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The Department of Finance (DOF) welcomes the endorsement of the Legislative-Executive Development Advisory Council (LEDAC) of five key fiscal and economic reforms proposed by the Department for legislative approval within the year.
The unemployment rate dropped for the second consecutive month to 4.5 percent in April 2023, marking sustained improvements in the labor market.
The Philippines’ unemployment rate fell for the third consecutive month to 4.3 percent in May 2023––the second lowest recorded since April 2005. This is a significant improvement from the 6.0 percent recorded in May 2022.
During the Development Budget Coordination Committee (DBCC) briefing to the Senate on the proposed PHP 5.768-trillion National Budget for Fiscal Year (FY) 2024, Finance Secretary Benjamin E. Diokno gave an overview of the Medium-Term Fiscal Framework (MTFF), revenue collection performance, and legislative priorities identified by the Department of Finance (DOF) that would help the government achieve the MTFF targets.
Finance Secretary Benjamin E. Diokno on Wednesday asserted that any proposed reforms in the pension system for military and uniformed personnel (MUP) must directly and squarely address the substantial budgetary implications stemming from indexation and the absence of personnel contributions.
The country’s unemployment rate in July 2023 decreased to 4.8 percent from the 5.2 percent recorded in the same period last year. The number of unemployed persons fell to 2.3 million in July, down by 329 thousand from July 2022, reflecting the continued improvement in the labor market.
The Department of Finance (DOF) welcomed the approval of Senate Bill (SB) No. 2165 or the Automatic Income Classification of Local Government Units (LGUs) Act on third and final reading on August 7, 2023.
Finance Secretary Benjamin E. Diokno joined the official delegation to President Ferdinand R. Marcos, Jr.’s state visit to Kuala Lumpur, Malaysia from July 25 to 27, 2023 to foster stronger bilateral ties between the two countries.