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DOF Economic Bulletin on the 2nd Quarter GDP: Response to Ben Kritz’s TRAIN Wreck

Ben Kritz hits government for being “completely adrift when it comes to economic policy and management” and his reason is that “the estimated second quarter GDP growth xxx figure is almost 10 percent higher than the actual GDP result. Kritz should be informed that government’s targets are annual and quarterly actuals may depart from this level. Read More

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FDI inflows, capital investments drive PHL rapid growth

Finance Secretary Carlos Dominguez III said the Philippines continues to be among the best performing economies in Asia on the strength of higher foreign direct investment (FDI) inflows and rising capital formation. Dominguez said a significant increase in revenues resulting from tax administration reforms and the implementation of the first package of the Duterte administration’s Read More

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DOF makes good on prompt submission of remaining tax reform packages

The Department of Finance (DOF) has made good on its commitment to submit to the Congress the remaining packages of the Duterte administration’s comprehensive tax reform program (CTRP), whose overriding goal is to make Philippine taxation fully transparent, more efficient and a lot simpler especially for ordinary Filipinos and small businesses. All remaining CTRP packages Read More

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DOF: PHL’s strong economy, not incentives, led to rise in FDIs

The remarkable increase in foreign direct investments (FDIs) entering the country in the last 17 months best illustrates that investors are now flocking to the Philippines because of its exciting growth prospects rather than the fiscal incentives it continues to offer to businesses, according to Finance Secretary Carlos Dominguez III. Dominguez said Bangko Sentral ng Read More

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Proposed real property valuation reforms in Congress to rev up property market, attract investments—DOF

Finance Secretary Carlos Dominguez III said pending legislative proposals to reform the country’s outdated real property valuation system will bring in more investments, further invigorate the property market, and generate additional revenues for local government units (LGUs). Senate Bill No. 44 filed by Senator Panfilo Lacson and its counterparts, House Bill No. 2207 introduced by Read More

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‘TRABAHO’ bill to provide incentives to well-performing schools, hospitals

Non-profit private schools and hospitals that perform well and adhere to high standards of service will continue to enjoy the current low income tax rate of 10 percent under the proposed corporate income tax (CIT) reform bill pending in the House of Representatives, the Department of Finance (DOF) said. Finance Undersecretary Karl Kendrick Chua said Read More

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645 firms continue to receive tax incentives even after 15 years–DOF

The Department of Finance (DOF) has identified a total of 645 registered enterprises that continue to receive tax incentives even after 15 years in the business, proving that investment perks given usually to big or multinational firms–many of them are “inherently profitable”–have become redundant and unnecessary. Finance Undersecretary Karl Kendrick Chua said data reported by Read More

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Address supply constraints to temper inflation – DOF, DBM, NEDA

MANILA— The Government’s Economic Team, composed of the Department of Finance (DOF), Department of Budget and Management (DBM), and National Economic and Development Authority (NEDA), said stronger government measures, most especially in improving agriculture productivity and, in the short term, a strategic trade policy, are needed to address supply constraints that have further pushed consumer Read More