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(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) – 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 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 […]
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) – 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 […]
(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 […]
(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. […]
(Eagle News) – Department of Finance Secretary Carlos Dominguez III has said the administration’s “massive infrastructure program” and comprehensive tax reform package would drive the inclusive growth of the country. According to Dominguez, the first element was indispensable as the Philippines for decades has lagged behind its neighbors in economic investments, grappling with a debt overhang. Dominguez was apparently referring to the Build, Build, Build program of the Duterte administration. Under the program, the government […]
(Eagle News) –The Tax Reform for Acceleration and Inclusion (TRAIN) law is expected to raise over P786 billion in revenues in a span of five years. According to Department of Finance (DOF) Secretary Carlos Dominguez III, the projected revenues amount to P786.4 billion in that period of time. Based on DOF data, Package 1 of TRAIN, which was signed into law on Dec 19, 2017, is expected to generate P89.9 billion. Package 1 raises taxes on fuel, […]
Ni Meanne Corvera Eagle News Service Malaki raw ang magiging pakinabang ng ekonomiya ng Pilipinas sa pagiging host ng 30th Association of Southeast Asian Nations. Sinabi ni ASEAN business advisory council chair Joey Concepcion na posibleng bumirit ang pagnenegosyo sa Pilipinas lalo na ang mga small at medium enterprises. Sa pamamagitan kasi ng summit magkakaroon ng palitan ng impormasyon sa nangyayaring kumpetisyon sa kalakalan. Naniniwala si Paynor na malaki ang maitutulong ng mga ganitong summit […]
