RalphRecto.Ph

DEC

20

2024

DOF and DOE sign joint memorandum circular granting LGU tax exemptions to electric co-ops, empowering them to expand electricity access to all Filipinos

PRESS RELEASE The Department of Finance (DOF) and the Department of Energy (DOE) signed on December 4, 2024 a joint memorandum circular that allows qualified electric cooperatives (ECs) to seek tax exemptions from local government units (LGUs), reducing financial burdens and

BY Admin

COMMENT Off

TAG Association of Philippine Electric Cooperatives, Bureau of Local Government Finance (BLGF), Cooperative Development Authority (CDA), Department of Energy (DOE), Department of Finance (DOF), DOF Undersecretary Bayani Agabin, electric cooperatives, Energy Secretary Raphael Lotilla, League of Cities of the Philippines, Local Government Code, Local Government Units (LGUs), National Electrification Administration (NEA), Philippine Rural Electric Cooperatives, R.A. 10531 (An Act Strengthening the National Electrification Administration), R.A. 7160, Ralph Recto, Union of Local Authorities of the Philippines (ULAP)

DEC

19

2024

CREATE MORE is among PBBM’s biggest Christmas and New Year’s gifts to investors and the Filipino people

PRESS RELEASE The much-awaited enactment of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act in 2024 is one of the Marcos, Jr. administration’s biggest Christmas and New Year’s gifts to both local

BY Admin

COMMENT Off

DEC

18

2024

Recto: Signing of crucial agreements to jumpstart fruition of 5 PPP transport projects a monumental Christmas gift to Filipinos

PRESS RELEASE Finance Secretary Ralph G. Recto highlighted that the recent signing of crucial agreements to jumpstart the fruition of five Public-Private Partnership (PPP) transportation projects is a monumental gift to Filipinos this Christmas. Witnessed by President Ferdinand

BY Admin

COMMENT Off

TAG Aboitiz Group President and CEO Sabin Aboitiz, Aboitiz InfraCapital Inc., Aboitiz InfraCapital President and CEO Cosette Canilao, Bohol Governor Erico Aumentado, Bohol-Panglao International Airport, Cebu Bus Rapid Transit, Cebu Governor Gwendolyn Garcia, Civil aeronautics Administration of the Philippines (CAAP) Director General Manuel Antonio Lara Tamayo, Department of Finance (DOF), Department of Transportation (DOTr), DOTr Secretary Jaime Bautista, Executive Secretary Lucas Bersamin, HJ Shipbuilding Corporation Representative Kook Il Jeon, IFC Regional Manager Thomas Lubeck, IFC VP Emmanuel Nyirinkindi, International Finance Corporation (IFC), Investment Coordination Committee (ICC), Korean Ambassador Lee Sang-hwa, National Economic Development Authority (NEDA) Board, NEDA Secretary Arsenio Balisacan, New Cebu International Container Ports, New Dumaguete and Siargao Airports, PPP Center Executive Director Cynthia Hernandez, President Ferdinand Marcos Jr, Public-Private Partnership (PPP), Ralph Recto, Special Assistant to the President Antonio Lagdameo Jr., Tourism Secretary Christina Frasco

DEC

16

2024

PBBM admin achieves multiple economic milestones in 2024, drives PH again as one of the fastest-growing economies in Asia

PRESS RELEASE The Marcos Jr. administration has made 2024 a banner year for economic achievements and has once again successfully positioned the Philippines as among the fastest-growing economies in Asia despite global challenges such as geopolitical tensions. “2024 is a year of

BY Admin

COMMENT Off

TAG Amendments to the Agricultural Tariffication Act, ASEAN, Bangko Sentral ng Pilipinas (BSP), Bureau of Customs (BOC), Bureau of Internal Revenue (BIR), China, CREATE MORE (Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy), Department of Finance (DOF), Development Budget Coordination Committee (DBCC), E.O. No. 62, Ease of Paying Taxes (EOPT) Act, Excise Tax on Single-Use Plastic Bags, government-owned and controlled corporations (GOCCs), Gross Domestic Product (GDP), gross national income (GNI), Indonesia, Institute of International Finance (IIF), Macro Poverty Outlook for the Philippines, Malaysia, Medium Term Fiscal Program, Motor Road User's Tax, Package 4 of the Comprehensive Tax Reform Program, President Ferdinand Marcos Jr, Public-Private Partnership (PPP) Code, R&I, Ralph Recto, Rationalization of the Fiscal Mining Regime, Real Property Valuation and Assessment Reform Act. (RPVARA), S&P, Singapore, Value-added Tax (VAT) on Non-Resident, VAT Refund Mechanism for Non-Resident Tourists Act, World Bank (WB)

DEC

11

2024

Recto champions sound corporate governance with sustainability at its core to ensure inclusive growth

PRESS RELEASE Finance Secretary Ralph G. Recto championed the central role of sound corporate governance anchored in sustainability in fostering inclusive growth across Asian economies during the Organization for Economic Cooperation and Development (OECD)-Asia Roundtable on

BY Admin

COMMENT Off

TAG Department of Finance (DOF), DOF Undersecretary Maria Luwalhati Dorotan-Tiuseco, G20/OECD Principles of Corporate Governance, OECD Capital Market Review of the Philippines, Organization for Economic Cooperation and Development (OECD)-Asia Roundtables, Ralph Recto, Securities and Exchange Commission (SEC)

DEC

10

2024

Philippines and Lao PDR successfully conduct first round of negotiations for a double taxation agreement

PRESS RELEASE The Philippines and the Lao People’s Democratic Republic (PDR) successfully conducted the first round of negotiations for its Double Taxation Agreement (DTA) on December 4-6, 2024 in Luang Prabang, Lao PDR. The Department of Finance (DOF) led the negotiations for

BY Admin

COMMENT Off

TAG ASEAN Forum on Taxation, Brunei Darussalam, Bureau of Internal Revenue (BIR), Department of Finance (DOF), Double Taxation Agreement (DTA), Indonesia, Lao People's Democratic Republic, Malaysia, Ralph Recto, Singapore, Thailand, Vietnam

DEC

09

2024

Recto sees stronger economy in 2025 with the enactment of new laws that will boost the tourism industry and local spending, and enhance food security

PRESS RELEASE Finance Secretary Ralph G. Recto is optimistic about the Philippines’ economic prospects in 2025, fueled by the recent enactment of two key laws aimed at boosting the tourism industry and local spending as well as strengthening food security in the country.

DEC

06

2024

Recto: PH labor force remains vibrant as unemployment rate continues to drop way below the 2024 full-year target

Finance Secretary Ralph G. Recto highlighted the sustained strength of the country’s labor market as the unemployment rate fell to 3.9% in October 2024, bringing the year-to-date average to 4.0%—well below the full-year target range. The Philippine Development Plan sets the

BY Admin

COMMENT Off

TAG CREATE MORE (Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy), Department of Energy (DOE), Department of Finance (DOF), Department of Labor and Employment (DOLE), Enterprise-Based Education and Training (EBET) Framework Act, Green Skills for Green Jobs program, Information Technology and Business Process Association of the Philippines (IBPAP), National Economic Development Authority (NEDA), Philippine Development Plan, Ralph Recto, Trabaho Para sa Bayan (TPB) Plan

DEC

05

2024

Recto: Inflation stays firmly within the target range, reflects govt’s effective interventions to ease supply pressures for key food items especially rice

Finance Secretary Ralph G. Recto highlighted that the country’s inflation rate stays firmly within the target range, reflecting the government’s effective interventions to ease supply pressures for key food items, especially rice. “We are very much on track in keeping our

BY Admin

COMMENT Off

TAG African swine fever (ASF), Bangko Sentral ng Pilipinas (BSP), Department of Agriculture (DA), Department of Finance, Department of Social Welfare and Development (DSWD), Department of Trade and Industry (DTI), Electric Power Industry Reform Act (EPIRA) Law, Executive Order No. 62, Franchising and Regulatory Board (LTFRB), inflation, Land Transportation, Manila Water Co., Philippine Crop Insurance Corporation (PCIC), Ralph Recto, Rice Competitiveness Enhancement Fund (RCEF), Rice Tarrification Law, transport network vehicle services (TNVS)

Press Releases