Latest news with #DepartmentofFinance
Filipino Times
9 minutes ago
- Business
- Filipino Times
Senate to probe online gambling as senators push for total ban
The Senate is poised to launch an inquiry into the controversial surge of online gambling in the country, as several lawmakers push for a total ban citing its growing social and economic toll. In a privilege speech, Senator Juan Miguel 'Migz' Zubiri raised alarm over the rising number of Filipinos falling into gambling addiction—an issue he said was notably absent from President Ferdinand Marcos Jr.'s State of the Nation Address. Zubiri described online gambling as an 'epidemic' that has led to financial ruin and even loss of lives, particularly among vulnerable individuals already burdened by economic hardship. 'Mr. President, please give us guidance on how we can stop this epidemic from engulfing our nation and our people,' Zubiri urged. Senator Erwin Tulfo, chairperson of the Senate committee on games and amusement, announced that a hearing will be held next week to look into the matter. He backed Zubiri's call for a complete ban and said the committee would gather input from various sectors, including relevant government agencies and lawmakers. 'We will request a cost-benefit analysis from agencies such as the Department of Finance and PAGCOR to evaluate the lost revenues, employment implications, and social costs,' Tulfo said. Senator Ronald 'Bato' Dela Rosa, vice chair of the committee, said the Senate's position should be firmly rooted in data to strengthen its policy direction. Several other senators have also expressed support for stricter regulations, if not an outright ban, to address the growing threat posed by online gambling.
GMA Network
a day ago
- Business
- GMA Network
DOF, DEPDev, DILG ink joint investment facilitation accord
The Department of Finance, the Department of Economy, Planning, and Development, and the Department of the Interior and Local Government have formed an inter-agency partnership to streamline and harmonize investment facilitation efforts in the country. In a statement on Wednesday, the Board of Investments said the three executive departments signed the Joint Memorandum Circular institutionalizing the Investment Facilitation Network (INFA-Net). The JMC was signed by Finance Secretary Ralph Recto, Economic Planning Secretary Arsenio Balisacan, and Interior Secretary Juanito Victor Remulla. The BOI said the inter-agency accord 'operationalizes whole-of-government collaboration in facilitating investments' in line with major policy directives, including Executive Order No. 18 on Green Lanes for Strategic Investments, EO No. 32 on streamlining permits for telecommunications and internet infrastructure, and EO No. 59 on streamlining permits for infrastructure flagship projects. The JMC, likewise, reinforces the agencies' collective commitment to simplify processes, strengthen coordination, and enhance support for strategic and high-impact investments in the Philippines, according to the investments promotion agency. The BOI said the joint circular aligns with President Ferdinand 'Bongbong' Marcos Jr.'s mandate on fostering a more agile, investor-focused government that acts in unison to deliver sustainable and inclusive economic growth. The agency said the accord reflects the government agencies' shared commitment to break down barriers, reduce red tape, and to send a strong message that the Philippines is open for business. —AOL, GMA Integrated News
RTÉ News
3 days ago
- Business
- RTÉ News
GDP shrank by 1% in Q2, preliminary CSO estimate shows
A preliminary estimate from the Central Statistics Office shows that gross domestic product fell 1% in the second quarter from the previous three months but was 12.5% higher than the same time a year ago. The Department of Finance prefers to rely on other data and caution against using GDP to gauge economic growth, as the latter is routinely distorted by foreign multinationals. But GDP is still used to calculate Ireland's share of activity across the euro zone. Irish GDP jumped 7.4% quarter-on-quarter in the first three months of the year and 20% year-on-year due to a surge in pharmaceutical exports to the US ahead of threatened tariffs, inflating the average growth rate across the euro zone. Today's preliminary results are subject to revisions in the Quarterly National Accounts release, which will be published in early September when additional data sources are available to the CSO.
Irish Times
3 days ago
- Business
- Irish Times
Spending on infrastructure makes sense, cutting VAT on hospitality is quite mad
Looking at the performance of the economy over the last 18 months, things look pretty good, as long as you aren't looking for somewhere to live. On to an already buoyant economy, last year's election budget ploughed in more money, equivalent to more than 1 per cent of national income. With full employment, this served to further drive up domestic demand, and also house prices. It hasn't made us much better off, even if it proved popular and garnered a few votes. As election budgets go, it could have been worse. The election budget of 1977 was the biggest culprit in the economic misery of the 1980s, and the election budget of 2007 pushed the economy and house prices to new heights, leaving it even further to fall in the ensuing financial crisis. By these standards last year's election splurge, while ill-conceived, was much less damaging. This year, with no election in sight, it should be time for wiser counsels to prevail in government. While we are seeing continuing growth in the economy, the Department of Finance provides a much more sombre assessment of what is to come due to US president Donald Trump 's wrecking ball. READ MORE Tariffs and a possible trade war would directly affect Ireland, with possibly more serious consequences stemming from the damage done to the wider European Union economy. While this downbeat assessment calls for fiscal caution, instead of heeding their own advice, the Government plans to increase expenditure next year by more than 7 per cent, while national income may rise by 5 per cent. This might be acceptable if they also planned a big increase in taxes , to avoid stimulating an already fully employed economy. However, without tax increases it will add to inflationary pressures. [ What did the summer economic statement really tell us about Budget 2026? Opens in new window ] The Government also, correctly, has highlighted the huge deficit in infrastructure in Ireland stemming from the economic success of the last decade. In countries such as Germany, Italy and Greece, more older people die each year, vacating their homes, than new young households are formed. As a result, these countries don't need a big increase in housing or in related infrastructure. In contrast, with our rapidly growing population, we need to invest in more housing, water and energy, as being provided now in the updated National Development Plan (NDP). [ We need to confront the reality that the housing shortage can't be solved Opens in new window ] While the Government has the money to spend on building more infrastructure, this will work only if a range of other complementary policies are implemented. Firstly, while spending money on infrastructure makes sense, in a fully employed economy we need to redirect resources from other sectors to building and construction. For example, the plan to cut VAT on catering and accommodation is quite mad. The latest data shows that that sector is booming. Instead we need to free up resources for new building by spending less in other economic sectors. In sectors that are already thriving, it could make more sense to raise taxes than to lower them, to encourage redirection of labour to our most urgent problem, housing . David McWilliams on how 'big incentives' to build could save Dublin city Listen | 36:51 The NDP sensibly provides funding to build new wires to link homes and businesses with electricity generation. There is also funding for a long overdue metro for Dublin , and to bring water from the Shannon to Dublin to tackle the knife-edge water supply in the capital. However, these projects will get under way only if the planning and regulatory systems are dramatically reformed. It has already taken five years for planners to consider a verdict on the metro. Countries such as Spain would have built the metro in that time, instead of merely scrutinising the plans. The North-South electricity interconnector was announced 20 years ago, while planning delays on both sides of the Border mean it will be 2032 before it finally happens. Once started, the actual construction will just take months to complete, not the decades spent in planning. The need to pipe water from the Shannon to Dublin was established over a decade ago, yet it could be many more years before it is delivered under the present planning system. In the 19th century, specific legislation was enacted to build our railway system. As Michael McDowell has suggested, a similar legislative approach should be taken today to developing key infrastructure. [ There is a way to unblock Ireland's infrastructural logjam Opens in new window ] We need to enact a specific legal mandate, in the overriding national interest, to drive forward critical projects and avoid the endless round of planning applications, appeals and judicial reviews. Had we done that for the metro, it would have been finished a decade ago. But unless the planning system is reformed, I'm unlikely during my lifetime to ride the metro or drink Shannon water from my tap.
Observer
4 days ago
- Business
- Observer
Rise in jobs in Ireland's financial services after Brexit.
The number of jobs in Ireland's financial sector has seen a major increase from 35,000 in 2015 to just over 60,000 now, an increase of almost 70 per cent, according to a consultation paper published by the Department of Finance. It credits Brexit with some of that increase, pointing out that the sector in Ireland has thrived since Britain voted to leave the European Union in 2016. 'Ireland is now home to many global financial giants, many of whom have chosen it as their EMEA (Europe, Middle East, Africa) head-quarters,' the paper says. 'Post Brexit, Ireland experienced a further influx of IFS (International Financial Services) firms relocating from the UK. Financial services is one of the largest sectors in the UK economy too. It employs 1.2 million people across the country. It is also one of the UK's most internationally facing sectors: the UK is the world's largest net exporter of financial services and the sector accounts for more than half of the UK's surplus in services export. The Department of Finance in Ireland concedes that the Brexit bounce is probably over, and the financial sector will have to look for other ways to develop in the face of mounting international competition for investment. 'The benefits from Brexit relocations, one of the drivers of growth in the sector in recent years, will likely be limited in the future,' the paper says. 'Competition from growing international financial services hubs, such as Singapore and Dubai, is increasing.' Among the other challenges are the green transition, which has led to both Ireland and the European Union making promises on climate and sustainability objectives, which the financial services sector will have to assist with, by channelling investment towards appropriate projects. Another challenge is to lure more household savings from bank accounts into 'productive investments'. The consultation process launched by the Department is to prepare a new 'Ireland for Finance' strategy to develop the international financial services sector. The strategy began in 1987 under the then Taoiseach (prime minister), Charles Haughey, acting on the advice of businessman Dermot Desmond. He introduced policy supports and tax breaks to attract IFS activity into Ireland, and the strategy was so successful that it gradually transformed the country into a globally important hub. The consultation paper says Ireland now hosts about 600 IFS companies, and is the sixth-largest exporter of financial services globally, and the third largest domicile for funds. 'Ireland's market share has continuously grown over decades, as specialisation and expertise in various areas has developed. Ireland is now home to some of the world's largest IFS companies in sub-sectors such as banking, funds, asset management, insurance and reinsurance, fintech, and aircraft leasing,' it says. Leveraging off the presence of global tech firms, the country has become a hub for payments firms, and a specialist hub for aircraft leasing, with over 60 per cent of the world's leased aircraft managed from Ireland. A report by Indecon last year on the impact of the funds and asset management industry concluded that the sector provided almost one billion euros in direct tax revenue in 2023 alone. The Programme for Government set a target of 9,000 new jobs in the IFS sector by 2030. The new 'Ireland for Finance' strategy will aim to meet that, but the Department is cautioning that in the current economic climate, keeping the jobs we have is a key consideration. A public consultation period will run until 19 September. Stakeholders are being asked for their views on how Ireland can expand the sector, but also to identify any barriers to competitiveness and growth.
