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(Eagle News)–The Department of Finance gave the assurance the Philippines has enough resources for a “drawn-out struggle” against COVID-19 despite the 9 percent contraction of the economy in the first quarter. “We are not alone in our struggles, although the unique fiscal and macroeconomic strengths with which we entered 2020 will continue to provide us with solid footing as we confront our economic challenges,” Finance Secretary Sonny Dominguez said, as he pointed out the experiences […]
(Eagle News) — A stronger currency swap among member countries of the Association of Southeast Asian Nations (ASEAN) took effect on Tuesday, June 23, which would enably the Philippines to borrow up to $22.76 billion from the facility as a signatory to this, the Department of Finance said. The amended Chiang Mai Initiative Multilateralization (CMIM) agreement took effect Tuesday “offering a stronger currency swap arrangement and financial safety net” among ASEAN member-states and their partner-economies […]
Funds to be used for education and health grants for poor families (Eagle News) — The Philippine government obtained additional funds to address the COVID-19 pandemic with a “fresh US$500-million financing package from the Asian Development Bank (ADB).” The Department of Finance said that this will “help support the country’s immediate budgetary requirements” particularly in funding the Pantawid Pamilya program for poor families, as the virus crisis continues to take its toll on the […]
P706.85-B collected from Jan-April much lower compared to P900.33-B collected for same period last year (Eagle News) — The Department of Finance reported a dive in tax and customs collections for this year because of the COVID-19 pandemic. Both the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) reported a huge drop in collections from January to April this year, as these reached only P706.85 billion. This is P28.17 billion short of […]
(Eagle News) – The Department of Finance extended the deadlines for the the payment of “taxes, fees, and charges of local government units (LGUs) to June 25. The DOF said that this was in line with the provisions of Republic Act (RA) No. 11469, or the Bayanihan to Heal as One Act, which seeks to provide relief to Filipinos impacted by the severe disruption of economic activities brought about by the coronavirus disease 2019 (COVID-19). […]
(Eagle News) — The Philippine government has secured a loan agreement from the Asian Development Bank that would enable the country to get $1.5 billion budgetary support for its efforts on the COVID-19 pandemic. This came in time as funds to support the government’s programs to beat COVID-19 and to support its people under lockdown as President Rodrigo Duterte decided to extend the enhanced community quarantine in the Philippine capital of Metro Manila and […]
(Eagle News) — To support economic managers in crafting a “bounce-back plan” for the Philippine economy, the Department of Finance (DOF) is recruiting highly-competent and committed individuals that would help the economy to recover once the COVID-19 pandemic is over. Finance Assistant Secretary Antonio Joselito Lambino II said the DOF’s Strategy, Economics and Results Group (SERG), which he heads, is building its team to support state economic managers in coming up with this recovery and […]
(Eagle News) — The Department of Finance (DOF) has exempted from donor’s taxes and VAT all kinds of donations – cash, equipment, and relief goods – related to the COVID-19 crisis in the country. It issued Revenue Regulations (RR) No. 9-2020 on the tax benefits of donations made for the purpose of battling COVID-19 pursuant to Republic Act (RA) No. 11469 or the “Bayanihan to Heal as One Act.” The regulation “provides that donations […]
(Eagle News) — Jack Ma, founder of the Alibaba Group, has pledged to give half a million face masks to the Philippines to help in the country’s fight to contain the spread of the coronavirus disease, the Department of Finance said. Finance Secretary Carlos Dominguez said hat Ma had committed the delivery of the masks at the latest by early next week through the Jack Ma Foundation and the Alibaba Foundation. Dominguez said that […]
(Eagle News) – The Philippine government has now allowed financial markets to re-open amid the Luzon-wide enhanced community quarantine due to the coronavirus outbreak. In a joint statement, the Department of Finance (DOF) and the Bangko Sentral ng Pilipinas (BSP) said that the Inter-Agency Task Force (IATF) on Emerging Infectious Diseases had already issued an exemption for the Philippine Stock Exchange (PSE), Philippine Dealing & Exchange Corp. (PDEX), Philippine Depository & Trust Corp., and […]
https://www.youtube.com/watch?v=BZrVd76-mBY Ni Vic Somintac Eagle News Service (Eagle News) – Hinihintay pa ng Department of Finance o (DOF) ang resulta ng imbestigasyon ng Senado kaugnay sa mga krimen at katiwaliang bumabalot sa Philippine Offshore Gaming Operations (POGO) sa bansa. Magugunitang nanganak na ng iba’t-ibang krimen at irregularidad ang POGO gaya ng mga nadiskubreng drug trade, sex dens, kidnapping, money laundering, “pastillas scheme” at pagpasok ng mga kahina-hinalang Chinese nationals na ginagamit ang nasabing gambling operations. […]
(Eagle News) – The Philippines ranked 95 in the Ease of Doing Business latest report of the World Bank, jumping 29 notches from the previous ranking of 124th out of 190 economies. In the Doing Business 2020 Report, the Philippines was among the 190 economies included by the World Bank in its study. The Philippines got an Ease of Doing Business (EODB) score of 62.8 in the 2020 report, an improvement over its grade […]
