Firma dominguez

Hanoi (VNA) - The Philippine government is eyeing a stimulus package worth 846 billion pesos (16.7 billion USD) to enable a full economic recovery from the COVID-19 pandemic, according to Finance Secretary Carlos Dominguez. The stimulus package, which is waiting for Congress' approval, would include a cut in corporate income tax and modernisation of the country's fiscal incentive systems, Dominguez said. Local businesses have urged lawmakers to pass these reforms early so that small, medium and large companies can resume their operation and recover from the public health crisis. The Philippine tax authority said the country's total tax revenue in the first four months of 2020 dropped sharply to 527.41 billion pesos (22.6 million USD), or 25.4 percent below last year's collection over the same period. Despite the decreased revenue, Dominguez said the Philippines remains "financially able" to meet the unexpected challenges of the pandemic. The country also has practiced fiscal … [Read more...] about Philippines considers 16.7-billion-USD stimulus package

Hanoi (VNA) - The Asian Development Bank (ADB) and the Philippines have signed a 500 million USD loan to help the country's efforts to mitigate the impact of the COVID-19 pandemic that has taken a heavy toll on the poor. The Philippines' Department of Finance (DOF) said in a statement that the country has accessed the fresh financing package worth million 500 million USD from the ADB to help support the Philippines’ immediate budgetary requirements to address the coronavirus crisis with the signing of a loan agreement for the Expanded Social Assistance Project (ESAP). Philippine Finance Secretary Carlos Dominguez said that the budget-support loan will not only help bridge Philippines' funding gap for its COVID-19 response but will also strengthen its social protection programme as it restarts economy and help people get back on their feet amid the pandemic. According to the DOF, the ESAP, which builds on a decade of ADB's support for social protection programs in the … [Read more...] about ADB helps Philippines address COVID-19 crisis