Finance Secretary Carlos Dominguez III said the double-digit growth in sales and high profit margins of the premier retail and real estate companies in the Philippines best illustrate that the implementation of the Duterte administration’s Tax Reform for Acceleration and Inclusion (TRAIN) Law is “a hundred-percent success” in boosting the spending power of Filipino consumers.
Read MoreThe Department of Finance (DOF) sealed concessional funding support in 2018 for big-ticket projects under the Duterte administration’s Build, Build, Build” (BBB) program, including its most ambitious and biggest single infrastructure project yet—the first phase of the Metro Manila Subway, the country’s first ever underground train that will stretch from north to south of the metropolis.
Read MoreThe Food and Drug Administration (FDA) has submitted to the Department of Finance (DOF) a list of over 100 medicines with their corresponding generic names and brands for the treatment and prevention of diabetes, hypertension and high-cholesterol, the sale of which are now exempted from the payment of the value-added tax (VAT) beginning Jan. 1 as provided under the Tax Reform for Acceleration and Inclusion Act (TRAIN).
Read MoreThe Department of Finance (DOF) has directed the Bureau of Internal Revenue (BIR) to determine whether beverage manufacturers are paying the correct amount and type of tax as mandated under the Tax Reform for Acceleration and Inclusion (TRAIN) Law after uncovering possible discrepancies in their tax payments, which left a P10 billion shortfall in the excise tax collection target for the first 10 months of the year.
Read MorePresident Duterte’s economic team undertook prompt and decisive measures to rein in inflation in 2018, resulting in a marked slowdown that experts say could lead to the domestic economy picking up steam next year.
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Finance Secretary Carlos Dominguez III has assured the public that despite the strong economic headwinds facing the country, it remains primed to regain its growth momentum on the back of a surge in foreign direct investment (FDI) inflows and sustained spending on the “Build, Build, Build” infrastructure program.
Read MoreThe Philippines is strong enough to “weather the storms” looming over its economy, given that the Duterte administration has already taken aggressive measures to tame domestic inflation and sustain the country’s growth momentum amid global risks such as the prolonged US-China trade tensions and the oil price surge in the world market, Finance Secretary Carlos Dominguez III said.
Read MoreThe Department of Finance (DOF) thanked Monday both houses of the Congress for the passage of the first package of the Duterte administration’s comprehensive tax reform program (CTRP) that has made the government’s tax effort at par with the best-managed economies in the region and brought a total of P70.8 billion back to the people’s pockets in terms of personal income tax reductions in the first seven months of 2018.
Read MoreThe first two packages of the Duterte administration’s comprehensive tax reform program (CTRP) are among the best ever crafted as these measures would help redistribute wealth among Filipinos, sharpen the competitiveness of Filipino workers and corporations, and enhance the investment narrative of the Philippines, according to a top economic expert and lawmaker from the House of Representatives.
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