WITH the ongoing government and private sector efforts to modernize the agriculture value chain, President Ferdinand “Bongbong” R. Marcos, Jr. said the country is now poised to become an agriculture resource hub in Asia.
STATE-run Social Security System (SSS) sees a longer fund life if the bill scrapping the mandatory retirement age is passed into law.
The Department of Budget and Management (DBM) defended the budget cuts in several programs of the Department of Health (DOH) under the proposed P5.268 trillion 2023 national budget, saying the national government is in a “tight fiscal position” and they needed to prioritize programs and projects based on available budget.
FINANCE Secretary Benjamin E. Diokno urged Singaporean investors to do business in the Philippines, saying now is the best time to do so as the country’s economic prospects are “bright and promising.”
THE country’s inflation is expected to peak in the third quarter before slowing down in the fourth quarter of this year, Finance Secretary Benjamin E. Diokno said on Tuesday, as the Bangko Sentral ng Pilipinas (BSP) signalled it will take further action to curb inflation, even after back-to-back hikes in recent months.
THE Bureau of the Treasury fully rejected bids for reissued 3.5-year Treasury Bonds (T-bonds) as investors continued demanding higher yields on the back of rate hike expectations.
THE Bureau of the Treasury raised P7.1 billion out of the P15-billion Treasury Bills (T-bills) it offered last Monday as investors asked for higher yields.
THE Bureau of Customs (BOC) collected P78.9 billion in August, beating its monthly collection target for the eighth consecutive time this year.
National government’s subsidies for government-owned and -controlled corporations surge to P30.3B in July
THE Cabinet-level Fiscal Incentives Review Board (FIRB) said Philippine Economic Zone Authority’s (PEZA) decision to extend work-from-home arrangements (WFH) for the information technology and business processing management (IT-BPM) sector until March next year “lacks legal basis.”
SIX public servants tagged as involved in “the possible smuggling of 7,021 metric tons of sugar from Thailand at the Subic Port in Zambales” were reinstated after their boss at the Bureau of Customs (BOC) said the agency found no irregularities in their processing of sugar shipments.
AFTER 17 years, financial security provider Philippine Public School Teachers Association (PPSTA) has finally exited conservatorship.
AS they are set to get a smaller revenue share from the national government next year, local government units (LGUs) were urged to break free from their dependence on National Tax Allotment (NTA) by unlocking potential fund sources.
The Department of Budget and Management (DBM) said the Department of Health (DOH) is yet to submit required documents necessary for the immediate processing of request for the release the One Covid-19 allowance (OCA) for health-care workers (HCWs).
SENATE Deputy Minority Leader Ana Theresia “Risa” N. Hontiveros-Baraquel sees the passage of Real Property Valuation Reform bill and the mandatory public co-ownership of digital platforms as better options at this time instead of just trying to tax wealth in the country.
THE Marcos administration is set to borrow P200 billion from the local debt market in September.
STATE-run Philippine Charity Sweepstakes Office (PCSO) appealed to Congress to bring down the current 20-percent documentary stamp tax rate (DST) imposed on the purchase of lotto tickets to as low as 5 percent, lamenting that the high tax rate reduced their available funds for their medical assistance program (MAP).
FINANCE Secretary Benjamin E. Diokno sees it more prudent at this point to use public funds for the newly-approved law increasing the social pension of indigent senior citizens rather than on cash aid associated with the Covid-19 pandemic.
THE government will study whether there is a need to provide another round of salary increases for its workers from 2024 onwards.
The national government may have fell short of its spending target as of end-July this year.
The Department of Budget and Management (DBM) has admitted that the government does not have sufficient funds to address the backlog of classrooms in the country under the proposed 2023 national budget.
THE Department of Finance has clarified that debt burden makes up only around a tenth, not one third, of the proposed 2023 national budget.
THE Bureau of Customs (BOC) announced collecting P60.524 billion as of August 23, exceeding its P58.85 billion target for the month.
Six officials from the Bureau of Customs (BOC)-Port of Subic were relieved from their posts pending investigation into an alleged attempt to smuggle sugar into the country, Malacañang said.
THE Department of Finance (DOF) expects the government to earn P37.52 billion in revenues from the passage of its proposed bill on the rationalization of the mining fiscal regime in the country.
THE government raised an initial P162.72 billion in its latest offering of 5.5-year Retail Treasury Bonds (RTB), the first one for the administration of President Ferdinand R. Marcos Jr.
THE national government’s outstanding debt is expected to further balloon to P14.63 trillion by the end of next year.
NATIONAL Treasurer Rosalia V. De Leon said the recent 50-basis-point (bps) policy rate hike by monetary authorities last week prompted rates across all tenors of the Treasury Bills (T-bills) auctioned last Monday to rise.
AUTHORITIES discovered at least 60,000 bags of suspected hoarded sugar in four more warehouses in Guiguinto, Bulacan over the weekend as they continued to address the “artificial” shortage and bring down the price of the commodity.
AS sugar prices remained high and while there is an ongoing inventory of stocks, the government started raiding customs bonded warehouses (CBWs) that the Bureau of Customs (BOC) suspect are hoarding the commodity.
THE Department of Budget and Management (DBM) said it is eyeing full implementation of the cash-based budgeting system (CBS) for the whole government by 2025.
THE new management of the embattled Procurement Service-Department of Budget and Management (PS-DBM) suspended its procurement of non-common use supplies and equipment “until further notice,” more than a week after the issue of its procurement of supposedly “pricey” and “outdated” laptops for public school teachers arose.
THE Department of Finance (DOF) proposed before the Senate the passage of key legislative measures to accelerate the country’s economic recovery and improve local government finance.
The Department of Budget and Management (DBM) disbursed an additional P1.4 billion to support the extended “Libreng Sakay” program that funds free rides for commuters along the Edsa Carousel Route.
THE Bureau of the Treasury sold P35 billion in reissued 10-year Treasury Bonds (T-bonds) at rates lower than the benchmark secondary market’s as investors showed strong demand for the long tenor.
THE Philippines and France are eyeing to boost development cooperation in agriculture and green energy, among other areas, the Department of Finance (DOF) said.
ALL tenors of Treasury Bills (T-bills) on offer on Monday fetched higher rates as monetary authorities are expected to raise interest rates at their policy-setting meeting this Thursday.
THE national government spent P458.36 billion to repay its debts during the first half of this year, way less than the amount it shelled out a year ago.
THE World Bank is keen on extending support to further digitalize the Philippine government’s revenue agencies and to modernize civil service, the Department of Finance (DOF) said.
STATE-RUN Social Security System’s (SSS) profit or net income in the first half of this year dropped by 21.4 percent to P10.49 billion as its expenses grew faster than its revenues.
THE Insurance Commission approved the license of SeaInsure Life Insurance Company Inc. (SeaLife) owned by a Singaporean insurance firm affiliated with e-commerce giant Shopee.
THE Bureau of Customs (BOC) vowed to conduct a probe on government officials earlier tagged in a Senate report as allegedly involved in agricultural smuggling.
IMPLEMENTING rightsizing in local government units (LGUs), Legislative and Judiciary branches, Office of the Ombudsman, and Constitutional Commissions is “optional” under the administration’s proposed measure, the Department of Budget and Management (DBM) said.
INVESTORS parked their funds on short-term government securities as they await the next policy rate action from the Central Bank.
THE national government extended lower subsidies to state-run corporations in the first half of this year compared to a year ago.
FORMER President Duterte ended his term with the national government’s (NG) debt stock soaring to another record-high of P12.79 trillion as of end-June this year.
THE Department of Budget and Management (DBM) is on track to submit the proposed P5.268-trillion 2023 national budget to Congress on August 22.
Malacañang on Tuesday disputed insinuations that President Ferdinand “Bongbong” R. Marcos Jr. had resorted to a “bill vetoing spree” by disclosing there were only five bills that were vetoed as against 41 others that have lapsed into law.
PRESIDENT Ferdinand R. Marcos Jr. urged local government units to be open to public-private partnerships (PPP) as a mode of financing for their projects.
Labor groups on Wednesday welcomed the filing of a bill pushing for the grant of 14th- month pay for government and private employees.
FINANCE Secretary Benjamin E. Diokno said a robust agriculture growth will be a key to reducing poverty incidence in the country.
The Department of Budget and Management (DBM) has approved the release of P4.13 billion to bankroll a Department of Social Welfare and Development (DSWD) program to distribute P1,000 cash assistance to over 4 million households affected by soaring prices of oil and basic commodities.
THE pre-need industry generated a total net income of P901.6 million in the first quarter of this year, a reversal from its net loss in the same period last year.
THE Bureau of the Treasury fully awarded P35 billion in new 3.5-year Treasury Bonds (T-bonds) as strong demand for longer tenors continued on Tuesday.
THE Philippine Charity Sweepstakes Office (PCSO) extended a P.5-million financial aid to the family of former Asian Sprint Queen Lydia de Vega-Mercado, who is still in critical condition because of complications brought by Stage 4 breast cancer.
STATE-run Philippine Amusement and Gaming Corp. (Pagcor) finally showed signs of recovery from the impact of the Covid-19 pandemic as it earned more revenues in the first half of this year.
Fidel V. Ramos, the country’s 12th president who implemented comprehensive economic reforms, passed away at the age of 94 on Sunday.
The national government borrowed over a trillion pesos in the first half of the year, significantly less than the level recorded a year ago.
State-run Government Service Insurance System (GSIS) is eyeing to continue investing in infrastructure not only to generate higher returns for the benefit of its members but also to support the country’s economic growth.
FINANCE Secretary Benjamin E. Diokno has ordered the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) to speed up their modernization programs in a bid to raise more revenues for the government.
THE Insurance Commission (IC) approved the license application of a new domestic life insurance company established by Gokongweis, Pin-An Holdings, and Maxicare.
THE national government should still be in charge of implementing big-ticket infrastructure projects even as it moves to devolve certain functions to the local government units (LGUs) to cushion the fiscal impact of the Supreme Court’s Mandanas ruling, the Department of Budget and Management (DBM) said.
Finance Secretary Benjamin E. Diokno said President Marcos Jr.’s decision to not mention the review of the Rice Tariffication Law (RTL) in his first State of the Nation Address (SONA) proves that this is “not a priority” of his administration.
THE national government plans to borrow P215 billion through the local debt market next month, banking on longer tenors to raise the bulk of the amount.
THE Department of Budget and Management (DBM) assured the public that the government has available funds for its relief operations in areas hit by the magnitude 7 earthquake that jolted Abra and other parts of Luzon on Wednesday morning.
STATE-RUN Government Service Insurance System (GSIS) also announced on Wednesday that they will grant emergency loans to assist members and pensioners who are residing or working in the quake-hit areas.
THE Marcos administration unveiled on Tuesday its 8-point socioeconomic agenda to address headwinds including soaring consumer prices, and to bring back the “high-growth trajectory” of the economy.
THE national government’s budget deficit for the first half of the year fell below program as the government missed its spending target for the period.
THE Bureau of the Treasury sold P35 billion in reissued 25-year Treasury bonds (T-bonds) on Tuesday as investors remain attracted to longer tenors.
NEWLY-appointed Acting Customs Commissioner Filemon Ruiz vowed to “replace” district collectors who will fall short of their assigned revenue targets as he said the President ordered him to improve the bureau’s revenue generation.
THE government raised P13.75 billion from its sale of Treasury Bills (T-bills) on Monday as rates continued to rise.
FINANCE Secretary Benjamin E. Diokno has expressed confidence that the government’s main collection agencies—the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC)—will hit their revenue targets for this year, amounting to a combined P3.17 trillion.
STATE-RUN Home Development Mutual (Pag-IBIG) Fund released nearly P52 billion in home loans in the first half of this year, marking another record-high for the agency.
THE Bureau of Customs (BOC) seized P12 million worth of smuggled onions at the Mindanao Container Terminal Port in Misamis Oriental.
VETERAN banker Jose Arnulfo A. Veloso was elected Thursday as president and general manager of the state-run pension fund Government Service Insurance System (GSIS).
THE Insurance Commission (IC) gave pre-need companies more options on where to invest their trust funds.
THE Bureau of the Treasury borrowed another P20 billion by selling reissued 10-year debt papers after opening the tap facility to accommodate overwhelming demand.
LIFE insurer Pru Life UK Philippines Inc. (Pru Life UK) announced the insurer partnered with Shopee Southeast Asia Ltd., operator of eponymous e-commerce platform, to sell a health insurance product against dengue.
Government infrastructure spending in May grew by 2.1 percent year-on-year to P80.5 billion despite the ban on public works for the national elections.
Finance Secretary Benjamin E. Diokno has ordered the Securities and Exchange Commission (SEC) to further expand the country’s capital market by ramping up its digitalization efforts.
THE Bureau of the Treasury fully awarded P35 billion in reissued 10-year Treasury bonds (T-bonds) as investors flocked to Tuesday’s auction to take advantage of the attractive yield.
THE Bureau of Customs (BOC) collected almost P838 million in revenues through its post-clearance audits in the first half of this year.
PHL among countries with highest number of unvaccinated children against diphtheria, tetanus, and pertussis
THE Philippines is among the countries in the world with the highest number of unvaccinated children against diphtheria, tetanus, and pertussis (DTP) last year, according to the United Nations International Children’s Emergency Fund (Unicef).
THE 75 basis-point rate hike by monetary officials last week pushed investors to demand much higher yields for Treasury bills (T-bills).
FINANCE Secretary Benjamin Diokno on Thursday said the “robust” Philippine economy will “absorb” the surprise 75 basis-point-hike in key interest rates pulled off by the Bangko Sentral ng Pilipinas (BSP) on Thursday to rein in the surge in consumer prices.
The Department of Agriculture (DA), concurrently headed by President Ferdinand “Bongbong” R. Marcos Jr., will likely be one of the top 5 departments to receive the biggest allocation under the proposed P5.268-trillion national budget next year, the Department of Budget and Management said.
President Marcos Jr.’s economic team further jacked up the revenue collection target of the Bureau of Customs (BOC) for this year to P733 billion.
THE Bureau of the Treasury was forced to fully award P35 billion in reissued 7-year Treasury bonds (T-bonds) at a higher rate on Tuesday as investors continued to take the risk and bet on longer tenors amid soaring consumer prices.
THE Bureau of the Treasury (BTr) sold P13.16 billion out of its P15-billion offering of Treasury bills (T-bills) on Monday as investors sought higher yields across all tenors.
THE Bureau of Customs (BOC) announced it seized smuggled goods—mostly counterfeit products—in the first half of the year and which the agency valued at P8.37-billion (about $149.43 million at current exchange rates).
THE Bureau of Customs (BOC) collected P118 billion in duties and taxes through its fuel marking program in the first half of the year.
THE national government borrowed a total of P924.43 billion in the first five months of the year, lower than a year ago, on the back of the repayment of its short-term loan from the Bangko Sentral ng Pilipinas (BSP).
FINANCE Secretary Benjamin Diokno said they expect the national government’s debt as a share of the economy to be reduced to 52.5 percent—within the internationally accepted threshold—by the end of the Marcos Jr. administration in 2028.
PRESIDENT Ferdinand “Bongbong” Marcos, Jr.’s economic team raised its inflation forecast for this year to a range of 4.5 to 5.5 percent, even higher than the level expected by the previous administration.
FINANCE Secretary Benjamin E. Diokno backed the imposition of taxes on carbon emissions and single-use plastics, a move proposed by the Duterte administration in its fiscal consolidation plan to help the government raise revenues.
PRESIDENT Ferdinand “Bongbong” Marcos Jr.’s economic team is now expecting the Philippine economy this year to grow 6.5 percent to 7.5 percent—slightly lower than the projection of the previous administration.
FINANCE Secretary Benjamin E. Diokno vowed to push for the passage of the remaining two packages under the Duterte administration’s Comprehensive Tax Reform Program (CTRP) that failed to hurdle the legislative mill in the last Congress.
FOR the second straight government securities auction this month under the Marcos Jr. administration, the Bureau of the Treasury fully awarded the debt papers and gave in to investors’ demand for higher yields.