Department of Finance - updates

Rappler's latest stories on Department of Finance

ARTICLE FINDER

Davao, Cebu road projects get P75-billion Japan funding

Jun 16, 2020 - 4:47 PM

The Philippines and Japan sign a new loan deal worth P75.5 billion for the Davao City Bypass and the Cebu-Mactan 4th Bridge and Coastal Road

LOAN DEAL. Finance Secretary Carlos Dominguez III and Japan International Cooperation Agency chief representative Eigo Azukizawa signs the P75.5-billion loan deal for Cebu and Davao road projects on June 16, 2020. Photo from DOF

After clash, Dominguez offers Economics 101 for Imee Marcos

May 27, 2020 - 4:50 PM

The offer of Finance Secretary Carlos Dominguez III to provide a special briefing comes after he clashed with Senator Imee Marcos over Masagana 99, the failed rice program of dictator Ferdinand Marcos

BDO tops initial list of top taxpayers in 2019

May 25, 2020 - 5:05 PM

A subsidiary of embattled ABS-CBN also makes it to the initial list of the top 500 taxpayers


DOF says P130-B stimulus program 'appropriate,' as departments wish for more

May 21, 2020 - 7:50 AM

Labor, tourism, and transportation departments tell senators they need a total of P205-billion coronavirus bailout

CORONAVIRUS BAILOUT. Finance Secretary Sonny Dominguez attends a Senate hearing on November 12, 2019. File photo by Angie de Silva

Philippines eyes joint ventures, guarantees to save virus-hit businesses

May 15, 2020 - 3:55 PM

The government is looking at liquidity and equity infusions to save the tourism and travel industries. Small lenders will also be given a boost by state-run banks.

DOF rejects Imee Marcos' proposal to defer debt payments

Apr 14, 2020 - 10:00 PM

(UPDATED) Finance Secretary Carlos Dominguez III says proposals to defer paying debt obligations in favor of financing coronavirus-related expenses are 'narrow-sighted'


Aid for firms 'take a back seat,' poor are 'priority' in PH virus fight

Mar 31, 2020 - 2:30 PM

Finance Secretary Carlos Dominguez III says the government will 'eventually' put in place programs for businesses. For now, they will prioritize cash subsidies.

Philippines ready to increase debt levels vs coronavirus

Mar 26, 2020 - 2:40 PM

The Duterte administration is seeking a $1-billion loan on top of the massive budget realignments to combat the pandemic

Lawmakers ask DOF, BIR: Don’t be ‘heartless,' extend tax filing deadline

Mar 18, 2020 - 7:11 PM

'Hindi kami nanghihingi ng pera. Magbabayad kami ng buwis. Pero huwag mo naman sabihin sa amin na magbayad kami 2 araw matapos ang quarantine na in-impose niyo,' says Congressman Joey Salceda

GHOST TOWN. An almost lifeless Araneta Center in Cubao, Quezon City hours after the government enforces an enhanced community quarantine over Luzon island on March 17, 2020. Photo by Lisa Marie David/Rappler

Philippines to borrow more than planned to combat coronavirus impact

Mar 11, 2020 - 10:25 AM

As lower revenue collection is seen due to the spreading novel coronavirus, the Philippines' budget deficit may hit as high as 3.6%

Military denies soldiers helped syndicates smuggle cash into PH

Mar 04, 2020 - 1:30 PM

It could have been retired servicemen now working for private security companies whom the Bureau of Customs spotted escorting syndicates' couriers at the airport, says AFP spokesperson Edgard Arevalo

AREVALO. Armed Forces of the Philippines Spokesperson Brigadier General Edgard Arevalo. File photo by Darren Langit/Rappler

'A mess': Coronavirus economic impact on Philippines worse than projected

Mar 03, 2020 - 3:00 PM

The Philippines' economic managers see lower tax collections and reduced Chinese imports due to the spread of the virus

People buying protective masks at a medical supplies store in Manila on January 31, 2020. - The Philippines reported its first case of the virus on January 30, of a 38-year-old woman who arrived from Wuhan and is no longer showing symptoms. (Photo by Ted ALJIBE / AFP)

Police, military 'helped syndicates' bring in P18.7 billion to Philippines

Mar 02, 2020 - 4:45 PM

The Bureau of Customs says couriers of dirty money working for two criminal groups were able to waltz through airport security with police and military escorts


'No impact' on fuel supply if 'onerous' Chevron land rental not renewed – DOE

Feb 23, 2020 - 6:45 PM

The Department of Energy plans to build an 'energy city' in place of Chevron's facilities on government land in San Pascual, Batangas

Background image from Chevron Philippines website

Finance team says PH economy 'can handle' coronavirus effects

Jan 30, 2020 - 9:35 PM

Philippine officials do not see the novel coronavirus putting a major dent in the economy

MINIMAL ECONOMIC EFFECT. Chinese nationals arriving from Guangzhou, China are seen wearing face mask at the arrival area of Ninoy Aquino International Airport Terminal 1 in Pasay City. File photo by Ben Nabong/Rappler

DOF slams Chevron over 'onerous' rental of government land

Jan 21, 2020 - 3:15 PM

The Department of Finance says Chevron Philippines only pays P0.74 per sqm or just over P10 million a year to rent a 1.2-million-sqm land in San Pascual, Batangas

Dominguez says BIR did a 'good job' despite missing 2019 collection target

Jan 14, 2020 - 4:05 PM

The Bureau of Internal Revenue's collection in 2019 breaches the P2-trillion mark, but still falls short of the ambitious target

World Bank loans Philippines $300 million for conditional cash transfers

Nov 28, 2019 - 5:05 PM

The World Bank has contributed a total of $1.26 billion to the Pantawid Pamilyang Pilipino Program since it first provided funding in 2010

'A real patriot': Colleagues, friends honor ex-DOF chief Ernest Leung

Nov 17, 2019 - 12:51 PM

'Tough as nails, straight as an arrow, and a real patriot. One of a kind,' says former interior secretary Rafael Alunan III of former finance secretary Ernest Leung

FORMER FINANCE CHIEF. Former finance chief Ernest Leung. Screenshot from Philippine Economic Society Facebook page

DOF not too keen on taxing salty products

Nov 08, 2019 - 5:20 PM

'Meron diyang food labeling types of intervention.... So nandoon palang ‘yung usapan, wala pang specific proposal para dito sa panukalang ito,' says Finance Assistant Secretary Tony Lambino

STUDYING. Finance Asec Tony Lambino says the government is still studying the proposed 'asin' tax. Photo by Angie de Silva/Rappler

Sandiganbayan convicts 3 ex-DOF officials over tax credit fraud

Nov 03, 2019 - 7:35 PM

Former DOF officials Uldarico Andutan Jr, Raul de Vera, and Rosanna Diala are sentenced to 6 years in jail over the 'fraudulent approval' of a P6-million tax credit certificate for Jam Transit

GRAFT CHARGES. Three former Department of Finance officials are sentenced to 6 years in prison over the fraudulent approval of a tax credit certificate. Photo by Darren Langit/Rappler

DOF backs more taxes for online gambling firms

Oct 22, 2019 - 6:57 PM

Finance Secretary Carlos Dominguez supports the plan of Albay Representative Joey Salceda to slap more taxes on Philippine Offshore Gaming Operators and their service providers

TUCP fears job losses under Citira bill

Oct 13, 2019 - 3:50 PM

The Trade Union Congress of the Philippines urges government agencies to put in place a 'genuine transition program' for displaced workers before Citira's implementation – not after

JOB LOSS? Citing estimates by business groups, labor group Trade Union Congress of the Philippines says some 700,000 workers may lose their jobs with the passage of the Citira bill. File photos by AFP

After rejecting foreign aid over drug war, PH seeks new funders

Sep 30, 2019 - 1:25 PM

The Department of Finance is looking for funding from new partners – ones that did not support the resolution adopted by the United Nations Human Rights Council

Philippines 'can earn P300B yearly' if gaming industry privatized

Sep 25, 2019 - 3:55 PM

Finance Secretary Carlos Dominguez III says P300 billion in annual revenues can be achieved 'with no effort' should the government privatize Pagcor and PCSO gaming operations

MORE REVENUES. Finance Secretary Sonny Dominguez says that the government would earn more with privatizing the gaming sector. Photo by Angie de Silva

Dominguez orders BIR to shut down tax-dodging POGOs

Sep 15, 2019 - 6:05 PM

'Those who don't pay or respond to your assessments, clamp them down,' says Finance Secretary Carlos Dominguez III

'Noisy naysayers' vs Citira bill proven wrong by numbers, says DOF

Sep 11, 2019 - 3:10 PM

Finance Undersecretary Karl Chua says the surge in investment pledges in the 1st half of 2019 refutes claims of critics of the proposed Corporate Income Tax and Incentive Rationalization Act

Finance Undersecretary Karl Kendrick Chua says naysayers of the Citira bill are proven wrong by numbers. Photo by Angie de Silva/Rappler

Philippines, ADB sign $1.3-B loan deal for Malolos-Clark Railway

Jul 11, 2019 - 5:25 PM

The Malolos-Clark Railway is seen to cut travel time from Manila to the Clark International Airport to less than an hour

RTVM screenshots

Recto: All Chinese workers in PH must pay taxes

Jul 05, 2019 - 1:09 PM

'That's the right approach. Before you badger Congress to levy new taxes or raise rates, kindly plug the leaks first,' says Senate President Pro Tempore Ralph Recto

OVERCAPACITY. Senate President Pro-Tempore Ralph Recto says the Department of Transportation should hasten the rollout of airport projects. Photo by Angie de Silva/Rappler

17th Congress filed too many bills gov't can't afford

Jun 27, 2019 - 4:05 PM

Finance Secretary Carlos Dominguez III says the 17th Congress filed over a hundred bills that were simply financially unsustainable. His solution: a weekly meeting with lawmakers.

Philippines, Japan sign $202-million loan deal for Mindanao roads

Jun 19, 2019 - 10:05 AM

Among the roads to be reconstructed and improved are those damaged in war-torn Marawi City, where delays have plagued the rehabilitation

SIGNED. Philippine Finance Secretary Carlos Dominguez III and Japan International Cooperation Agency senior vice president Yasushi Tanaka after signing the $202.04-million loan deal in Mindanao. Photo from Department of Finance

Ex-DOF officials face up to 70 years in jail over tax credit fraud

Apr 14, 2019 - 5:15 PM

The Sandiganbayan finds former Department of Finance officials guilty of graft for issuing fraudulent tax credit certificates in 1997 and 1998

GRADED. The DOF ranks analysts according to how their projections fared with actual figures. Logo from DOF website

[ANALYSIS] We never defaulted on our loans? That’s historical revisionism

Apr 11, 2019 - 6:17 PM

By saying the country 'never, never defaulted on its loans,' the DOF is being naïve at best and disingenuous at worst

Fearing default on China loans? You have 'no faith' in PH – Dominguez

Apr 02, 2019 - 4:05 PM

'The Philippines has no history of defaulting on its loans. So why are people saying now that we will default? They have no faith in the Philippines?' says Finance Secretary Carlos Dominguez III

Loan default? DOF says Reed Bank gas can be sold to raise funds

Mar 27, 2019 - 9:10 PM

Finance Undersecretary Bayani Agabin says that in the 'unlikely' event of a loan default, China cannot claim Reed Bank. Instead, the Philippines can sell gas and use the cash to pay Beijing.

Made in China: Loan terms with waivers, shrouded in secrecy

Mar 27, 2019 - 7:35 PM

Rappler reviews loan documents for the Philippines' infrastructure projects and finds that China is demanding more than others and wants deals kept opaque

Reed Bank not collateral to China loan? Carpio rebuts Duterte gov't

Mar 27, 2019 - 10:20 AM

Senior Associate Justice Antonio Carpio counters the claims of government officials who sought to downplay his warning against the repercussions of a government loan from China

LEGAL VIEWS. Presidential Spokesperson Salvador Panelo (left) and Senior Associate Justice Antonio Carpio have clashing views on a provision in the Chico River project loan agreement. Carpio photo from Senate PRIB

What are patrimonial assets? Lambino rejects China debt trap fears

Mar 26, 2019 - 1:15 PM

Finance Assistant Secretary Antonio Lambino implies that the Philippines would not lose the gas-rich Reed Bank, as it is not considered a patrimonial asset

Finance department zeroes in on foreign online gambling workers

Mar 04, 2019 - 6:15 PM

Finance Secretary Carlos Dominguez III says it is important to find out where foreign online gambling workers are located, given the 'national security implications' and their large presence here

DOF ranks accuracy of analysts' GDP forecasts

Feb 15, 2019 - 6:11 PM

(UPDATED) After ranking economists and analysts according to the accuracy of their inflation forecasts, the DOF looks into their GDP projections

DOF urges lawmakers to speed up alcohol excise tax hike

Feb 06, 2019 - 7:55 PM

While both tobacco and alcohol saw excise tax hikes back in 2012, the Department of Finance says alcohol lags behind in revenue contribution

Senator Sonny Angara, chair of the Committee on Ways & means, together with Senator Manny Pacquiao, listen to resource persons during the public hearing on the proposed measure increasing the excise tax rates on alcohol products. Photo by Cesar Tomambo/PRIB  Senator Sonny Angara, chair of the Committee on Ways & means, together with Senator Manny Pacquiao, listen to resource persons during the public hearing on the proposed measure increasing the excise tax rates on alcohol products. Photo by Cesar Tomambo/PRIB

Japan-funded projects for signing in Q1 2019

Jan 16, 2019 - 4:35 PM

More flood control and road projects are set to be funded by Japan this year

DOF turns sour as sugar tax collections miss target

Jan 03, 2019 - 4:51 PM

Taxes collected from sugar-sweetened beverages from January to October 2018 stand at P30 billion, 25% short of the P40-billion target

DOF's 2019 wish: Passage of Trabaho bill, other tax reform packages

Jan 01, 2019 - 4:27 PM

Finance Secretary Carlos Dominguez III says they will seek a last push discussion with legislators for the approval of the measures before the 2019 elections

TRABAHO BILL. Finance Secretary Carlos Dominguez III says they will "discuss" Trabaho Bill again with legislators for a last push to pass it in the current Congress. Photo by Darren Langit/Rappler

Tax Academy to offer public finance, online courses in 2019

Dec 26, 2018 - 5:42 PM

Finance Undersecretary Gil Beltran says this setup will make courses of the Philippine Tax Academy available to all personnel of revenue agencies

Arroyo as next finance or budget chief? Diokno says 'all speculation'

Dec 20, 2018 - 11:14 AM

'Sa job ko? My goodness... Kala ko kay Secretary [Carlos] Dominguez, hindi naman sa akin. But these are all speculation, okay,' says Diokno

Budget Secretary Benjamin Diokno at the Plenary Congress Plenary Hall to attend the 2018 budget deliveration on Tuesday, 11, 2018. Photo by Darren Langit/Rappler

[ANALYSIS] Let’s not blame the forecasters for runaway inflation

Dec 19, 2018 - 12:09 PM

Antagonistic remarks only put at risk otherwise friendly relations between government and the private sector

Dominguez hits Arroyo over 'scandalous' China deals

Dec 06, 2018 - 3:55 PM

'I don't have to mention the names, I'll just mention some initials. ZTE, for instance,' says Finance Secretary Carlos Dominguez III

To tame inflation, agriculture must improve – economic managers

Dec 05, 2018 - 2:25 PM

Economic managers urge the Department of Agriculture to invest in modern farming tools to improve farmer productivity

IMPROVEMENT. Economic managers call on the Department of Agriculture to implement programs to improve farmer productivity. Photo by Mau Victa/Rappler


Philippines to meet budget deficit target in 2018, says DOF

Nov 28, 2018 - 2:50 PM

The Bureau of the Treasury says the year-to-date fiscal gap stands at P438.1 billion of the P523.6-billion target cap

TARGET. Finance Secretary Carlos Dominguez III says the Philippine government will most likely hit the budget deficit ceiling targeted for 2018. Photo from Department of Finace