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Dominguez points to rebound next year in pitch to potential Japanese...

FINANCE Secretary Carlos G. Dominguez III briefed Japanese businesses on the government’s plan to engineer a sharp economic rebound next year as part of a pitch for more investment.

CREATE’s lower corporate tax rate to be applied retroactively

THE PROPOSED 25% corporate income tax (CIT) will be applied retroactively to July 1, 2020 if the Corporate Recovery and Tax Incentives for Enterprises (CREATE) legislation is signed, Finance Secretary Carlos G. Dominguez III said.

DoF’s Dominguez calls for ‘aggressive’ action to mitigate climate change

FINANCE Secretary Carlos G. Dominguez III asked the Climate Change Commission (CCC) to be more aggressive in mitigating the impact of climate change, in the wake of consecutive calamities that have set back the economy even further while it is still dealing with the pandemic.

Finance chief sees no need to borrow more than planned

Finance Secretary Carlos G. Dominguez III said he doesn’t see a need for outsized government borrowings as he expects the economy to bounce back in 2021 amid a sustained reopening that’s been restoring jobs.

DoF’s Dominguez says tax not a factor in closure of PHL...

FINANCE Secretary Carlos G. Dominguez III said refinery closures in the Philippines are not a response to the tax regime but rather are a global phenomenon triggered by changing oil-industry economics.

Finance dep’t touts CREATE bill’s role in attracting investment for renewable...

FINANCE SECRETARY Carlos G. Dominguez III said incentives offered in pending tax reform legislation could facilitate the attraction of investment in clean energy projects, which will go hand-in-hand with the government’s recent ban on new coal-fired power plants.

LGUs urged to maximize borrowing capacity

FINANCE SECRETARY Carlos G. Dominguez III said local government units (LGUs) should maximize their borrowing capacity to raise funds for programs that will help local economies bounce back from the coronavirus pandemic.

Dominguez says no tax hike as economy recovers

THE government is unlikely to introduce any new taxes while the economy is recovering from the coronavirus pandemic, Finance Secretary Carlos G. Dominguez III said.

DoF chief proposes initiatives to boost ASEAN’s financial position

FINANCE SECRETARY Carlos G. Dominguez III made several recommendations aimed to help the Association of Southeast Asian Nations (ASEAN) economies make their financial positions more resilient against future shocks.

LGUs to absorb NG programs in 2022

FINANCE Secretary Carlos G. Dominguez III on Monday told local government units (LGUs) to prepare to absorb programs of the National Government (NG) in 2022, when the Supreme Court (SC) ruling that expanded their share of internal revenue allotments (IRA) will take effect. 

Gov’t may reduce borrowings once tax collections improve

GOVERNMENT BORROWINGS may be less than initially estimated this year, after the main revenue-generating agencies beat their lowered targets two months in a row, Finance Secretary Carlos G. Dominguez III said.

DoF cites Small Business Wage Subsidy as model for digitized cash...

FINANCE SECRETARY Carlos G. Dominguez III said the government’s various cash aid initiatives can follow the lead of the Small Business Wage Subsidy (SBWS) program in adopting electronic fund transfers, which he said reduces opportunities for corruption.

Evidence of ‘gradual’ recovery emerges in June — Finance dep’t

BUSINESS leaders have reported the start of a “gradual” recovery in their sales starting June, Finance Secretary Carlos G. Dominguez III said.

Philippines has resources to endure virus, Finance chief says

The Philippines has resources for a “protracted” fight against the pandemic and its effects on the economy, which contracted by a record in the second quarter, according to Finance Secretary Carlos G. Dominguez III.

Gov’t ‘studying’ rescue options after meeting with airline industry

THE GOVERNMENT has met with airlines and is “studying various alternatives” for reviving the industry, Finance Secretary Carlos G. Dominguez III said.

DoF warns vs incurring ‘unmanageable debt’

FINANCE Secretary Carlos G. Dominguez III on Tuesday said the government is keen on capping its budget deficit at 9% of gross domestic product (GDP) this year, warning against “spending too much above our means.”

Philippine finance chief seeks to further reopen the economy

Finance Secretary Carlos G. Dominguez III seeks to further loosen movement curbs in the capital region to reignite an economy facing its deepest slump...

Departing POGOs told to settle taxes

THE BUREAU of Internal Revenue (BIR) will still go after Philippine offshore gaming operation (POGO) companies that are leaving the country to make them pay their tax obligations, the Finance chief said.

Philippines secures P75.5-billion loan from Japan

THE governments of the Philippines and Japan on Tuesday signed two loan agreements worth P75.5 billion (around 154 billion yen) for two major infrastructure projects in the Visayas and Mindanao.

DoF says stimulus package, AMC bills urgently needed

FINANCE Secretary Carlos G. Dominguez III urged legislators to pass “as soon as possible” a stimulus package bill and a bank bill facilitating the transfer of banks’ bad loans to asset Management Companies (AMCs).

POGOs must still pay taxes, says DoF chief

OFFSHORE gaming operators that are mostly Chinese companies that employ their own citizens are exempted from tax even after these were classified as part of the business process outsourcing sector, the Finance department said on Tuesday.

Dominguez views gov’t property sales as ‘unlikely,’ warns against ‘fire sales’

FINANCE Secretary Carlos G. Dominguez III said the government does not need to sell property to cover the funding requirements for containing coronavirus disease 2019 (COVID-19), and called such sales unlikely.

Dominguez says worker support main priority

FINANCE SECRETARY Carlos G. Dominguez III said the government is focused on saving jobs and ensuring workers are paid during the COVID-19 outbreak, and does not consider tax breaks a priority.

Senate to meet with Executive on legislative agenda

PALACE and Finance officials will separately meet with Senate leaders next week to discuss President Rodrigo R. Duterte’s legislative agenda, Finance Secretary Carlos G. Dominguez III said on Friday.

Finance chief says another lease deal up for review

FINANCE Secretary Carlos G. Dominguez III flagged on Thursday another lease contract that will be up for review, adding to the list of agreements between the state and the private sector that the government found to be disadvantageous.

Gov’t eyes tighter debt spreads

THE GOVERNMENT is planning to price its foreign bond issuances this year at “even tighter” spreads amid expectations of a credit rating upgrade in the medium term and policy easing from global central banks.

Duterte’s approval rating rose to record — Dominguez

PRESIDENT Rodrigo R. Duerte’s approval rating jumped to a “historical high” in December, one of his economic managers said on Friday, citing a poll by Pulse Asia Research, Inc.

LANDBANK, DBP dividend relief at P15B

THE DEPARTMENT of Finance (DoF) said state-owned Land Bank of the Philippines (LANDBANK) and Development Bank of the Philippines (DBP) will not have to remit around P15 billion to the government following the issuance of an order slashing their dividend rates on Monday.

Gov’t raids Malabon facility making fake cigarette labels, stamps

THE GOVERNMENT has raided a facility in Malabon that produces fake labels and stamps, according to Finance Secretary Carlos G. Dominguez III on Thursday.

CTRP’s passage to boost PHL credit rating

S&P GLOBAL Ratings’ recent sovereign rating upgrade of the Philippines should convince lawmakers to pass the whole of Comprehensive Tax Reform Package (CTRP) so the country can get an “A”-level grade “in two years,” Finance Secretary Carlos G. Dominguez III said on Friday.

Dominguez calls anew for passage of tax reform packages

FINANCE Secretary Carlos G. Dominguez III on Friday reiterated his call to Congress to pass the remaining packages of the government’s tax reform program this year.

Dominguez cites rise in spending power due to TRAIN

INCREASED profitability of premier companies in the country best illustrates the “success” of the implementation of the first tax reform package, the Department of Finance said in a statement on Friday.

Fiscal deficit remains ‘manageable’ — Dominguez

THE wider-than-programmed budget deficit last year should not be a cause for concern, with authorities pointing out that infrastructure outlays as well as revenue effort are on the rise.

NEDA backs state of calamity declaration in typhoon-ravaged areas

THE National Economic Development Authority (NEDA) backed the declaration of a state of calamity in regions affected by typhoon Ompong, as it would allow authorities to impose price ceilings on basic goods to help soften inflation in hard-hit areas.

No reason to panic over inflation, economic managers say

ECONOMIC managers said current inflationary conditions do not amount to a “major” crisis and added that they are confident that an Executive Order expected in the next few weeks will stabilize prices by next month.

PHL to fast-track implementation of China-funded projects

THE Philippine government assured China on the speedy rollout of grant-funded projects during their meeting in Beijing this week, with the focus on two major railways in Luzon.

Economic managers flag costs of federal charter

FINANCE Secretary Carlos G. Dominguez III on Wednesday said he was left “confused” with the proposed federal charter following a meeting with members of the Consultative Committee (ConCom) to review the 1987 Constitution.

Local government unit treasurers to undergo professional exams, DoF says

THE government said it will move towards raising the standard of local government treasurers by making them pass certification exams. In a statement, the Department...