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On February 12, 1998, its area of operation was expanded and its name accordingly changed to Trade and Investment Development Corporation of the Philippines by Republic Act No. 8494. It was re-titled again through an Executive Order 85 on March 18, 2002, to Philippine Export-Import Credit Agency (PhilEXIM).
Global Source economist Romeo Bernardo, on the other hand, believes that the proposal is poorly timed and that a sovereign wealth fund would just add to the Philippines' current financial and fiscal risks and raised concern for potential mismanagement, mentioning the 1Malaysia Development Berhad scandal. [23]
This infrastructure plan is intended to reduce congestion, create jobs and alleviate costs in the Philippines. During the first two years of the present administration under Philippine President Rodrigo Duterte, BCDA has contributed P8.2 billion to the modernization program of the Armed Forces of the Philippines (AFP), BCDA's major stakeholder.
In the Philippines, this is characterized by continuous and increasing levels of debt and budget deficits, though there were improvements in the last few years of the first decade of the 21st century. [2] The Philippine government's main source of revenue are taxes, with some non-tax revenue also being collected. To finance fiscal deficit and ...
The Department of Finance (DOF; Filipino: Kagawaran ng Pananalapi) is the executive department of the Philippine government responsible for the formulation, institutionalization and administration of fiscal policies, management of the financial resources of the government, supervision of the revenue operations of all local government units, the review, approval and management of all public ...
Location of the Philippines. The Philippines is a sovereign island country in Southeast Asia situated in the western Pacific Ocean. It is a founding member of the United Nations, World Trade Organization, Association of Southeast Asian Nations, the Asia-Pacific Economic Cooperation forum, and the East Asia Summit.
The Home Development Mutual Fund (HDMF), commonly known as the Pag-IBIG Fund (acronym of its Filipino name: Pagtutulungan sa Kinabukasan: Ikaw, Bangko, Industriya at Gobyerno [a]), is a government-owned and controlled corporation under the Department of Human Settlements and Urban Development of the Philippines responsible for the administration of the national savings program and affordable ...
While the money sat in a Philippine government account in Switzerland, successive administration debated what to do with the funds. By 1998 the funds had grown to $570 million with interest, and were transferred to an escrow account in Philippine National Bank. In July 2003, the Supreme Court of the Philippines ruled with finality that the ...