Zhao disclosed that his meetings included discussions with Department of Finance Secretary Frederick Go and Securities and Exchange Commission (SEC) Chairperson Francis Lim.
Ralph Recto has been appointed Executive Secretary following Cabinet resignations tied to a flood control scandal.
Finance exec Charlito Mendoza, now BIR chief, once led the Philippines’ commitment to a global crypto tax reporting rule set for 2028.
Banks are now imposing a uniform 20% tax on all interest income from deposits, ending exemptions on long-term savings under the new CMEPA law.
Francis Lim also pledged to give local corporations to access global funding indices and developing a roadmap for alternative investment products like options, futures, and commodity derivatives.
The newly signed Capital Markets Efficiency Promotion Act slashes stock transaction taxes, simplifies income tax rules, and aims to draw millions more Filipinos into investing.
The Philippines vows to implement a global crypto-asset reporting system by 2028 to fight tax evasion and illicit financial flows under President Marcos’ transparency drive.
Find out which digital platforms will face a 12% VAT under R.A. 12023—and which services the BIR says are safe from the tax hike.
Finance Secretary Recto withdrew the GROWTH Bill proposal to increase taxes, citing stronger-than-expected tax collections in the first quarter of 2025.
The Philippine DOF plans to raise capital gains, donor, and estate taxes from 6% to 10% under the Growth Bill, aiming to generate ₱300 billion. Rep. Salceda warns the move may trigger capital flight and hurt the middle class.
