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(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 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) – The Department of Finance defended the Official Development Assistance (ODA) mode of financing to construct the Kaliwa Dam Project, saying that this was cheaper and more beneficial for Filipino consumers. Finance Assistant Secretary Antonio Joselito Lambino III said that the ODA from China was preferred over a Public-Private Partnership (PPP) route which, he said, would entail “additional charges” to be passed on to water users. “The higher project and financing costs […]
By Caesar Vallejos OPEN FOR BUSINESS, Eagle News Service Department of Finance Carlos Dominguez III said that by the end of the Duterte administration, government spending on infrastructure is expected to be equivalent to 7% of Gross Domestic Product (GDP). “By then, we would be able to close the country’s infrastructure gap,” he said. Speaking at the recently concluded 9th Business Forum on the Philippine Economic Outlook for 2019 organized by the Manila Times, Dominguez […]
(Eagle News) – Foreign nationals working in Philippine offshore gaming operations (POGO) should pay taxes and comply with the country’s tax laws, as various government agencies met to consolidate the list of foreign workers who should pay taxes, according to the Department of Finance (DOF). The DOF said it is now working closely with the Bureau of Internal Revenue (BIR) as well as with other government agencies, including the justice and labor departments, to […]
(Eagle News) — Finance Secretary Carlos Dominguez III thanked the government of Japan for its “generous support” in helping jumpstart the Philippines’ ambitious “Build, Build, Build” infrastructure program, citing the nine loan agreements signed since the start of the administration of President Rodrigo Duterte. Dominguez said the loan agreements with a combined amount of JPY398.82 billion (about $3.63 billion or P189.92 billion) were formalized between the Philippines and Japan since President Duterte assumed the […]
(Eagle News) – The country’s business sector, including bankers and foreign businessmen, has issued a joint statement fully backing the bill seeking to impose tariffs, recognizing it as measure that will liberalize the economy and eventually free consumers from “food supply apprehension,” according to the Department of Finance. The joint statement was signed by the Management Association of the Philippines (MAP), American Chamber of Commerce of the Philippines (AmCham), Bankers Association of the Philippines (BAP), […]
The Committee on Appropriations of the House of Representatives has already formally endorsed for congressional approval the proposed P18.68-billion budget of the Department of Finance (DOF) under the new cash-based system in which the implementation of projects and the procurement of goods and services are done within the given fiscal year. Finance Secretary Carlos Dominguez III said the DOF budget for 2019 is 3 percent or P630 million lower than the appropriation for the […]
(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) — Tiniyak ng Department Of Finance (DOF) na hindi magreresulta sa tanggalan sa trabaho ang ikalawang bahagi ng TRAIN law na tinatawag ngayong TRABAHO bill. Ito ang sinabi ng DOF sa harap na rin ng pangamba na baka umalis sa bansa ang mga investors o magbawas ng trabaho ang mga kumpanya sa oras na bawasan ng pamahalaan ang natatanggap na incentives ng mga ito mula sa pamahalaan tulad ng mas mababang bayarin sa […]
Finance Secretary Carlos Dominguez III has maintained that the draft federal Constitution contains ambiguous provisions on the allocation of expenditures for the would-be federated government and its federated regions, which underscore the urgency of opening more discussions on this proposed document crafted by the Consultative Committee (Con-Com) tasked to review the 1987 Constitution. Dominguez made it clear that while the economic team is not against federalism, it has the responsibility to point out the […]
(Eagle News) – The Department of Finance said it would file criminal charges against public officials and private individuals involved in an P11 billion tax credit scam that happened from 2008 to 2014 which was recently uncovered by state auditors. Finance Secretary Carlos Dominguez III made the announcement as the department said there were public officials and private individuals who have unduly benefited from the issuance of over P11 billion-worth of tax credit certificates […]
