Recto: NAIA on its way to be one of the world’s best airports, passengers to receive VIP treatment with the signing of the PPP Concession Agreement

Finance Secretary Ralph G. Recto expressed confidence that the Ninoy Aquino International Airport (NAIA) is on its way to becoming one of the world’s best airports where all passengers will receive full VIP treatment following the signing of the NAIA public-private partnership (PPP) Concession Agreement on March 18, 2024. “This project will ensure that only world-class service will be delivered to our people and international visitors,...

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Ninoy Aquino International Airport (NAIA) Public Private Partnership (PPP) Project Concession Agreement’s Signing Ceremony

Ralph G. Recto Secretary of Finance March 18, 2024 Senator Grace Poe; Secretary Jimmy Bautista; Secretary Arsi Balisacan; Secretary Frasco; PPP Center Executive Director Cynthia Hernandez; MIAA General Manager Eric Jose Ines; ADB Vice President Scott Morris; Mr. Ramon Ang: fellow workers in the government; ladies and gentlemen: Good morning. Today’s ceremony is a clear demonstration of what decisive leadership and great teamwork can...

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DOF engages finance sector to further refine proposed bill on simplifying passive income tax and other financial instruments

DOF engages finance sector to further refine proposed bill on simplifying passive income tax and other financial instruments

The Department of Finance (DOF) engaged finance sector stakeholders in a briefing on March 1, 2024 on the proposed Package 4 of the Comprehensive Tax Reform Program (CTRP) that will simplify the tax structure on passive income and certain instruments and other financial products. A priority measure of the Marcos, Jr. administration, Package 4 of the CTRP is aimed at making the taxation of passive income, financial intermediaries, and financial...

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Recto gets smooth-sailing CA confirmation, commits to pursuing growth-enhancing fiscal consolidation

Finance Secretary Ralph G. Recto received a smooth-sailing confirmation from the Commission on Appointments (CA) on March 13, 2024 and has committed to pursuing growth-enhancing fiscal consolidation through plugging tax leaks, improving tax administration, preventing wasteful expenditures, exercising prudent debt management, and boosting investments. These strategies were underscored by the Finance Chief during his opening statement to achieve...

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Opening Statement
Commission on Appointments Confirmation

Ralph G. Recto Secretary of Finance March 13, 2024 Senate President Juan Miguel Zubiri; Vice Chairman Ramon Guico, Jr., Honorable Members of the Commission from the bigger and brighter House, and from the smaller and smarter House: Magandang umaga po sa inyong lahat. In taking this hot seat, I am now admiring the view from the opposite end – of the firing squad. Although I had served in this bicameral body for 15 years, I think I spent the...

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Swedish investors to Recto: PH is where we should be

Swedish investors to Recto: PH is where we should be

Swedish investors have expressed their strong interest in investing in the Philippines in light of its robust macroeconomic fundamentals, improved business climate, and highly skilled workforce during a meeting with Finance Secretary Ralph G. Recto on March 8, 2024. The Swedish investors were represented by Skandinaviska Enskilda Banken (SEB) Chairman Marcus Wallenberg and Saab President and Chief Executive Officer Micael Johansson. SEB is a...

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PBBM appoints new roster of high-caliber DOF senior officials

President Ferdinand R. Marcos, Jr. has appointed a new roster of high-caliber senior officials in the Department of Finance (DOF) who would support Finance Secretary Ralph G. Recto in ensuring long-term fiscal sustainability and accelerating inclusive economic growth.  “I thank the President for appointing a new group of distinguished professionals in the DOF with whom I have worked in the past. They are valuable additions to the existing...

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Quality of jobs in PH continues to improve as more Filipinos are engaged in formal and stable work

Finance Secretary Ralph G. Recto has underscored that the quality of jobs in the Philippines has continued to improve as more Filipinos are engaged in formal and stable work—representing the largest portion of the employed workforce in the country, according to the latest Labor Force Survey (LFS) results. The LFS showed that the country recorded a total number of 45.9 million employed individuals in January 2024, the majority of which (30.8...

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Recto: Latest JCR affirmation of PH’s high credit rating a strong vote of confidence in PBBM’s sound economic policies, a big win for ordinary Filipinos

Finance Secretary Ralph G. Recto has underscored that the Japan Credit Rating Agency’s (JCR) latest affirmation of the Philippines’ investment-grade credit rating of “A-” with a stable outlook is a strong vote of confidence in President Ferdinand R. Marcos, Jr.’s sound economic policies and a big win for ordinary Filipinos as it translates to more accessible financing for the government’s development programs. “This latest...

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DOF kickstarts a series of stakeholder briefings for refined priority tax reform measures to push for their immediate passage

The Department of Finance (DOF) kickstarted its series of stakeholder briefings for its refined priority tax measures on February 29, 2024 to work with various groups to push for the measures’ immediate passage. Among the DOF priority measures are the Value-added Tax (VAT) on Digital Service Providers (DSP); the Imposition of Excise Tax on Single-use Plastics (SUPs); Package 4 of the Comprehensive Tax Reform Program (CTRP); the...

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Department of Finance