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(Eagle News) – The national government has spent P281 billion on infrastructure in the first five months of 2018 which was 42 percent higher than the same period last year. This was announced by the Department of Finance which has expressed confidence in the economy expanding by 7 percent or better over the medium term. Finance Secretary Carlos Domimguez III said that with the P281 billion invested on infrastructure from January to May this […]
(Eagle News) — Finance Secretary Carlos Dominguez III said the government’s economic managers are pushing Congress to approve the Rice Tariffication Act as this would bring down prices of rice by around P7 per kilo and reduce inflation to below 4 percent by the second half of 2018. Dominguez said that he and the rest of the economic team agree that the best way to address inflation is for the Congress to swiftly pass […]
(Eagle News) — Finance Secretary Carlos Dominguez III has called on lawmakers to proceed with approving the Duterte administration’s proposed reforms on corporate taxation and the modernization of investment incentives, which comprise the government’s second tax reform package. In pushing for the passage of the next phase of the tax reform law, Dominguez said that TRAIN had been “unfairly blamed for the elevated inflation rate.” He said the impact on prices of the first […]
(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 […]
(Eagle News) – The second package of the Tax Reform for Acceleration and Inclusion (TRAIN) will lower the corporate income tax paid by some 95 percent of businesses, and retain and provide new fiscal incentives for deserving recipients. Finance Assistant Secretary Paola Alvarez announced this as she clarified that the fiscal incentives under Package 2 of TRAIN will be given to those who contributed to national development and helped generate pro-poor investments and jobs. Under […]
(Eagle News) – The Department of Finance (DOF) said the government will build eight major bridges to link the Visayas islands to Mindanao and Luzon. The proposed bridge projects–with an estimated combined cost of P269.10 billion—-are an 18.2-kilometer bridge to connect Samar provinces to the main island of Luzon, a 20-kilometer bridge connecting Leyte to Mindanao Island through either an Underwater Tunnel Bridge or a Long-Span Overhead Bridge, the 5.7-kilometer Panay-Guimaras bridge, the 12.3-kilometer Guimaras-Negros […]
(Eagle News) — The interagency Mining Industry Coordinating Council (MICC) has started its “fact-finding and science-based” review of an initial batch of 26 mine sites that were either ordered suspended or shut down last year by former Department of Environment and Natural Resources secretary Gina Lopez. The MICC said it had already started on-site visits to these locations this March. Finance Undersecretary Bayani Agabin, who represented the Department of Finance (DOF) at the MICC […]
Finance Secretary Carlos Dominguez III underscored the urgency of harmonizing and constantly updating tax policies and administration practices across the Asia-Pacific region to combat tax evasion against the backdrop of an increasingly borderless world. Dominguez cited, in particular, the cigarette manufacturing industry, where harnessing new tools for surveillance, the improved documentation of tax payments, and closer cooperation between tax and customs authorities are needed to check against tax fraud. In the Philippines, Dominguez said […]
Suggests transforming OFW bank into “virtual bank” with zero physical branches (Eagle News) – Finance Secretary Carlos Dominguez said he has coordinated with the Bangko Sentral ng Pilipinas so it could “check” all its regulations that “stymie the growth of electronic commerce in the country.” In a statement on Monday, Dominguez revealed he made the coordination with BSP Deputy Governor Maria Almasara Cyd Amado, as he gave a push for the use of digital technology […]
(Eagle News) – Finance Secretary Carlos Dominguez III has ordered Bureau of Customs officials (BoC) to “set up data arrangements” with three more of the country’s top trading partners in a bid to curb smuggling. In a statement on Monday, the Department of Finance said Dominguez made the directive for the BoC to establish the system with South Korea, Japan, and the United States during a recent executive meeting. The Finance chief said that in particular, […]
(Eagle News) – The Department of Finance (DOF) Privatization and Management Office (PMO) has remitted over P17 million to the Bureau of Treasury (BTr) in the first month of 2018. In a statement on Friday, the finance department said the amount of P17,399,864.03 was remitted in the form of a LandBank cheque, based on the report of PMO chief privatization officer Atty. Gerard Chan to Finance Secretary Carlos Dominguez III. Of the amount, the DOF […]
