The Philippine economy is expected to continue to grow and recover from the pandemic, adding that he was confident that the economic growth target for this year would be attained, Finance Secretary Benjamin Diokno said.
Finance Secretary Benjamin Diokno on Tuesday said suspending value-added tax (VAT) and excise tax on petroleum will hurt the economy and reduce revenues by PHP72.6 billion just in the last quarter of this year.
Finance Secretary Benjamin Diokno expressed his opposition to a proposal to impose billionaires’ tax, saying the yield from such super-rich tax is much less than general consumption tax.
The House of Representatives is scheduled to begin on Thursday formal deliberation on the proposed P5.678-trillion national budget for 2024.
Finance Secretary Benjamin Diokno said outstanding debt may exceed the P14.63 trillion assumption but debt to gross domestic product ratio remains to be manageable.
The planned merger between the Land Bank of the Philippines and the Development Bank of the Philippines is expected to be completed in the first half of 2024, Finance Secretary Benjamin Diokno said.
The condonation of the P57 billion worth of loans of agrarian reform beneficiaries won’t affect the fiscal picture of the government, the Department of Finance said.
Finance Secretary Benjamin Diokno said the proposed P150 minimum wage hike will increase inflation by about 1.4 percentage points this year.
President Ferdinand Marcos Jr. is pushing through with the pension reform for the military uniformed personnel (MUP) due to the risk of the “fiscal collapse” of their pension fund, Finance Secretary Benjamin Diokno said Tuesday.
Finance Secretary Benjamin Diokno on Monday expressed optimism that President Ferdinand R. Marcos Jr.’s participation in the World Economic Forum (WEF) will open doors for “more intensive” partnerships that will help revitalize the Philippine economy.
