The Department of Finance (DOF) expressed optimism on the 2025 economic outlook, fueled by the enactment of several laws aimed at stimulating tourism,
The Department of Finance expressed optimism on the 2025 economic outlook, fueled by the enactment of several laws aimed at stimulating tourism, local spending and food security.
The Philippines positions itself alongside countries around the world with a standard VAT system in place, which is designed to incentivize foreign tourists to spend more in the country. RA 12079 states that goods should be purchased by foreign tourists in duly accredited stores in person and should be taken out of the country by the tourist within 60 days from the date of purchase.
The DOF is mandated by law to engage the services of reputable and internationally recognized VAT refund operators to provide end-to-end solutions to the government to establish and operate a VAT refund system. Data from the DOF shows that savings from the refund fully channeled into additional tourism spending may boost economic output by P2.8 billion to P4 billion annually.
Under this, the DA-BPI is authorized to require the registration and maintain a national database of all grain warehouses, storage facilities, silos, and controlled-temperature cold storages; conduct regular site inspections; and collect and analyze data on rice trade activities, in cooperation with the Philippine Statistics Authority , the Bureau of Customs , the National Food Authority and other government agencies.
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