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Japan signals interest in locating manufacturing to PHL after CREATE passes

THE Japanese ambassador to Manila told the Department of Finance (DoF) that Japanese companies are considering the Philippines for manufacturing investments, particularly once the uncertainty hanging over a key tax reform bill clears up.

PAL eyes court protection from creditors, says DoF

PHILIPPINE AIRLINES (PAL) is planning to seek court protection from creditors as it works on a debt restructuring plan, Finance Secretary Carlos G. Dominguez III said on Wednesday.

Lawmaker urges DoF to defer 12% tax on low-cost housing

A LAWMAKER wants the Department of Finance (DoF) to suspend the imposition of a 12% value-added tax (VAT) on low-cost housing — set to take effect next year — amid a coronavirus pandemic.

DoF seeking accelerated devolution of gov’t functions to BARMM

GOVERNMENT agencies need to accelerate the devolution of projects and programs to the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) according to the Department of Finance (DoF), which is taking a lead role in relations between the government and the newly-formed autonomous government.

PSALM to two power entities: Settle P671-M arrears

THE Power Sector Assets and Liabilities Management Corp. (PSALM) has sent final demand letters to two entities in the power sector for them to settle outstanding obligations worth P671.16 million, the Department of Finance (DoF) said in a press release on Tuesday.

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.

DoF cool to extending estate tax amnesty

THE Finance department wants to first see the results of the ongoing estate tax amnesty, which will end on May 31 next year, before Congress passes a measure extending it by another two years.

DoF releases additional list of rejected tax credits

THE Department of Finance (DoF) said the Commission on Audit (CoA) issued notices of disallowance to four textile firms seeking tax credits, bringing the total rejections to P606 million.

Finance department hoping for CREATE bill passage this month

THE Department of Finance (DoF) expressed the hope that the proposed Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) is passed sometime this month, before Congress takes a month-long break in mid-October, Finance Assistant Secretary and the department’s spokesman, Assistant Secretary Antonio G. Lambino II, said.

Fuel-marking program generates over P126 billion after first year

THE fuel-marking program has generated P126.51 billion so far from duties and taxes on fuel products since the program was launched in September 2019, according to the Department of Finance (DoF).

Mandatory retirement plans to boost life insurers

THE DEPARTMENT of Finance’s proposal to require companies to set up mandatory retirement plans for their employees will help expand the insurance market to micro, small and medium enterprises (MSMEs), officials said.

DoF freezes textile firm’s tax incentive application after CoA finds irregularities

THE Department of Finance (DoF) has suspended the issuance of P262 million in tax credits and P57 million in refunds to a Bulacan textile firm after the Commission on Audit (CoA) cited “irregularities” in its tax credit certificates (TCCs).

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.

New ADB loan to fast-track national ID rollout — DoF

A RECENTLY approved $300-million (P14.6 billion) loan from the Asian Development Bank (ADB) will support the faster rollout of the national ID system and help the country achieve its goal for broader financial inclusion, the Department of Finance (DoF) said.

Finance dep’t rules out luxury-goods tax, to focus on getting tax...

THE Department of Finance (DoF) has ruled out a new tax on luxury goods this year, saying it is focusing its efforts on passing the remaining tax reform legislation, particularly the proposed Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), which has been repositioned as tax relief for businesses hurting from the pandemic.

Gov’t debt at 34.1% of GDP in 2019 vs year-earlier 34.4%

GENERAL GOVERNMENT (GG) debt as a share of the economy fell to 34.1% in 2019 from 34.4% a year earlier, the Department of Finance (DoF) said, providing a baseline for economic conditions before borrowing swelled due to the pandemic.

Inflation remains manageable — DoF

BENIGN INFLATION gives policy makers enough room to maneuver in sustaining policies to stimulate growth, according to the Department of Finance (DoF).

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.