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(Eagle News) — The government has lost an estimated P145 billion annually in foregone revenues because of the non-adjustment of fuel excise taxes for the past two decades, the Department of Finance revealed during a public hearing at the House Committee on appropriations. The DOF said that this loss was equivalent to about 1 percent of the country’s Gross Domestic Product (GDP). “The non-adjustment of fuel excise taxes for the past two decades has […]
MANILA, Philippines (Eagle News) — The Department of Finance (DOF) is eyeing the revival of the Pantawid Pasada Program for commuters and public utility vehicles. This is to reduce the effect of the proposed excise tax on petroleum products if implemented. According to Quezon Rep. Dakila Carlo Cua, the House committee on ways and means chair, the cash subsidy scheme will help cushion the impact of high fuel prices on public utility vehicles when implemented. […]
QUEZON City, Philippines (Eagle News) — The Supreme Court ordered the Bureau of Internal Revenue (BIR) and the Department of Finance (DOF) to give minimum wage earners a tax refund from July – December 2008 as provided by the Republic Act 9504 exempting minimum wage earners from personal income tax, including their bonuses, overtime pay and night shift differentials. Eagle News Service
MANILA, Jan. 8 – The Philippines would continue to enjoy low interest rates for so long as the country’s macroeconomic fundamentals are kept intact, the Department of Finance (DOF) said. Based on the DOF Economic Bulletin submitted to Finance Secretary Carlos Dominguez III, maintaining good macroeconomic fundamentals is the best way to keep the local interest rates down as the US Federal Reserve raises its key policy rate. Dominguez pointed out, however, that the Philippines’ stable […]
MANILA, Jan. 2 – The Department of Finance (DOF) remains bullish on prospects for continued high growth in 2017 and onwards, and is committed to helping Malacanang pursue its accelerated spending program not only to sustain the economic momentum but, more importantly, to also spread its benefits to all sectors across all regions by way of more jobs and better living standards. Finance Secretary Carlos Dominguez III said that despite the political noise in the […]
MANILA – Finance Secretary Carlos Dominguez III reiterated the government’s strong commitment to the rule of law in realizing the Duterte administration’s goal of attacking poverty and promoting a law-abiding society among Filipinos. Responding to the announcement of the Millennium Challenge Corporation (MCC) that it had deferred a vote on the reselection of the Philippines for compact development, Dominguez likewise pointed out that the Philippines had passed 13 out of the 20 country indicators in the latest MCC […]
MANILA, Dec. 16 – Finance Secretary Carlos Dominguez III expressed optimism that the country’s rock solid macroeconomic fundamentals along with the Duterte administration’s infrastructure buildup strategy will create enough fiscal and monetary buffers for the Philippines to ride out external shocks such as this latest move by the US Federal Reserve Board to raise interest rates. Dominguez assured the public and the business community that the government is maintaining its growth targets for the short […]
QUEZON City, Philippines (Eagle News) — Finance Secretary Carlos Dominguez wants to remove several officials of the Department of Finance due to their alleged involvement in graft and corruption. Included in the list is the Operations Officer of the Bureau of Customs due to his wrong declarations in his Statement of Assets, Liabilities and Net Worth.
MANILA, Philippines (PIA)- In order to to close the infrastructure gap over the next six years, the Duterte administration needs at least P8 trillion, and it is also the job of the Department of Finance (DOF) to generate enough funds to spell the financial sustainability of this ambitious public investment program. Finance Secretary Carlos Dominguez III told a business forum that an initial list of 18 big-ticket items worth a total of P427.5 billion have already […]
MANILA, Dec. 1 – The Department of Finance (DOF) has required treasurers of local government units to include in their quarterly and annual financial reports to the DOF all environment and natural resources revenues and expenditures, particularly the payments made by the mining and other extractive industries to their respective LGUs. Since 2011, local treasurers have been required to report to the DOF on a quarterly and annual basis the fiscal and financial operations of […]
MANILA, Dec. 1 – The Department of Finance (DOF) is pushing for the implementation of its proposed restructuring of the excise tax on automobiles not only to partly ensure the financial sustainability of the government’s 10-point socioeconomic agenda on inclusive growth, but also to help deal with the worsening traffic crisis in Metro Manila and other highly congested urban centers. Finance Secretary Carlos Dominguez III said that under the DOF timetable, the implementation of the automobile tax […]
MANILA, Nov. 23 – Finance Secretary Carlos Dominguez III said that congressional approval of the proposed tax reform program would help the Duterte administration realize its vision of reducing the poverty level to just 14 percent and free six million Filipinos from the shackles of poverty over the next six years. Dominguez said the Philippines is now at a “critical juncture” where it can either choose the old and easier path of sustaining high growth […]
