Posts Tagged ‘ Margarito Teves ’

MANILA – All borrowings under President Arroyo’s term–that racked up the country’s outstanding debt to a whopping P4.2 trillion as of 2008 from only P2.2 trillion in 2000–were necessary, her economic managers argue, amid accusations the President was responsible for the country’s deepening financial woes. The question now is: Where did all the debt...
Read more »

MANILA – The Philippines will have to sell assets to keep its budget deficit target this year, Finance Secretary Margarito Teves said, after the fiscal gap ballooned in the first 7 months. The country’s budget deficit hit P34.6 billion in July, bringing the fiscal shortfall for the first 7 months of the year to...
Read more »

MANILA, Philippines – Standard & Poor’s Ratings Services has retained its stable outlook on the Philippines, indicating that the ratings are unlikely to change over the short term. The international credit agency also affirmed all of its credit ratings, citing the country’s external strength and the stability of its banks.
Read more »

The Department of Finance (DOF) is pushing for more public spending as a way to help businesses cope with the global financial crisis instead of tax cuts. According to estimates by the DOF, public spending leads to more economic growth compared to tax cuts.
Read more »

The Department of Finance (DOF) is willing to forego its earlier proposal to impose a single tax rate on tobacco and alcohol products just so it can collect much-needed revenues as soon as possible. Finance Secretary Margarito Teves told reporters after a dialogue with House of Representatives leaders that the department is willing to...
Read more »