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(Eagle News) — The Bureau of Customs has seized over half a million pesos worth of smuggled rice from Myanmar. The bureau said the 495 bags of white rice were intercepted on Aug. 10 from the port of Cebu. This was made possible following a tip that a shipment that arrived from Kaohsiung, Taiwan on July 23 was loaded with imported rice. The Inward Foreign Manifest had declared the shipment contained personal effects of a […]
(Eagle News) — The Philippines inked on Thursday, Dec. 19, a $400-million loan accord with the World Bank, which represented the first tranche of a three-part financing package that aims to further boost the country’s competitiveness and fiscal sustainability amid the threat of climate change. Finance Secretary Carlos Dominguez III, on behalf of the Philippine government, and acting Country Director Achim Fock, representing the World Bank, signed the agreement for the development policy loan on […]
(Eagle News)–The Philippines and China have signed a $219-million loan agreement for the Philippine National Railways project, the Department of Finance said on Friday, Aug. 30. The exchange of the loan agreement that will fund the Project Management Consultancy for the PNR South Long Haul Project was done between Finance Secretary Carlos Dominguez III and Export-Import Bank of China Vice President Xie Ping on the second day of President Rodrigo Duterte’s visit to China. Duterte […]
(Eagle News) — The Department of Finance on Wednesday, April 17, defended the loan deals entered into by the Philippines with China, including the Chico irrigation loan deal. In a statement, Finance Undersecretary Bayani Agabin said for one that the waiver-of-sovereign immunity clause in the Chico irrigation loan deal, which some have said would lead to a Chinese takeover of the Philippines’ patrimonial properties, was present in other loan accords entered into by the Philippines […]
(Eagle News) – The Department of Finance said that digital firms from Estonia, a country in northern Europe, have expressed their interest to participate in the bidding for the Philippine national ID contract. It was in the Baltic nation of Estonia where the electronic video communications tool Skype was developed. Finance Secretary Carlos Dominguez III said it was Estonia’s ambassador-designate to the Philippines Vaino Reinart who relayed to him their interest to help with […]
(Eagle News) — Makatitiyak na ang publiko na de-kalidad ang mga binibiling fuel sa ilalim ng fuel marking program ng gobyerno. Ito ang isa sa mandatong nakasaad sa Tax Reform for Acceleration and Inclusion (TRAIN) law kung saan required na lagyan ng fuel marking ang lahat ng refined, manufactured o mga imported petroleum products sa bansa. Kabilang sa mga ito ang gasolina, denatured alcohol na ginagamit sa motive power, kerosene at diesel. Ayon kay Finance […]
(Eagle News)–The tariffs on rice importation under the newly signed rice tariffication law will start on March 3, the Department of Finance said on Monday .Feb. 18. In a statement, the DOF said the National Food Authority Council also “approved the transfer of the NFA functions to the Department of Agriculture as provided under the rice tariffication law, effective March 3.” The DOF said the approval was made also on Monday, Feb. 18, during the NFA […]
(Eagle News)–The Department of Finance has ordered the Bureau of Customs to donate 30,000 bags of undocumented rice shipments to the Department of Social Welfare and Development. Finance Secretary Carlos Dominguez made the announcement in an e-mailed statement on Tuesday, Dec. 25. According to Dominguez, he gave the order to Customs Commissioner Rey Leonardo Guerrero last month. Earlier, the BOC under then-Commissioner Isidro Lapeña donated 16,000 rice bags to the same agency. Goods under the […]
(Eagle News)–President Rodrigo Duterte on Friday, Sept. 21, blamed the rise in inflation on the prices of oil. In a speech in Lapu Lapu, Cebu, Duterte clarified however that it was “not an excuse.” “I admit there is an inflation. But the number one culprit is price of oil,” he said. Inflation reached 6.4 percent in August. The Department of Finance recently released measures the government was undertaking to arrest inflation, noting that the “highest contributors […]
(Eagle News)– The Department of Finance on Friday, Sept. 7, released a list of measures it said would be implemented to arrest inflation. In a statement on its website, the DOF said these measures were arrived at after a meeting among members of the Economic Development Cluster of President Rodrigo Duterte’s Cabinet on Wednesday, Sept. 5. The meeting took place on the same day the Philippine Statistics Authority reported that inflation had accelerated to 6.4 percent […]
(Eagle News) – Funding for some programs will be “in peril” if the implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) law is suspended. This is according to Finance Undersecretary and chief economist, Gil Beltran, who made the comment following proposals to suspend the same due to a supposed spike in the rate of inflation, reportedly the fastest in more than 5 years. According to Beltran, in particular, the government expenditures for 2018 on […]
(Eagle News) – Japan and the Philippines on Tuesday, May 15, signed an agreement that would allow for a P970-million grant to support ongoing rehabilitation efforts in Marawi. In a statement, the Department of Finance said that the agreement, which will cover “infrastructure projects, particularly the construction of transcentral roads that need to be rebuilt immediately in the war-ravaged communities,” was signed by Finance Secretary Carlos Dominguez III and Japan International Cooperation Agency (JICA) chief representative in […]
