Department of Finance - updates

Rappler's latest stories on Department of Finance

ARTICLE FINDER

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

Seeking DOF post in 2019? ‘It's so hypothetical,’ says Arroyo

Nov 13, 2018 - 1:17 PM

Former president Gloria Macapagal Arroyo is on her 3rd and last term as Pampanga congresswoman and is planning to retire next year

RETIRING NEXT YEAR. Speaker Gloria Arroyo says she is not interested in a Cabinet post in 2019. File photo by Darren Langit/Rappler

Economic team urges agriculture dept to solve food supply problems

Nov 06, 2018 - 6:05 PM

The government's economic team says the Department of Agriculture must improve farmers' productivity to bring food prices down

FOOD PRICES. The government's economic team urges the Agriculture Department to implement reforms. Photo by Ben Nabong/Rappler

PH slips 11 notches in World Bank's ease of doing business ranking

Nov 02, 2018 - 1:28 PM

The Philippine government rejects the findings, as Philippine finance and trade officials urge the World Bank to correct the 'inaccurate and understated findings'

Philippines, China launch peso-yuan trading facility

Oct 30, 2018 - 8:05 PM

Finance Secretary Carlos Dominguez III says this reduces the cost of doing business for Chinese and Filipino businessmen

FASTER CONVERSION. The peso-yuan trading facility hastens the exchange of the two currencies. Shutterstock photo

Dominguez: Chinese businessman Michael Yang not consulted on economic matters

Oct 22, 2018 - 12:45 PM

'I don't meet him on economic matters,' says Finance Secretary Carlos Dominguez III

ACCESS TO DUTERTE. Michael Yang (beside presidential aide Bong Go) accompanies President Rodrigo Duterte to a lunch with Chinese businessmen on October 19, 2016. Malacañang file photo

Will they or won't they? DOF to review fuel tax hike suspension

Oct 18, 2018 - 3:15 PM

The Department of Finance sees less pressure to suspend the fuel excise tax hike in 2019, with Dubai crude prices possibly tapering off in the last quarter of 2018

DOF expects Trabaho bill to create 1.4 million jobs

Oct 17, 2018 - 3:30 PM

Finance Assistant Secretary Tony Lambino says the Trabaho bill would convince more firms to expand due to additional incentives, contrary to views of business groups

Government to cut projects over 2019 fuel tax hike suspension

Oct 17, 2018 - 10:45 AM

Budget Secretary Benjamin Diokno says non-infrastructure projects will be the first in line to be reviewed for postponement

Books will stay tax-exempt under Trabaho bill – DOF

Sep 25, 2018 - 2:35 PM

'Contrary to the wrong information spreading online, the Trabaho bill will not remove the VAT and customs duties exemption on the publication, sale, and importation of books,' says the Department of Finance

Inflation expected to jump even higher in August 2018

Sep 03, 2018 - 10:45 AM

The Department of Finance (DOF) expects inflation to hit another 9-year high

Job losses 'very minimal' under Trabaho bill – DOF

Aug 22, 2018 - 1:45 PM

Finance Undersecretary Karl Kendrick Chua says over 97,000 small and medium enterprises can expand their businesses and generate more jobs due to lower taxes

JOBS. Finance Undersecretary Karl Kendrick Chua says lowering of corporate income taxes mean more jobs. Photo by Toto Lozano/Presidential Photo


Bataan investors defend need for incentives

Aug 16, 2018 - 7:40 PM

The investors raise concerns in a meeting with House officials and the Department of Finance to tackle the tax reforms under the Trabaho bill

Photo courtesy of Speaker Arroyo's office

Dominguez warns unclear federalism proposal would scare investors

Aug 15, 2018 - 5:05 PM

Finance Secretary Carlos Dominguez III says foreigners 'will not invest' if the rules under federalism are not clear

CLARITY. Finance Secretary Carlos Dominguez says the fiscal provisions under federalism must be clear. Photo by DARREN LANGIT


Chinese debt trap? Americans did it too – Dominguez

Jul 31, 2018 - 5:25 PM

'We are not naive. We know all ODA (official development assistance) projects of all countries are designed to influence,' says Finance Secretary Carlos Dominguez III

EXPLAINER: Why the government is pushing for 2nd TRAIN package

Jul 31, 2018 - 3:05 PM

Economic managers aim to cut corporate taxes and push for a simpler fiscal incentive scheme, so what's stopping them? Two Goliaths: politics and money.

DOF runs after officials in P11-billion tax credit scam

Jul 22, 2018 - 4:56 PM

Finance Secretary Carlos Dominguez III forms a high-level task force to recover the P11 billion worth of undue tax credits

COA slams DOF over unused funds, unauthorized honoraria

Jul 20, 2018 - 2:49 PM

The Commission on Audit (COA) recommends that the Department of Finance come up with a 'more realistic budget proposal'

Thanks to loans, Build, Build, Build 'moving faster' – DOF

Jul 04, 2018 - 4:36 PM

Build, Build, Build is currently financed by taxes, official development assistance, and commercial loans

SITE INSPECTION. Finance Secretary Carlos Dominguez III speaks to reporters during an inspection of the National Government Administration Center on July 4, 2018. Photo by Aika Rey/Rappler

Philippines plans $1-billion samurai bond sale

Jun 19, 2018 - 7:25 PM

Finance Secretary Carlos Dominguez III previously said the samurai bond sale will happen sometime in the 3rd or 4th quarter of the year

DOF criticized for 'misleading' inflation graph

Jun 10, 2018 - 7:50 PM

Ex-Department of Finance undersecretary Sunny Sevilla says he is 'dumbfounded' by his former agency's 'tone-deaf, misleading economic commentary'

[EDITORIAL] #AnimatED: The bad joke that is Benjamin Diokno

Jun 04, 2018 - 9:00 AM

Step down from your ivory tower and embrace reality – the reality of the shrinking peso, in the truest meaning of the word

Gov't underspending leads to narrower budget deficit as of April

May 23, 2018 - 8:05 PM

The Philippines' budget deficit from January to April is at P115.9 billion, lower than the P167.1-billion projection

Agriculture department asks P123.7-billion budget for 2019

May 04, 2018 - 1:41 PM

The proposed amount is more than twice the average allocation, and could be the agency's largest budget if approved

Customs uncovers P600-M worth of fake beauty products

Mar 28, 2018 - 11:14 PM

Customs Commissioner Lapena says, 'smugglers nowadays are bold to import these counterfeit items because majority of the Filipinos patronize fake products (for) its cheaper price'

Gov't to lease retail, dining spaces at Metro Manila Subway stations

Mar 25, 2018 - 9:20 PM

Philippine Finance Secretary Carlos Dominguez III says the revenues would help pay off Japan's loan for the construction of the subway

Dominguez photo by Malacanang

Infra projects to help PH achieve 7% growth in 2018 – DOF

Mar 09, 2018 - 11:56 PM

During the country’s annual briefing with the Asian Development Bank, Finance Secretary Carlos Dominguez III says, 'Mindanao today is at the front and center of the Build, Build, Build infrastructure program'

Customs employees to get P1.4M incentive each if...

Mar 07, 2018 - 6:38 PM

Customs chief Isidro Lapeña says the bureau has to sustain until yearend the P2-billion monthly collection surplus it has registered so far

PH economic managers hail ranking by U.S. firm, vow more reforms

Mar 06, 2018 - 10:40 PM

'Our efforts to create a more business- and investor-friendly environment are gaining traction,' says Socioeconomic Planning Secretary Ernesto Pernia, after an American firm ranked the Philippines as the best country to invest in

DOF expects February inflation to exceed projections

Mar 05, 2018 - 7:45 PM

The Department of Finance attributes this to the higher prices of sin products such as cigarettes and alcoholic beverages

SIN PRODUCTS. A visit to Puregold supermarket on January 8, 2018 shows that a pack of Marlboro Black 20s is more expensive at P87.50, from last year's P68. Photo by Chrisee Dela Paz/Rappler

Inflation seen to continue hitting poor Filipinos hard

Mar 05, 2018 - 10:21 AM

Dennis Mapa, dean of the UP Diliman School of Statistics, also says the P200 monthly subsidy for poor Filipino households is not enough to offset the impact of the tax reform law

A vendor sells vegetables at a market near an informal settlers area in Manila on February 16, 2011. Rising food prices have pushed about 44 million people into poverty in developing countries since last June, the World Bank warned February 15. AFP PHOTO/TED ALJIBE / AFP PHOTO / TED ALJIBE

Philippines, Japan sign P4-billion loan deal for Bulacan road

Feb 28, 2018 - 7:31 PM

The loan will go towards expanding the Plaridel Bypass Road from two lanes to a 4-lane carriageway national road