Finance Secretary Carlos Dominguez III has sought South Korea’s funding support and expertise in implementing the Philippines’ big-ticket infrastructure and information technology (IT) projects in line with the Duterte administration’s goal of modernizing the country’s logistics backbone and preparing the economy for the impact of rapid technological innovations.
Read MoreThe government is accelerating the rollout of social mitigation measures such as unconditional transfers (UCTs) and fuel vouchers, which need to be complemented by the enactment into laws of a national ID system and the lifting of restrictions on rice imports to further ease the impact of inflation on the country’s vulnerable sectors, the Department of Finance (DOF) said.
Read MoreBy: Undersecretary Gil Beltran, Chief Economist, Department of Finance
Read MoreA significant portion of the higher April inflation rate could be attributed to higher domestic demand, given that people now have about P32 billion more to spend monthly as a result of the personal income tax (PIT) cuts under the Tax Reform for Acceleration and Inclusion Act (TRAIN) Law, the unconditional cash transfer program, the free tuition in State Universities and Colleges (SUCs), and the additional wages paid by the government under its aggressive spending program, according to Finance Secretary Carlos Dominguez III.
Read MoreThe Tax Reform for Acceleration and Inclusion (TRAIN) Law allows the suspension of fuel excise tax increases but only under specific conditions, the Department of Finance (DOF) said as it stressed that the government has an array of measures to mitigate the effect of rising oil prices triggered by the escalating cost of petroleum in the world market.
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