Filipinos will repay another World Bank loan until 2053, after the Marcos administration's chief economic manager signed the agreement for the Philippines first energy transition and climate resilience development policy loan (DPL).On behalf of the Philippine government, Finance Secretary Ralph G....
The Marcos administration's chief economic manager has signed another loan agreement with the World Bank, committing to repay the concessional financing until 2053.A World Bank document showed that Finance Secretary Ralph G. Recto, on behalf of the Philippine government, signed the loan agreement...
House Ways and Means Committee chair and Albay 2nd district Rep. Joey Salceda welcomed Department of Finance (DOF) Secretary Ralph Recto's withdrawal of the proposed tax increase on capital gains, which the lawmaker previously opposed.Salceda earlier objected to Recto's suggestion in the draft of...
Finance Secretary Ralph G. RectoThe Department of Finance (DOF) has released new revenue regulations to simplify the process for private entities to avail of tax incentives, aiming to boost investments in education and human capital development.In a statement, Finance Secretary Ralph G. Recto said...
The Philippines will repay until 2053 two of the four loans greenlit by the Washington-based World Bank last month, worth a total of $950.54 million or about ₱54.6 billion, that will finance health services and transport connectivity in Mindanao and other poor provinces in the country.World...
Finance Secretary Ralph G. Recto The Philippines has officially launched a value-added tax (VAT) refund system for foreign tourists, aiming to significantly boost tourism revenue by encouraging increased spending on local goods.According to the Department of Finance (DOF), the refund scheme...
Finance Secretary Ralph G. Recto has obtained a total of ₱65.43 billion in loans from Japan to fast-track the roll-out of infrastructure projects and provide budget support for climate change and health programs.The loan agreements for five projects and programs to be funded by Japan's official...
Finance Secretary Ralph G. Recto President Marcos' chief economic manager and representative in the Monetary Board (MB) has projected a 75-basis point (bp) reduction in the central bank's interest rates this year, anticipating this would catalyze economic growth to seven percent or...
President Marcos' chief economic manager believes a credit rating upgrade is now within reach after the Philippines' removal from the global money laundering "grey list."Finance Secretary Ralph G. Recto stated that exiting the Financial Action Task Force's (FATF) grey list is a "significant...
The Philippines is sending a clear message to the world that it is open for business with the signing of the Implementing Rules and Regulations (IRR) of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act.Following the...
The Bureau of Customs (BOC), the government's second largest tax agency, has failed to achieve its 2024 revenue target of ₱939.6 billion, only collecting ₱931.05 billion last year.While its 2024 revenues exceeded the ₱883.21 billion in 2023, the country's second-biggest tax-collection agency...
Finance Secretary Ralph G. Recto believes e-wallet giant GCash could stage a record initial public offering (IPO) even without regulatory relief from the mandated 20-percent public float.Recto, the government's chief economic manager who also oversees the Securities and Exchange Commission (SEC),...
