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Print articlePhilippine Legislation in the Pipeline: Can They "De-contract" the Economy?
June, 2020 - Vicente Gerochi IV, Carina Laforteza, John Christian Joy Regalado, Ma. Patricia Paz-Jacoba
Analysts predict that the Philippine economy may contract by as high as 9% in the second quarter of 2020. The country's financial managers and some policymakers are asking that Congress prioritize some key bills -- the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), the Digital Economy Taxation Act, and An Act Ensuring Philippine Financial Industry Resiliency Against the COVID-19 Pandemic – in the hope that these measures can address the impact of the pandemic on business and the economy.
This briefing notes the status and highlights of these bills, as well as a look at a COVID relief measure for small and medium enterprises.
A. Corporate Recovery and Tax Incentives for Enterprises Act (CREATE)1
B. Digital Economy Taxation Act of 20202
C. Financial Institutions Strategic Transfer Act3
D. Aid to Micro, Small, and Medium Enterprises
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