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DoF, BSP renew push for lifting of bank secrecy

THE Department of Finance (DoF) and the Bangko Sentral ng Pilipinas (BSP) renewed their call for the lifting of bank secrecy, after the Philippines was dragged into a financial scandal involving German payments company Wirecard AG last month.

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.”

Online payments hit 77% of total tax collections, BIR says

AROUND 77% of all taxes collected as of mid-June were coursed through electronic payment (e-payment) channels, the Bureau of Internal Revenue (BIR) reported, after the lockdown coincided with income tax season.

Finance dep’t holding resources in reserve in case of second wave

THE Department of Finance (DoF) said it plans to keep spending “fiscally responsible” in case of a second wave of coronavirus infections and declared that the government will be able to finance the required measures if the next wave hits.

DoF says gov’t committed to UHC, funding being addressed

FINANCE Secretary Carlos G. Dominguez III said discussions are currently ongoing to address funding for Universal Health Care (UHC) after its implementing agency floated the idea of possible delays in rolling out the program.

Tax collection continues to slump in May — DoF

THE government’s tax haul slid by 50% in May as the deadline for income tax payments was once again deferred due to the extended lockdown.

DoF awaiting international consensus on digital services tax

THE Department of Finance (DoF) said it will propose a tax on digital services provided by online platforms once an international consensus emerges on how to tax the industry.

DoF, DoE rule out suspending VAT on power consumption

THE Department of Finance (DoF) and the Department of Energy (DoE) on Friday rejected a proposal to suspend value-added tax (VAT) on power consumption as a relief measure during the pandemic.

Taxing digital economy could raise up to P17 billion in VAT...

TAXING the digital economy could yield up to P17 billion in fresh value-added tax (VAT) revenue in the first year of implementation, the Department of Finance (DoF) said.

Filipino linked to money laundering indicted in Pasay City

THE Pasay City Prosecutor is indicting a Filipino who was recently linked to the laundering of millions of pesos in foreign currency. He is being charged for not declaring the amount of money he brought into the country last September.

DoF finds ‘onerous’ terms in Chevron lease deal

THE Department of Finance (DoF) said on Tuesday that the lease contract between a unit of a state-led corporation and privately owned Chevron Philippines, Inc. contains “onerous” provisions as the oil firm is paying lower-than-market rental fees on a government property in Batangas.

Gov’t watching reported abduction of Filipino seafarers in Cameroon

THE Philippines is monitoring the reported kidnapping of eight mariners of an oil tanker from a port in Cameroon, two of which were Filipinos, the Foreign Affairs department said in a statement on Wednesday.

Collateral registry up by May

A PROPOSED online registry for loan collaterals will go live in May next year and is expected to widen the access of micro, small and medium enterprises to credit, the Finance department said on Friday.

DoF says health education best way to curb salt consumption

DEPARTMENT OF Finance (DoF) officials expressed skepticism about the government’s ability to curb salt consumption via taxation, and said the problem might be better addressed via health education.

Davao mayor nudges DoF, NEDA on pending projects

DAVAO CITY Mayor Sara Duterte-Carpio has called on national government agencies to get three major projects moving by acting on the review of documents and giving final approval.

DoF formally proposes to liberalize sugar imports

THE finance department has formally proposed import liberalization for the sugar industry modeled on the opening up of the rice market, signaling a showdown for another key commodity as economic managers sought to make prices more competitive.

DoF says rice still effectively protected, hampering downstream sectors

THE finance department said rice effectively continues to enjoy tariff protections, forcing industries that are downstream from rice, such as those that depend on it for feed, to be more efficient to compensate for increased costs.

Price growth seen easing until Oct. before returning to 2% level...

PRICE increases are expected to lose momentum until October before a recovery in headline inflation to around the 2% level in December, according to an economic bulletin issued by the Department of Finance (DoF).

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.

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...