May 2025

President Marcos retains economic team, appoints new foreign minister

President Ferdinand Marcos Jr. retains his core economic team and Executive Secretary Lucas Bersamin while replacing two Cabinet members following midterm elections. Foreign Affairs Secretary Enrique Manalo is replaced by DFA Undersecretary Tess Lazaro, and Environmental Secretary Maria Antonia Yulo-Loyzaga resigns. The administration aims to recalibrate and strengthen governance through strategic appointments and maintaining economic stability.

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Argentina’s new plan to bring back $270 billion in undeclared dollars

Argentina’s government introduces a plan to repatriate billions in undeclared U.S. dollars, aiming to boost currency reserves and stimulate the economy. The initiative, led by President Javier Milei, removes tax reporting requirements for repatriated funds, allowing citizens to use undeclared dollars without disclosing their sources. Concerns arise about potential financial transparency issues and the risk of facilitating illegal funds.

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