RalphRecto.Ph

JAN

07

2025

Recto: 2024 average inflation eased to 3.2% as gov’t interventions sustained rice price moderation, benefitting low-income families

PRESS RELEASE Finance Secretary Ralph G. Recto has credited the easing of the 2024 average inflation rate to 3.2%—well within target—to effective government interventions that sustained the moderation of rice prices, providing much-needed relief to low-income families. The

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TAG African swine fever (ASF), Bangko Sentral ng Pilipinas (BSP), Department of Finance (DOF), Inter-Agency Committee on Inflation and Market Outlook (IAC-IMO), KADIWA ng Pangulo (KNP), Ralph Recto, Rice Competitiveness Enhancement Fund (RCEF)

JAN

02

2025

DOF commends state banks for their strong financial footing, well-equipped to provide more services to Filipinos

PRESS RELEASE The Department of Finance (DOF) has commended the Land Bank of the Philippines (LANDBANK) and the Development Bank of the Philippines (DBP) for maintaining their strong financial position, making them even more well-equipped to provide more services to

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TAG Bangko Sentral ng Pilipinas (BSP), Capital Adequacy Ratio (CAR), DBP President and CEO Michael de Jesus, Department of Finance (DOF), Development Bank of the Philippines (DBP), Land Bank of the Philippines (LBP), Landbank President and CEO Lynette Ortiz, Ralph Recto

DEC

30

2024

Recto: PHP 6.326 trillion national budget for 2025 most powerful tool to deliver the biggest economic benefits to Filipinos, reaffirms DOF’s commitment to work hard in funding it

PRESS RELEASE Finance Secretary Ralph G. Recto has underscored that the PHP 6.326 trillion national budget for 2025 is the government’s most powerful tool to deliver the biggest economic benefits to Filipinos, assuring the Department of Finance’s (DOF) strong commitment to work

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TAG Bureau of Customs (BOC), Bureau of Internal Revenue (BIR), Bureau of Treasury (BTr), Department of Finance (DOF), General Appropriations Act (GAA) for 2025, government-owned and controlled corporations (GOCCs), Gross Domestic Product (GDP), Medium Term Fiscal Program, National Climate Change Action Plan 2011-2028, Philippine Development Plan, President Ferdinand Marcos Jr, Ralph Recto

DEC

28

2024

Recto raised record-high non-tax revenues in 2024, collected more resources to improve the lives of Filipinos

PRESS RELEASE Finance Secretary Ralph G. Recto has maximized non-tax revenues in 2024, collecting a record-high amount to support more projects and programs that will uplift the lives of the Filipino people. As of the end of November 2024, non-tax revenue collections reached PHP

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TAG Budget of Expenditures and Sources of Financing (BESF), Bureau of Treasury (BTr), Cebu-Mactan Bridge and Coastal Road Construction Project, Department of Finance (DOF), Department of Health (DOH), General Appropriations Act (GAA) of 2024, government-owned and controlled corporations (GOCCs), Medical Assistance to Indigent and Financially Incapacitated Patients, Metro Manila Subway Project, Mindanao Inclusive Agriculture Development Project, Ninoy Aquino International Airport (NAIA), NLEX Corporation, Panay-Guimaras-Negros Island Bridges, Philippine Deposit Insurance Corporation (PDIC), Philippine Health Insurance Corporation (PhilHealth), Privatization and Disposition of Government Assets, Privatization and Management Office (PMO), Privatization Council (PrC), Public Health Emergency Benefits and Allowances for Health Care and Non-Healthcare Workers, Public-Private Partnership (PPP), Ralph Recto, Road Network Development Project in Conflict-Affected Areas in Mindanao, SMC-SAP & Company Consortium

DEC

27

2024

BIR, BOC ramp up digitalization and strict enforcement initiatives in 2024, drive higher revenue collections

PRESS RELEASE The Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) have both ramped up their respective digitalization and strict enforcement initiatives in 2024, which drove higher tax collections for the year. “I commend both the BIR and BOC for their

DEC

23

2024

PBBM admin secures efficient and concessional financing in 2024 for the Build Better More program, various development projects

PRESS RELEASE The Marcos, Jr. administration has successfully secured concessional official development assistance (ODA) financing and grants from development partners in 2024 to fund the high-impact infrastructure projects under the Build Better More program as well as other

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TAG AI-based Flood Forecasting and Warning System in the Laoag River Basin, Artificial Intelligence (AI)-based systems in agriculture, Bataan-Cavite Interlink Bridge, Build Better More, Build Universal Healthcare (UHC) Program, Capacity Development of Public Utility Vehicles (PUV) in Metro Manila and its Adjoining Areas, Climate Change Action Program (CCAP) Subprogram 2, Dalton Pass East Alignment Road Project (DPEARP), DOF, Export-Import Bank of Korea, France, Infrastructure for Safer and Resilient Schools Project, Integrated Urban Climate Action for Lower-Carbon and Resilient Cities (Urban-Act) Project, Korea, Laguna Lakeshore Road Network Project, Maritime Safety Capability Improvement Project, Master Plan on Comprehensive Sewerage System Development for Metro Cebu of the Metropolitan Cebu Water District, Metro Manila Subway Project, New Dumaguete Airport Development Project, Official Development Assistance (ODA), Partnership for Peace and Development in Mindanao, Philippines' First and Second Digital Transformation Program, President Ferdinand Marcos Jr, Ralph Recto, Samar Pacific Coastal Road II Project, Second Sustainable Recovery Program, Sweden, Value Chain Innovation for Sustainable Transformation in Agrarian Reform Communities (VISTA)

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

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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

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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

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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

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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)

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