Gov’t earned P12.3B from rice tariffs in 2019

Ben O. de Vera - Philippine Daily Inquirer 01/11/2020

Collections from the tariffs slapped on imported rice reached P12.3 billion last year, exceeding the P10 billion to be spent yearly on programs that will support farmers disadvantaged by liberalized trade, the Department of Finance (DOF) said.…

P288-B unsolicited project proposals for Cebu await action from Neda, other agencies

Irene R. Sino Cruz 09/26/2019

CEBU CITY, Philippines —Two unsolicited project proposals for Cebu with combined cost of about P288 billion are awaiting further action from the Investment Coordination Committee (ICC), according to a statement from the Nation Economic Development Authority (Neda).…

Dole-administered database to track foreign workers’ tax payments sought

07/03/2019

MANILA, Philippines – The government will come up with a single interagency database containing the names and information of all foreign workers in the country in a bid to collect all the personal income taxes due from…

CHED to DOF: Spare free college tuition fund from budget cuts

Inquirer.net 10/18/2018

THE Commission on Higher Education (CHED) on Wednesday said it will ask the Department of Finance (DOF) to spare the free college education program from budget cuts due to the potential reduction of revenues from the impending…

DOF official expects no job loss under Train 2

Inquirer.net 08/22/2018

FINANCE officials are not expecting any loss of jobs under the second package of the government’s new tax reform plan. Cash grants, however, would be put into place as part of a contingency plan if “minimal” or…

Con-com member to Digong: Fire DOF, NEDA chiefs

Inquirer.net 08/09/2018

A MEMBER of the Consultative Committee (Con-com) believes that Finance Secretary Carlos Dominguez and Socioeconomic Planning Secretary Ernesto Pernia should either be “sacked” or be told to “keep their mouth shut” by President Rodrigo Duterte if the…

Investors tax perks from 2015 to 2016 hit P376B – DOF

Inquirer.net 07/19/2018

TAX incentives given away to investors — in turn, foregone revenues for the national government — totaled P376 billion from 2015 to 2016, such that the head of the Duterte administration’s economic team sought more support for…

Inflation hit new over 5-year high of 5.2% in June

Inquirer.net 07/05/2018

  Inflation jumped by 5.2 percent year-on-year in June, a new over five-year high, due to sustained elevated prices of food and “sin” products, the government reported Thursday. In a report, the Philippine Statistics Authority (PSA) said…

DOF says gov’t can’t suspend fuel excise taxes under Train

Inquirer.net 05/23/2018

Contrary to earlier pronouncements that the government can suspend fuel excise taxes when global oil prices reach $80 a barrel, the Department of Finance clarified Wednesday that the Tax Reform for Acceleration and Inclusion (TRAIN) Act only…

DOF pushes staggered, conditional corporate income tax cut

Inquirer.net 05/22/2018

THE Department of Finance (DOF) on Tuesday reiterated its push for a staggered and conditional reduction in corporate income tax rates under the proposed second tax reform package as the government cannot stand to lose more revenues…

DOF: New, improved cigarette tax stamp to be rolled out in January

Inquirer.net 10/11/2017

THE government has pushed back the rollout of new cigarette tax stamps with better security features as well as a new design to January next year. “We are improving it but we will be moving the deadline…

DOF chief: Duterte gov’t to usher in ‘irreversible’ economic achievements

Inquirer.net 08/23/2017

The country’s Finance chief was confident that the economic reforms being introduced by the Duterte administration will bring about “irreversible achievements” that will benefit more Filipinos. “I assure you: this is an exciting economic story, and it…

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