The Department of Finance (DOF), through its Revenue Operations Group (ROG), has assisted the national government in implementing several regulations related to the Bayanihan To Heal As One Act (Republic Act (RA) No. 11469 or the Bayanihan 1) and Bayanihan To Recover As One Act (RA 11494 or the Bayanihan 2) to provide relief to sectors hardest hit by the economic shock triggered by the COVID-19 pandemic.
Read MoreFinance Secretary Carlos Dominguez III has thanked the Congress for its swift and timely passage of the Financial Institutions Strategic Transfer (FIST) Act, a law recently signed by President Duterte that allows financial institutions to efficiently offload their bad loans and non-performing assets amid the COVID-19-induced global economic slump.
Read MoreThe Insurance Commission (IC) is targeting to roll out in the first quarter of 2021 the Philippines’ first private sector-led catastrophe insurance facility that is designed to heighten the country’s financial resilience against natural disasters.
Read MoreFinance Secretary Carlos Dominguez III has expressed confidence that the Bureau of Internal Revenue (BIR) would be able to overshoot its P2.08-trillion collection target this year as it faces the “great task” of raising as much revenues as possible to fund the comprehensive effort of defeating the COVID-19 pandemic and supporting the nation’s economic recovery.
Read MoreThe Bureau of Internal Revenue (BIR)’s digital transformation program will be “fully functional and irreversible” to ensure the agency’s much improved services and highly efficient collection performance, which are both critical to the country’s sustainable recovery from the Covid-19 pandemic and President Duterte’s overriding goal of building the best possible future for Filipinos, Finance Secretary Carlos Dominguez III said Tuesday.
Read MoreFinance Secretary Carlos Dominguez III said Monday the rise of a science and technology (S&T) park in Batangas could clear the way for startups from India and other countries to establish their presence in the Philippines and accelerate the country’s shift to the new knowledge economy.
Read MoreInternal Revenue Commissioner Caesar Dulay has reported that the Bureau of Internal Revenue (BIR) was able to surpass its collection goal in 2020 through the strict monitoring of tax compliance, topped by making good use of the bureau’s Taxpayer Account Management Program (TAMP).
Read MoreThe Department of Finance (DOF) said the recent P12.5 billion capital infusion to the Development Bank of the Philippines (DBP) will provide additional funds for the state lending institution’s COVID-19 response programs, which include extending low-interest, easy-to-pay loans to the transport, healthcare, education sectors along with micro, small and medium enterprises (MSMEs) and other affected industries.
Read MoreA fifth of the 30 institutions polled by the Department of Finance (DOF) correctly predicted the contraction of the Philippines’ gross domestic product (GDP) by 9.5 percent in the pandemic-hit year of 2020.
Read More