Latest news with #Recto
GMA Network
23-05-2025
- Business
- GMA Network
Marcos economic team intact as secretaries, special adviser retained
President Ferdinand Marcos Jr. has retained the composition of his administration's economic team following his call for his Cabinet members to file courtesy resignations. At a news conference on Friday, Executive Secretary Lucas Bersamin said the President chose "after careful evaluation" to retain Trade Secretary Ma. Cristina A. Roque, Finance Secretary Ralph G. Recto, Economic Planning and Development Secretary Arsenio M. Balisacan, Budget Secretary Amenah F. Pangandaman, and Special Assistant to the President for Investment and Economic Affairs Frederick Go. 'Itong lima na ito ay magpapatuloy sa kanilang panunungkulan, paninilbihan sa taumbayan at makakaasa kayo na sila naman ay sinsero o dedicated sa kanilang sinumpaang katungkulan,' Bersamin said. (These five will continue to serve the people and you can be assured that they are sincere or dedicated to their sworn duties.) Following Marcos's call for his Cabinet secretaries to submit their courtesy resignations after his pronouncement that the results of Eleksyon 2025 showed that the people are "tired of politics and they are disappointed with the government,' members of the economic team have immediately complied. In a statement, Pangandaman, who chairs the Cabinet-level macroeconomic and fiscal-targeting Development Budget Coordination Committee (DBCC), said she was 'tremendously grateful to President Ferdinand R. Marcos Jr. for the steadfast trust, support, and confidence he has bestowed not only upon me but upon the entire economic team.' 'This has only reaffirmed my own commitment to public service and reignited my determination to work even harder for our nation and our people," Pangandaman said. "And certainly the entire economic team is one in reinforcing our shared vision for an even more prosperous economy. I would also thank the many business groups, public service institutions, CSOs, and individuals who sent me messages of support,' she added. 'We have always been one with the President in working towards our Agenda for Prosperity while pursuing an open government that is transparent and accountable," Pangandaman said. With the boost of confidence from the President and as the economic managers review the Medium Term Fiscal Program and as the Department of Budget and Management enters budget deliberations, Pangandaman said she was renewing her commitment to "an economic transformation that is inclusive and sustainable, fulfilling the needs and aspirations of the Filipino people, including the next generations." Marcos' chief economic manager, Recto, also thanked the President. 'I thank the President for his continued trust. More than a vote of confidence, I take this as a marching order to push harder and deliver results faster, and thus we will also do our own recalibration within the department," Recto said. Recto said the DOF would not stop in ensuring that every Filipino family would feel the effects of progress. Balisacan also thanked Marcos "for his continued trust and confidence and assure him of the Department of Economy, Planning, and Development's continued efforts, together with members of the Economic Team, to steer the economy to a prosperous, inclusive, and resilient future where every Filipino benefits from our nation's progress." Go and Roque have yet to issue their statement about their retention in the Marcos administration's Cabinet. The Marcos administration's economic team is lookig to bring down the poverty rate to 9% by 2028. It also aims to reduce the country's debt-to-gross domestic product (GDP) ratio to below 60% by 2028. It also hopes to achieve an economic growth rate of 6% to 8% between 2025 and 2028. –NB, GMA Integrated News
GMA Network
21-05-2025
- Business
- GMA Network
GOCCs remitted over P76B to state coffers as of May 15, 2025 — DOF
The dividend remittances from the earnings of government-owned or -controlled corporations (GOCCs) has reached over P76 billion as of May 15, 2025, the Department of Finance (DOF) said Wednesday. In a statement, the DOF said the amount was sourced from around 50 GOCCs — with about 13 state-owned firms contributing at least P1 billion each. Among the top contributor-GOCCs were the following: Landbank of the Philippines Philippine Amusement and Gaming Corporation Philippine Deposit Insurance Corporation Philippine Port Authority (PPA) Manila International Airport Authority (MIAA) Clark Development Corporation (CDC) Philippine National Oil Company (PNOC) Bases Conversion and Development Authority (BCDA) Philippine Charity Sweepstakes Office (PCSO) Subic Bay Metropolitan Authority (SBMA) Maharlika Investment Corporation (MIC) Philippine Economic Zone Authority (PEZA) Philippine Guarantee Corporation (PHILGUARANTEE) The Finance Department said the amount of GOCCs' dividend remittances are expected to exceed P100 billion by end of the year. The DOF said GOCC dividends are a major source of non-tax revenues for the national government to fund the administration's priority programs 'without the need to impose new taxes on the people.' 'I thank our hardworking GOCCs for their continued support to the national government and for heeding the President's call for an all-inclusive, whole-of-government approach in realizing the government's development plans that will benefit every Filipino,' said Finance Secretary Ralph Recto. 'These non-tax revenues allow us to support the government's expenditure program for the year, enabling the DOF to stay on track with its fiscal program and mobilize funds for our priority programs and projects,' added Recto. The Finance chief said the sustained increase in dividend remittances from state-owned firms 'shows that our GOCCs are continuously operating efficiently and generating substantial profits, enabling them to contribute more to the National Treasury.' Under Republic Act No. 7656 or the Dividend Law, GOCCs are required to remit at least 50% of their net earnings during the preceding year as dividends to the national government. To maximize non-tax revenue, the DOF said it has requested state-owned firms to increase this share to 75%. — RSJ, GMA Integrated News
Filipino Times
26-03-2025
- Business
- Filipino Times
PH implements VAT refund for foreign tourists
Philippine officials signed the implementing rules and regulations (IRR) for the VAT Refund for Non-Resident Tourists, allowing foreign tourists to claim a refund on value-added tax for goods purchased at accredited stores in the Philippines. The refund applies to purchases worth at least P3,000, provided the items are taken out of the country within 60 days. The IRR was signed by Finance Secretary Ralph Recto, Bureau of Customs Commissioner Bienvenido Rubio, and Bureau of Internal Revenue Deputy Commissioner Marissa Cabreros, with Tourism Secretary Christina Garcia-Frasco and Presidential Assistant for Investment and Economic Affairs Secretary Frederick Go in attendance. 'We want more tourists to come — and we want them to stay longer, spend bigger, and transact with convenience,' said Recto during the ceremony. The Department of Finance (DOF) will partner with internationally recognized VAT refund operators for seamless processing, with refunds available electronically or in cash. Recto emphasized that increased spending by tourists would boost economic output and create more jobs, benefiting businesses, workers, and government revenues. This initiative follows the signing of Republic Act 12079 last December by President Ferdinand 'Bongbong' Marcos Jr., aimed at enhancing the Philippines' appeal as a global shopping destination. Recto concluded, 'We'll be the one ultimate tourist destination they'll keep coming back to.'
