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Posts tagged "Margarito Teves"

Where did RP debt go?
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 go? Finance Secretary Margarit read more...

(UPDATE) RP to sell assets to keep deficit target

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 P188 billion, up 462.5% from last year’s P33.4 billion. The July figure is higher than read more...

S&P retains stable outlook for RP

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… read more...

DOF: More public spending to spur growth

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… read more...

DOF OK with a two-tier sin tax scheme, instead of one

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 settle for a two-step system instead, after Ways and Means committee chair Exe read more...

Gov't to boost revenues to avoid credit rating downgrade

Finance Secretary Margarito Teves on Thursday said the government will step up tax collection efforts and speed up the passage of revenue enhancement measures to avoid a possible credit rating downgrade as advised by London-based Fitch ratings. "We will intensify tax collection efforts through the vigorous and more effective implementation of the action plans of the BIR (Bureau of Internal Revenue) and the Ma read more...

Philippine Blacklisted as tax haven

Organization of Economic Cooperation and Development (OECD) has listed the Philippines in the list of “uncooperative tax havens”, other countries named are  Uruguay, Costa Rica and the Malaysian territory of Labuan as the worst offenders, saying they had refused to adopt new rules on financial openness. Read more… read more...

Jan-Feb budget deficit hits P67-B with spending up, taxes down

The Philippines said on Monday it had a budget deficit of P67 billion ($1.38 billion) in the first two months of the year on lower revenues as the economy slowed and with higher spending to boost the domestic economy. Finance Secretary Margarito Teves said the deficit in February alone amounted to P29 billion. He told reporters revenues in the first two months of the year amounted to about P159.4 billion while exp read more...

Margarito Teves: RP's budget deficit stays at P177.2-B

The government on Wednesday maintained that the country’s budget deficit target will stay at P177.2 billion as it has set last month. In a statement, Finance Secretary Margarito Teves said that the Development Budget Coordination Committee is keeping its P177.2-budget deficit ceiling for now as they "continue to monitor how the domestic economy will be affected by external developments and how this will read more...