s debt could have been P2.2 trillion more had President Duterte supported the revenue-eroding proposals in Congress at the height of the pandemic. In a statement, Finance Chief Economist Gil S. Beltran said that total debt...
House Ways and Means Committee chairman and Albay 2nd district Rep. Joey Salceda has vowed to push for the Budget Reform Act in the upcoming 19th Congress. Albay 2nd district Rep. Joey Salceda (Facebook) “I will refile the bill, hopefully with enhancements from the incoming finance and budget...
The Fiscal Incentives Review Board (FIRB) has instructed all investment promotion agencies (IPAs) to submit a copy of the schedule of rates for their various services relating to the grant and administration of tax incentives. In a statement, Finance Assistant Secretary and FIRB Secretariat Head...
To improve the city’s services to taxpayers and residents, incumbent Valenzuela City Mayor Rex Gatchalian said that a modern and bigger finance building will rise in the city hall compound on MacArthur Highway, which is expected to be opened in 2024. In a video posted on the city’s Facebook...
Finance Secretary Carlos G. Dominguez III has approved the donation to the Armed Forces of the Philippines (AFP) and the Philippine Coast Guard (PCG) of fuels that were seized by the Bureau of Customs and forfeited in favor of the government. The Customs will turn over a total of 41,356.8 liters of...
The Department of Finance (DOF) reported that the comprehensive tax reform program (CTRP) initiated by President Duterte since he took office has yielded more than half a trillion pesos in fresh government revenues. In a report to Finance Secretary Carlos G. Dominguez III, the DOF’s Domestic...
The series of tax reforms, unparalleled infrastructure investments and the enactment of the law that cleared the way to the long-sought return of the coco levy funds are among the lasting legacies of the Duterte administration on the economic front, a Cabinet official said. During the Duterte...
President-elect Marcos’ chief economic manager has high hopes for incoming Socioeconomic Planning Arsenio M. Balisacan, describing the latter as the “poverty guru” of the next administration tasked to bring down the nation’s poverty rate to single-digit. Incoming Finance Secretary Benjamin...
