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GOCC dividends hit record P61.3 billion year to date

GOVERNMENT-OWNED and controlled corporations (GOCC) remitted a record P61.3 billion to the Treasury in the year to date, the Department of Finance (DoF) said Friday.

Regional inequality narrows in 2018 as poorer areas grow faster

REGIONAL inequality in the Philippines eased in 2018 compared to 2016 and 2017, the Department of Finance (DoF) said in an economic bulletin on Friday, citing lower measures of variability in regional domestic product.

GOCC dividends ahead of pace to crush record 2018 performance

FORTY-SIX government-owned and controlled corporations (GOCCs) remitted a total of P38.9 billion worth of dividends to the Treasury in the five months to May, or just 3% less than the record P40.17 billion remitted in all of 2018, the Department of Finance (DoF) said.

Finance department wants PCIC converted into a reinsurance firm

THE DEPARTMENT of Finance (DoF) wants to convert the Philippine Crop Insurance Corporation (PCIC) into a reinsurer rather than an insurance provider so it will not compete with private insurance providers.

Finance dep’t eyes approval of bank secrecy easing this year

THE DEPARTMENT of Finance (DoF) is hopeful the easing of bank secrecy laws, which was lacking in the provisions of the partly vetoed Tax Amnesty Act signed earlier this year, will be implemented within 2019.

DoF: Canadian red tape may delay garbage shipment

THE 69 container vans of garbage scheduled to be shipped back to Canada may not be returned before the May 15 deadline of President Rodrigo R. Duterte, due to bureaucratic red tape on the part of the Canadian government, the Department of Finance (DoF) said on Tuesday.

Front-loading of borrowings pushes up state debt-GDP ratio

GOVERNMENT DEBT in proportion to economic output settled at 42.3% in the nine months to September, bigger than the 41.7% recorded in the same period last year, the Department of Finance (DoF) said in an economic bulletin on Friday.

DoF identifies abuses in corporate tax system

THE DEPARTMENT of Finance (DoF) is seeking to stop what it called “abuses” in the corporate tax system under the Tax Reform for Attracting Better and High-quality Opportunities (TRABAHO) bill.

Decline reported in trade discrepancy data

THE DISCREPANCY between trade data as reported by the Philippines and its trading partners declined after the implementation of the national single window system, the Department of Finance (DoF) said.

New Clark City short on US participation — DoF

THE DEPARTMENT of Finance (DoF) said it questioned the lack of participation by US investors in the New Clark City project in a meeting with a State Department official.

DoF flags tax reform bill’s fiscal impact

THE SENATE version of the second tax reform package that cuts corporate income tax rates and streamlines fiscal perks may result in bigger foregone revenues than the bill approved last week by the House of Representatives, a senior official of the Department of Finance (DoF) told reporters on Wednesday.

DoF hopes to tap yuan loans from AIIB, betting on strong...

THE PHILIPPINES hopes to tap Chinese-currency loans from the Asian Infrastructure Investment Bank (AIIB) to take advantage of favorable borrowing costs, the Department of Finance (DoF) said.

DoF proposes student vouchers instead of tax cuts for schools

THE DEPARTMENT of Finance (DoF) is considering vouchers for students in lieu of granting lower tax rates for all for-profit schools regardless of performance.

DoF warns against rushing ‘3rd player’ selection pending better regulations

THE FINANCE department has warned against rushing into a decision to select the third major entrant to the telecommunications industry, or “third player,” before the proper regulatory groundwork is laid.

DoF says 7.7% GDP expansion this semester ‘still possible’

A BLISTERING 7.7% gross domestic product (GDP) expansion this semester — needed for the economy to hit the bottom of an official full-year target for 2018 — may still be “possible” on the back of strong capital formation, according to a senior official of the Department of Finance (DoF).

Charter must spell out regions’ financial responsibilities — DoF

THE DEPARTMENT of Finance (DoF) wants the draft federal constitution to compel federated regions to practice fiscal discipline, and clearly identify spending responsibilities between the central government and regional authorities.

DoF affirms priority status for Sasa Port modernization, Davao-Samal Bridge

DAVAO CITY — Two longstanding proposed projects for Davao — the Sasa Port modernization and the Davao-Samal Bridge — will be pursued under the government’s Build, Build, Build program, Finance Secretary Carlos G. Dominguez said.

State firms remit P31.3-B dividends, higher by 64%

FIFTY one of the 77 state-owned corporations paid out dividends amounting to P31.3 billion to the national government as of mid-July, the Department of Finance (DoF) said.

DoF sees tax amnesty raising collections, clearing backlog

THE DEPARTMENT of Finance (DoF) said its version of the planned tax amnesty offer scheduled for 2019 will increase collections and clear the case backlog for unpaid property tax.

DoF says SC ruling on LGU revenue share not final

THE Finance department will await a final decision from the Supreme Court on local government units’ (LGUs) “just share” of national government revenue before it makes a decision on filing a motion for reconsideration.

DoF questions ‘third player’ selection via ‘beauty contest’

FINANCE Secretary Carlos G. Dominguez III said the selection of the third entrant to the telecommunications industry must be “fair” to the public by making telcos pay to use the frequency they are allocated.

PEZA, DoF question expanded powers for Bataan freeport

THE Philippine Economic Zone Authority (PEZA) and the Department of Finance (DoF) on Monday expressed reservations about Senate and House bills seeking to expand the powers and function of the Authority of the Freeport Area of Bataan (AFAB).

DoF finalizing new taxes on ‘sin’ products

By Melissa Luz T. Lopez, Senior Reporter THE Department of Finance (DoF) is finalizing proposals for a fresh round of tax increases on alcoholic drinks...

Authorities raid another factory that makes fake Mighty cigarettes

By Melissa Luz T. Lopez, Senior Reporter AUTHORITIES raided another factory in Bulacan that made counterfeit cigarettes carrying the Mighty brand, the country’s Finance chief...

DoF open to lower VAT rate if exemptions eliminated

THE DEPARTMENT of Finance (DoF) said it is possible to cut value-added tax (VAT) rates if the reduction is accompanied by the removal of...

MCC upholds Philippines’ eligibility for aid

THE PHILIPPINES’ eligibility to receive grants from the United States through the Millennium Challenge Corp. (MCC) has been upheld, a move welcomed by Finance...

NBI ordered to probe killing of ex-BusinessWorld editor, brother

By Jil Danielle M. Caro THE National Bureau of Investigation (NBI) has been ordered to conduct a probe and case build-up regarding the murders of...