The Situation Report
The Situation Report Page 10 of 14
SSS, GSIS launch micro loan programs at 6% interest yearly, safer than loan sharks charging 10% monthly
The Social Security System (SSS) and the Government Service Insurance System (GSIS) have launched micro loan programs offering emergency loans at 6% annual interest, providing a government alternative to informal lenders that charge as much as 10% per month, Finance Secretary Frederick Go said…
BIR launches one-time tax abatement: micro businesses can clear ₱80,000 in liabilities for ₱5,000
The Bureau of Internal Revenue (BIR) has launched a One-Time Tax Abatement Program that allows micro taxpayers with annual gross sales of up to ₱3 million to clear up to ₱80,000 in pending tax liabilities and penalties per taxable year for a flat payment of just ₱5,000, BIR Commissioner Charlito…
No more VAT on 2,277 essential medicines: BIR, FDA expand list covering major illnesses
The Bureau of Internal Revenue (BIR), in coordination with the Food and Drug Administration (FDA), has made 2,277 medicines VAT-exempt, covering treatments for cancer, diabetes, hypertension, and kidney disease, with the list continuing to grow as more drugs are endorsed for exemption, BIR…
Marcos raises income tax exemption to ₱350,000; micro and small businesses freed from minimum corporate income tax
President Ferdinand Marcos Jr. announced during his fifth State of the Nation Address (SONA) that the income tax exemption threshold will be raised from ₱250,000 to ₱350,000, giving workers a maximum additional take-home pay of ₱17,500, while micro and small businesses that are losing money or…
‘Taxpayer-centric’ BIR recognized as Top 2 Most Improved Agency by ARTA
The Bureau of Internal Revenue (BIR) has been recognized by the Anti-Red Tape Authority (ARTA) as the Top 2 Most Improved Government Agency, a milestone BIR Commissioner Charlito Mendoza said Saturday reflects the bureau’s deliberate shift toward a taxpayer-friendly, service-oriented approach.…
SSS Pension Reserve Fund hits ₱1 trillion for the first time in history
The Social Security System’s (SSS) Pension Reserve Fund has reached ₱1 trillion for the first time in the institution’s history, giving millions of Filipino private sector workers confidence that their retirement funds are secure, Finance Secretary Frederick Go said Saturday. Go made the…
PH debt-to-GDP at 57-58%, safely below World Bank’s 70% danger threshold: DOF chief
The Philippines’ general government debt-to-GDP ratio stands at 57 to 58%, well below the World Bank’s recommended maximum threshold of 70%, giving the government ample room to borrow for public investment without compromising fiscal stability, Finance Secretary Frederick Go said Saturday. Go made…
After 40 years as lower-middle income, Philippines finally elevated to upper-middle income status
The Philippines has been elevated to upper-middle income status by the World Bank for the first time in 40 years, ending a classification as lower-middle income that has persisted since 1986, Finance Secretary Frederick Go said Saturday. Go made the disclosure in an interview on DZRH News program…
A- and BBB+ across the board: PH achieves investment-grade ratings from all 5 global agencies
The Philippines has received investment-grade credit ratings from all five major global credit rating agencies, with two awarding an A- rating and three awarding BBB+, Finance Secretary Frederick Go said Saturday. Go made the disclosure in an interview on DZRH News program Special on Saturday on…
Landbank, SSS, GSIS all post record incomes under Marcos, generating ₱147B in dividends this year: DOF
The three major government financial institutions—Landbank, the Social Security System (SSS), and the Government Service Insurance System (GSIS)—all posted their highest-ever net incomes under the Marcos administration, generating a combined ₱147 billion in dividends for the national government…
First time in PH banking: major banks now offer free digital transfers
Major banks in the Philippines now offer free digital fund transfers following Landbank’s decision to eliminate digital transaction fees, a move that Finance Secretary Frederick Go said started a chain reaction across the entire banking system and benefited millions of Filipinos who pay for goods…
Infrastructure spending jumps from 2% to 5% of GDP under Marcos: DOF official calls it PH’s biggest growth driver
Infrastructure spending has surged from 1 to 2% of GDP to 5% or more under the Marcos administration, representing the single biggest driver of the Philippines’ above-average economic growth of 5.8% over the past four years, Finance Undersecretary Joven Balbosa said Saturday. Balbosa made the…
How the ‘CREATE MORE’ Law is making the Philippines a top destination for foreign capital under the Marcos administration
Republic Act No. 12066, or the “CREATE MORE” law, has expanded investment incentives to make the Philippines more competitive against regional peers including Vietnam, Thailand, and Indonesia in attracting foreign direct investment, with the resulting job creation keeping unemployment relatively…
Marcos administration collects record ₱501B in GOCC dividends, surpassing all previous administrations
The Marcos administration has collected ₱501 billion in dividends from government-owned and controlled corporations in just four years, surpassing the combined total of three previous administrations and setting a new record in the history of Philippine public finance, Finance Secretary Frederick…
Bureau of Customs on track for historic ₱1 trillion collection target, already ₱11.4 billion above revised goal
The Bureau of Customs (BOC) is on track to hit its historic ₱1 trillion collection target this year, with January to July collections already running ₱11.4 billion above the revised target and July alone posting a 12.5% growth rate compared to the same month last year, Customs Commissioner Ariel…