DOF calls “erroneous” Jurado claim on “no-bidding” rule in GCG circular

September 7, 2018

The Department of Finance (DOF) said the claim by Rudolf Jurado, the sacked head of the Office of the Government Corporate Counsel (OGCC), that the Governance Commission for Government-Owned and -Controlled Corporations (GCG) revoked the bidding requirement for the Nayong Pilipino deal is erroneous, given that the oversight body never stated in the first place that public bidding was no longer necessary as a method of procurement for contracts entered into by state-run firms.

DOF to NFA: Explain below-target 2017 rice procurement despite availability of palay-buying funds

September 6, 2018

The Department of Finance (DOF) has asked the National Food Authority (NFA) to immediately explain why it had procured palay stocks way below its projected buffer requirement in the second half of 2017 and revised its buying mix to heavily favor imports over rice from local farmers during the same period, despite ample funds at its disposal and a standby credit facility that it could have readily tapped to maintain its mandated buffer stock.

PRRD signs Personal Property Security Law

September 5, 2018

President Duterte has signed the Personal Property Security Act (PPSA) that will boost access to credit especially of micro, small and medium entrepreneurs (MSMEs) and farmers and fisherfolks, and improve competitiveness in the country.

BIR forms task force to monitor sugar imports

September 4, 2018

The Bureau of Internal Revenue (BIR) has formed a task force to inventory sugar stocks and monitor shipments of the commodity into the country amid the increased demand for refined sugar to ensure that the correct taxes are paid on these imports.

DOF Economic Bulletin on August 2018 Inflation Outlook

September 3, 2018

The inflationary momentum is easing as shown by the forecast deceleration in the month-on-month price change to 0.38% from 0.51% last month, even as the year-on-year change is projected to hit 5.9%.

LandBank has P655-B rural loans in H1

September 2, 2018

Finance Secretary Carlos Dominguez III has commended the Land Bank of the Philippines (LandBank) for extending P655 billion in loans  to rural communities as of June this year, in step  with the Duterte administration’s goal of stimulating the economy and encouraging the growth of enterprises in the countryside.