DEVELOPING AND upgrading the country's digital payment system is the priority of the government's financial managers before engaging in Central Bank Digital Currency (CBDC), Department of Finance (DOF) Secretary Benjamin Diokno told senators on Monday.
Showing posts with label Department of Finance. Show all posts
Showing posts with label Department of Finance. Show all posts
Monday, October 3, 2022
Saturday, May 23, 2020
Marawi war survivors get psycho-social support
ILIGAN CITY -
Over 2000 refugees who were victims of fighting between security and rebel
forces in Marawi City on May 2017 were given psycho-social support (PSS) under
the Gawad Angat BAYan (GABAY) Program of the Land Bank of the Philippines
(LANDBANK).
Friday, March 29, 2019
Philippines won’t fall into China’s debt trap, says DOF
THE DEPARTMENT of Finance (DOF) has allayed fears the Philippines could fall into China’s debt trap, saying, Manila has never reneged on its debt obligations to any creditors.
It made the assurance following concerns raised by Senior Associate Justice Antonio Carpio that Beijing can seize the country’s patrimonial assets if the Philippines fails to pay the P3.69 billion loan extended by China to fund the controversial Chico River Pump Irrigation project.
Finance Undersecretary Bayani Agabin explained that under the Philippine laws, particularly Presidential Decree No. 1177, requires automatic appropriation in the national budget for debt obligation.
“May probisyon tayo sa batas PD 1177 na automatikong naglalaan ng pambayad ng utang na nakapaloob po ito sa taunang General Appropriations Act,” Agabin said. “Lahat ng mga nabanggit na probisyon sa loan agreement ay mangyayari lamang kung ang gobyerno ng Pilipinas ay hindi na makabayad ng utang nito.”
Agabin challenged critics of the Chinese loan agreements to review the Philippines credit history and consult with experts before jumping into conclusions that the country is in danger of falling into China’s debt trap.
He said none of the foreign loan agreements include the surrender of Philippine assets to the lender country. Agabin reiterated that the Philippines did not offer any of its natural resources as collateral in securing the project. “Ang waiver of sovereign immunity ay hindi nagpapahintulot sa sinumang dayuhan o foreign party na kunin o angkinin ang ating mga likas na yaman,” Agabin said.
The Chico River irrigation project aims to provide a stable supply of water to around 8,700 hectares of agricultural land in the provinces of Kalinga and Cagayan. Finance Undersecretary Mark Dennis Joven also rejected concerns that the Philippines will fall into China’s debt trap the same way Sri Lanka did, stressing Manila does a better job in managing foreign loans.
“We’re very well aware of what is happening in the world and we’re fiscally responsible enough not to do something which will endanger the fiscal position of our country,” Joven said. In 2017, China took ownership and control of Sri Lanka’s two major ports after the latter failed to pay back loans.
Joven said the Philippines failure to pay China is least likely because the Philippines has a smaller debt to gross domestic product of around 40 percent compared to Sri Lanka’s debt to GDP of around 80 percent. “The Philippines is, in terms of all the countries in the world, I think we’re at around top 40 of most debt solvent countries in the world. In terms of possibility of failure to pay or over leverage, it’s very, very unlikely,” Joven said. (Azer Parrocha)
Thank you so much for visiting our website. Your small donation will ensure the continued operation of the Mindanao Examiner Regional Newspaper. Thank you again for supporting us. BPI: 952 5815649 (BOPIPHMM) Landbank: 195 113 9935 (TLBPPHMM)
It made the assurance following concerns raised by Senior Associate Justice Antonio Carpio that Beijing can seize the country’s patrimonial assets if the Philippines fails to pay the P3.69 billion loan extended by China to fund the controversial Chico River Pump Irrigation project.
Finance Undersecretary Bayani Agabin explained that under the Philippine laws, particularly Presidential Decree No. 1177, requires automatic appropriation in the national budget for debt obligation.
“May probisyon tayo sa batas PD 1177 na automatikong naglalaan ng pambayad ng utang na nakapaloob po ito sa taunang General Appropriations Act,” Agabin said. “Lahat ng mga nabanggit na probisyon sa loan agreement ay mangyayari lamang kung ang gobyerno ng Pilipinas ay hindi na makabayad ng utang nito.”
Agabin challenged critics of the Chinese loan agreements to review the Philippines credit history and consult with experts before jumping into conclusions that the country is in danger of falling into China’s debt trap.
He said none of the foreign loan agreements include the surrender of Philippine assets to the lender country. Agabin reiterated that the Philippines did not offer any of its natural resources as collateral in securing the project. “Ang waiver of sovereign immunity ay hindi nagpapahintulot sa sinumang dayuhan o foreign party na kunin o angkinin ang ating mga likas na yaman,” Agabin said.
The Chico River irrigation project aims to provide a stable supply of water to around 8,700 hectares of agricultural land in the provinces of Kalinga and Cagayan. Finance Undersecretary Mark Dennis Joven also rejected concerns that the Philippines will fall into China’s debt trap the same way Sri Lanka did, stressing Manila does a better job in managing foreign loans.
“We’re very well aware of what is happening in the world and we’re fiscally responsible enough not to do something which will endanger the fiscal position of our country,” Joven said. In 2017, China took ownership and control of Sri Lanka’s two major ports after the latter failed to pay back loans.
Joven said the Philippines failure to pay China is least likely because the Philippines has a smaller debt to gross domestic product of around 40 percent compared to Sri Lanka’s debt to GDP of around 80 percent. “The Philippines is, in terms of all the countries in the world, I think we’re at around top 40 of most debt solvent countries in the world. In terms of possibility of failure to pay or over leverage, it’s very, very unlikely,” Joven said. (Azer Parrocha)
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Friday, March 15, 2019
Alcohol tax to raise P237-B in 5 years
A PROPOSAL by Senator Manny Pacquiao to increase the excise tax on alcohol products will raise additional revenues of almost P237 billion over a five-year period and at the same time help reduce excessive consumption of alcoholic drinks or binge drinking that is linked to vehicular crash accidents, domestic abuse and other crimes.
Finance Undersecretary Karl Kendrick Chua said that like the proposed hike in cigarette taxes, increasing the excise tax levied on alcohol products will help close the P40-billion funding gap in the Universal Health Care (UHC) program.
Pacquiao's Senate Bill (SB) No. 2197 will raise around P32.3 billion in the first year of its implementation in 2019, and P40 billion in 2020; P47.4 billion in 2021, P54.6 billion in 2022 and another P62.4 billion in 2023, for a total of P236.6 billion, according to Chua.
In endorsing the bill, Chua said computations done by the DOF's Strategy, Economics and Results Group show that the inflationary impact of increasing the excise tax on alcohol products under the measure would only be 0.1 percentage points. “If inflation is, let’s say, 3.2 percent this year as the Bangko Sentral ng Pilipinas projects, then the additional inflation will be 0.1, so 3.3 percent,” Chua said.
Health Undersecretary Rolando Domingo said higher alcohol excise taxes would help curb binge drinking, which often leads to vehicular accidents and the commission of crimes. (With a report from Mindanao Examiner.)
Thank you so much for visiting our website. Your small donation will ensure the continued operation of the Mindanao Examiner Regional Newspaper. Thank you again for supporting us. BPI: 952 5815649 Landbank: 195 113 9935
Finance Undersecretary Karl Kendrick Chua said that like the proposed hike in cigarette taxes, increasing the excise tax levied on alcohol products will help close the P40-billion funding gap in the Universal Health Care (UHC) program.
Pacquiao's Senate Bill (SB) No. 2197 will raise around P32.3 billion in the first year of its implementation in 2019, and P40 billion in 2020; P47.4 billion in 2021, P54.6 billion in 2022 and another P62.4 billion in 2023, for a total of P236.6 billion, according to Chua.
In endorsing the bill, Chua said computations done by the DOF's Strategy, Economics and Results Group show that the inflationary impact of increasing the excise tax on alcohol products under the measure would only be 0.1 percentage points. “If inflation is, let’s say, 3.2 percent this year as the Bangko Sentral ng Pilipinas projects, then the additional inflation will be 0.1, so 3.3 percent,” Chua said.
Health Undersecretary Rolando Domingo said higher alcohol excise taxes would help curb binge drinking, which often leads to vehicular accidents and the commission of crimes. (With a report from Mindanao Examiner.)
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