Business group backs P1.3-trillion stimulus bill

ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2020/business/07/29/20200721-edsa-welders-construction-jc-0910.jpg"/><figcaption>Workers weld iron rods at the construction site of the Unified Grand Central Station (UGCS), also known as the Common Station, along North EDSA on July 21, 2020.</figcaption></figure></div>MANILA - A business group called on the government to pass a House-approved bill seeking to spend P1.3 trillion to stimulate the economy, saying corporate tax reforms and new banking measures may not be enough. The Management Association of the Philippines (MAP) said it was glad President Rodrigo Duterte pushed for the passage of the Corporate Recovery and Tax Incentives for Enterprises (<a href="https://news.abs-cbn.com/business/07/27/20/duterte-calls-on-lawmakers-to-fast-track-passage-of-corporate-tax-reform-bill" target="_blank">CREATE</a>), as well as the Financial Institutions Strategic Transfer (<a href="https://news.abs-cbn.com/business/07/27/20/sona-2020-duterte-backs-bill-allowing-banks-to-dispose-of-bad-loans" target="_blank">FIST</a>) bills during his 5th State of the Nation Address. CREATE aims to lower corporate income taxes, while FIST seeks to allow banks to dispose of bad loans. MAP president Francis Lim, however, said in a statement on Tuesday his group was surprised that Duterte did not endorse the Accelerated Recovery and Investments Stimulus for the Economy of the Philippines, or ARISE bill. Lim said ARISE “was a well-studied bill aimed at effectively addressing our economic problems on all fronts in the shortest possible time.”“As we earlier said, we cannot afford to be behind the curve in putting in place all stimulants that will help our economy recover quickly from the pandemic,” said Lim in a statement. The ARISE bill provides for wage subsidies, cash aid and training for displaced workers, educational subsidy for students, as well as aid for small and medium enterprises, among others. Vice President <a href="https://news.abs-cbn.com/business/07/29/20/robredo-backs-house-approved-p13-trillion-stimulus-bill" target="_blank">Leni Robredo</a> also endorsed ARISE on Wednesday, saying the corporate tax reform bill was not enough to stimulate the economy following the disruptions caused by the COVID-19 pandemic. CHILLING EFFECTMAP also warned that Duterte’s attacks on the country’s two main telcos will have a negative effect on potential investors.Duterte on Monday warned PLDT and Globe that he would “<a href="https://news.abs-cbn.com/business/07/27/20/duterte-threatens-to-shut-telcos-face-expropriation-if-no-improvement-by-december" target="_blank">expropriate</a>” them if their service did not improve by December.“Given what recently happened to ABS-CBN, this is a clear and present danger to the businesses mentioned. He can make it happen and that sends a chilling effect to business and potential investors,” Lim said.While MAP agreed that telco services needed to be improved in the country, Lim said “the President should have also called on our government units and property owners to remove roadblocks to the improvement of our telco services especially in terms of putting up the needed cellular towers.”MAP also took issue with Duterte’s characterization of present-day businessmen as similar to the oligarchs during the Spanish regime.Lim said the Philippines’ big businesses still pale in comparison with their Asian counterparts and their growth should be nurtured to help them generate more jobs.

Management Association of the Philippines called on government to pass a House-approved bill seeking to spend P1.3 trillion to stimulate the economy, saying corporate tax reforms and new banking measures may not be enough.

Management Association of the Philippines called on government to pass a House-approved bill seeking to spend P1.3 trillion to stimulate the economy, saying corporate tax reforms and new banking measures may not be enough.

Business group backs P1.3-trillion stimulus bill | ABS-CBN

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Business group backs P1.3-trillion stimulus bill

Business group backs P1.3-trillion stimulus bill

ABS-CBN News

Published Jul 29, 2020 10:56 PM PHT

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stimulus spending bill

ARISE bill

Management Association of the Philippines

CREATE bill

FIST bill

Francis LIm

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