Articles worth reading

LTO to mobilize more enforcers

account_balanceMetro Manila access_time5 days ago

The Land Transportation Office (LTO) is set to increase the visibility of traffic enforcers in support of President Ferdinand R. Marcos’ call for motorists and other road users to observe traffic laws, according to a report by Philippine N...

Gov’t hikes health facilities budget

account_balanceMetro Manila access_time5 days ago

There is an increase in this year’s budget for the improvement of the health facilities in the country, the Department of Budget and Management (DBM) said in a report by Philippine News Agency. In a statement, the DBM said around PHP28.58 bill...

LGUs assured of bigger share in national budget 

account_balanceMetro Manila access_time5 days ago

Local government units (LGUs) are assured of a bigger share of the national budget in compliance with the directive of President Ferdinand R. Marcos Jr. to allot more for projects that are crucial to advance Sustainable Development Goals (SDGs), ...

Metro News

Diokno confident on 2023 growth target 

account_balanceMetro News account_circleCarlo Cameron chat_bubble_outline0 Comments

Finance Secretary Benjamin Diokno said on Wednesday that the Philippine economy is expected to continue to grow and recover from the pandemic, adding that he was confident that the economic growth target for this year would be attained, according to a report by Philippine News Agency.

“[W]ith a brightening outlook on the horizon and a strong array of revenue-enhancing reforms, the Philippine economy remains firmly on the path to recovery and progress,” Diokno said during the Pilipinas Conference 2023 at The Peninsula Manila in Makati City.

Diokno said the Philippine economy posted the strongest third-quarter growth of 5.9 percent in the region.


This brought the country’s gross domestic product (GDP) expansion for the first three quarters of 2023 to 5.5 percent – faster than China, Indonesia, Vietnam, Malaysia, and Singapore.

“Despite external risks and domestic challenges, the Philippines remains to be one of the brightest spots in the region,” Diokno said.

“With a promising outlook on the horizon, we are confident that we will achieve the lower end of our growth target of 6 to 7 percent for this year, and accelerate at 6.5 to 8 percent from 2024 to 2028,” he added.

The Finance chief said the Marcos Jr. administration aims to pursue macroeconomic stability and fiscal sustainability by implementing the Philippines’ first-ever Medium-Term Fiscal Framework (MTFF).


Among the key reforms being pursued by the Department of Finance (DOF), as identified under the MTFF, are the Real Property Valuation and Assessment Reform Bill, the Passive Income and Financial Intermediaries Taxation Bill, and the value-added tax (VAT) on digital services.

The DOF is also pushing for the passage of tax measures on sweetened beverages and junk food, as well as an excise tax on single-use plastics, motor vehicle road users tax, and the rationalization of the country’s mining fiscal regime.

“Together, these measures aim to improve tax administration, enhance the fairness and efficiency of our tax system, and promote environmental sustainability to address climate change,” Diokno said. 

date_rangeDate Published
3 months ago
shareShare article
folder_openArticle tags
content_copyCategorized under

Share your thoughts with us

Related Articles

Security Bank drives digital transformation of wealth management business 

account_balanceMetro Manila chrome_reader_mode6 days ago

Makati-based Security Bank has entered a new partnership with Avaloq, a leading provider of wealth management technology and software. The bank aims to digitalize its wealth management business with the Avaloq Core Platform and to roll out Avaloq&rsq...

Bill strengthens clinical trials of medicines

account_balanceMetro Manila chrome_reader_mode3 days ago

A measure seeking to accelerate the discovery and development of innovative medicines by strengthening clinical trials hurdled committee level at the House of Representatives, according to a report by Philippine News Agency. During the hearing on We...

Cebu Pacific holds seat sale for 28th anniversary

account_balanceMetro Manila chrome_reader_mode1 day ago

Cebu Pacific is ringing in its 28th year by offering deals on flights, with prices as low as P199 in one-way base fare, according to a report by Philippine Star. The low-cost carrier posted the news on social media, informing travelers that the prom...

Makati turns over P47.5-million assistance to disaster-stricken LGUs

account_balanceMakati chrome_reader_mode4 days ago

Makati Mayor Abby Binay today led the ceremonial distribution of financial assistance amounting to P47.5 million to 76 disaster-stricken provinces, cities and municipalities in the country that were devastated by strong earthquakes, typhoons, and sev...

Click on the article to continue reading
Quezon City adopts no contact apprehension system Red Cross pushes saliva test Vaccines from COVAX to arrive in Q1 Makati Shangri-La to close doors on Feb. 1 Cities in NCR to start vaccination simultaneously Mother, girlfriend of Filipino infected with UK variant also test positive Send Press Release MNC Facebook Page MNC Twitter Page MNC Instagram Page LGU Spotlight Barangay Front Business Sports Entertainment Metro Gen Metro Feature