Tag: DOF

DOF: Taxpayers have “P10-B monthly bonanza” to help boost PHL economy

(Eagle News) – The Department of Finance (DOF) said Filipino consumers now have a combined “P10 billion monthly cash bonanza” following the implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) Act. According to Finance Secretary Carlos Dominguez III, the amount represents additional purchasing power that will further stimulate the country’s economy, which is now among the fastest-growing in Southeast Asia. “Our estimate is P10 billion a month in the reduction in collections from the […]

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Dominguez to LGUs: Tap DOF programs to build climate-resilient communities, development projects

  (Eagle News) – Finance Secretary Carlos Dominguez III has urged local government units (LGUs) to tap funds to build climate-resilient communities and implement development projects. In a statement on Monday, March 19, the finance chief advised LGUs  to take advantage of the two funding programs administered by the Department of Finance’s Municipal Development Fund Office (MDFO)—the People’s Survival Fund (PSF) and the Municipal Development Fund (MDF). According to Dominguez, LGUs can avail of the […]

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Gov’t to bid out P98-M assets this March; says more than P500-M earned from sold state assets in 2017

(Eagle News) — The government is targeting to bid out some P98.32 million-worth of state-owned assets in the first quarter of 2018, even as it reported that it had remitted more than half a billion pesos in the sale of state assets last year. This was according to the Privatization Management Office (PMO) of the Department of Finance (DOF) which reported that disposition of state properties for privatization along with cash dividends and other forms […]

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DOF: Gov’t to sell over P90 million worth of state-owned assets

(Eagle News) – The Department of Finance (DOF) said Thursday that the government was bidding out over P90 million worth of state-owned assets this month. According to Gerard Chan, chief privatization officer of the DOF’s Privatization Management Office (PMO), these assets amounting to P98.32 million cover lots in Luzon and Mindanao and a membership share at a golf and country club. Chan said included in the assets for sale are the two residential lots of […]

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Dominguez: BBL should be “open to changes”

(Eagle News) — Finance Secretary Carlos Dominguez III on Thursday said that the Bangsamoro Basic Law (BBL) should be “open to changes.” In a statement, he said this was to allow the Bangsamoro autonomy to “evolve by abandoning its mistakes and strengthening its positive aspects.” “We recommend that lawmakers should look at past experiences in devolving certain basic services to learn from them and take into consideration these lessons when crafting the BBL,” Dominguez said. […]

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DOF taps 65 of 76 regulatory agencies for online trading platform

The Department of Finance (DOF) has so far engaged 65 of the country’s 76 government regulatory agencies that are required to go online to streamline applications for permits on imports and exports in line with the Duterte administration’s goal of improving the ease of doing business. DOF Undersecretary Gil Beltran also said the initial tests on the country’s interconnection with other ASEAN economies, starting with Indonesia via the ASEAN Single Window (ASW), had been successful, […]

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Finance department fine-tuning package 2 of gov’t’s tax-reform program

  The Department of Finance (DOF) is now fine-tuning certain aspects of Package 2 Plus of the Duterte administration’s Comprehensive Tax Reform Program (CTRP), including adjustments covering excise taxes on tobacco products, to make sure that the proposal it submits to Congress is “solid, well-consulted and well-researched.” Finance Undersecretary Karl Kendrick Chua said some aspects of Package 2 Plus on the removal of the value-added tax (VAT) exemptions for coal and casino operations have already […]

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DOF: 75 gov’t flagship projects to create 1.7 million jobs by 2022

(Eagle News) — Department of Finance (DOF) Undersecretary Grace Karen Singson  said that the government’s 75 flagship projects under the “Build, Build, Build” program of the Duterte administration are expected to create 1.7 million jobs by 2022. She said the Duterte administration intends to spend around $158 billion over the next five years for the program, so that infrastructure spending would reach 7.3 percent of Gross Domestic Product by the end of the President’s term. […]

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PHL loses over P300 billion in yearly revenues from corporate taxes, perks

  https://www.youtube.com/watch?v=BZWTXT8pD2Q (Eagle News) –The Department of Finance (DOF) said Thursday the government loses more than P300 billion annually from the implementation of income tax holidays and other incentives being enjoyed by big corporations. This, according to Finance Undersecretary Karl Kendrick T. Chua,  means there is a need for the rationalization of incentives for investors under the second tax reform package that  the DOF will submit to Congress before the end of January. Based on […]

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Senator Angara asks DOF to intervene, as he and BoC clash over correct interpretation of Balikbayan Box law

Senator Juan Edgardo Angara has asked the Department of Finance (DOF) to “immediately” intervene as he and the Bureau of Customs clashed over the correct interpretation of the Balikbayan Box law. The senator made the request as he stood by his stand that Customs Administrative Order No. 5-2016, which only allows duty and tax-free Balikbayan boxes per sender in any given calendar year provided they do not exceed P150,000, was a misinterpretation of the Balikbayan box law. […]

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DOF to hold Public Forum for administration’s tax reform package

Eagle News – The Department of Finance (DOF) will conduct a public forum next month in connection with the proposed tax reform package of the Duterte Administration. According to the DOF, they expect 300 participants to participate in the said forum, to be held on July 5 at the EDSA Shangri-la Hotel. Finance Secretary Carlos Dominguez is expected to open the event. This  will also be attended by representatives from various departments and government agencies. https://youtu.be/LxeZtdvMPIo

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DOF: Gov’t losing P145-B in foregone revenues from non-adjustment of fuel excise taxes

  (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 […]

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