Department of Finance (DOF) Secretary Ralph Recto proposed last week a substantial increase in the benefit packages offered by the Philippine Health Insurance Corporation (PhilHealth) for the country’s 10 most common illnesses. Recto suggested that enhancing these benefit packages would ensure the efficient use of PhilHealth’s resources. He shared this recommendation during a press conference at Malacañang Palace following the …

The Department of Finance (DOF) reported recently that non-tax revenues reached PHP555.30 billion end of November 2024, a 45.6-percent increase compared to the same period in 2023. This made DOF hit an all-time high non-tax revenue collections in 2024, providing additional resources to fund key programs of the Marcos administration, especially in improving the lives of Filipinos. Projections for the …

The Bases Conversion and Development Authority (BCDA) has issued a directive to local government units (LGUs), government agencies, and businesses to cease utilizing the Kalangitan sanitary landfill in Capas, Tarlac, following the expiration of the service contract for the property. In a statement recently, the BCDA emphasized that the Contract for Services between Metro Clark Waste Management Corp. (MCWMC) and …

The International Monetary Fund (IMF) has recognized the Philippines’ significant strides in combating money laundering and terrorism financing. In its latest report, the IMF commended the country’s progress in addressing anti-money laundering and counter-terrorism financing (AML/CFT) issues, noting that these efforts should persist. It also welcomed the Financial Action Task Force’s (FATF) acknowledgment that the Philippines has substantially completed its …

The Land Bank of the Philippines has assured its stakeholders of its financial stability and regulatory compliance following the allocation of P50 billion to the Maharlika Investment Fund (MIF). In a statement released recently, Landbank emphasized that it continues to meet and even surpass the Bangko Sentral ng Pilipinas’ (BSP) minimum Capital Adequacy Ratio (CAR), a critical measure of a …

The Land Bank of the Philippines (LandBank) and the Development Bank of the Philippines (DBP) have demonstrated strong financial performance, putting them in a position to expand services and better support Filipinos, the Department of Finance (DOF) announced recently. The DOF highlighted that both banks have consistently exceeded the Bangko Sentral ng Pilipinas (BSP) minimum capital adequacy ratio (CAR), a …

The Bangko Sentral ng Pilipinas (BSP) has revised its projections for the country’s balance of payments (BOP) surplus for 2024 and 2025, signaling continued resilience in the nation’s external financial position despite ongoing global uncertainties.  The BOP, which tracks a country’s economic transactions with the rest of the world, is now expected to record a surplus of USD3.5 billion in …

On 30 December 2024, the Philippine Coast Guard (PCG) monitored a total of 195,644 outbound passengers and 173,712 inbound passengers in all ports nationwide. Moreover, the 3,043 deployed frontline personnel in 16 PCG Districts inspected a total of 1,811 vessels and 2,247 motorbancas. Compared to the consolidated report on 29 December 2024, the number of outbound passengers has decreased by …

The Civil Aviation Authority of the Philippines (CAAP) recently provided Malasakit Kits to air travelers passing through CAAP-operated airports commuting for the second wave of holiday rush. Hundreds of Malasakit Kits containing essential items like refreshments and hygiene kits were given to passengers using the airports in Davao, Zamboanga, Dipolog, Pagadian, San Jose, Romblon, Bicol, Virac, Naga, Masbate, Tuguegarao, Tacloban, …

The Maritime Industry Authority (MARINA) is implementing the International Maritime Organization’s (IMO) 0.50% sulfur cap on marine fuel oil in domestic ships by January 1, 2025, according to MARINA administrator Sonia Malaluan. While compliance to the sulfur cap policy is high, Malaluan said some shipping operators with a higher number of vessels will be granted an extension in consideration for the high …