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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

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

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.

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

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

PRESS RELEASE Finance Secretary Ralph G. Recto has been chosen as this year’s Lifetime Contributor Awardee for the Public Sector—the highest recognition of the Asia CEO Awards—and has dedicated the prestigious accolade to the Department of Finance (DOF) family for its great

PRESS RELEASE Finance Secretary Ralph G. Recto expressed optimism over the 1.45 million new jobs created for Filipinos in August 2024, anticipating even more employment opportunities as inflation drops to a four-year low and the holiday season approaches. “I am very glad of the

PRESS RELEASE Recto thanks House appro panel for endorsing DOF’s P33.75-B budget for 2025 that prioritizes digitalization for efficient tax admin and public service Finance Secretary Ralph G. Recto has thanked the House of Representatives’ Committee on Appropriations panel for

PRESS RELEASE Finance Secretary and Asian Development Bank (ADB) Governor for the Philippines Ralph G. Recto welcomed the launching of the ADB’s new country partnership strategy for the Philippines, which reflects its longstanding friendship and deep understanding of t

PRESS RELEASE Finance Secretary Ralph G. Recto has welcomed the passage of Senate Resolution No. 139, concurring with the ratification of the Philippines’ participation in the Convention on Mutual Administrative Assistance in Tax Matters (MAAC), which will help stop tax evasion