April 2020 - ABO LAW FIRM

ABO LAW FIRM

GOVERNMENT PLANS AND RESPONSES TO BOLSTER THE ECONOMY DURING AND AFTER THE LOCKDOWN CAUSED BY THE COVID-19 PANDEMIC

The lockdown of the capital Metro Manila and other provinces due to the COVID-19 pandemic has put a damper on the fast rising economy of the Philippines. For the first time in a long-time, the Philippines is looking at a contraction of its economy possibly resulting in many micro, small, and medium enterprises (MSMEs) and also big business like airline companies filing for bankruptcies. The Philippine government has already introduced programs to cushion the economic impact of the pandemic like the Php50.8 billion peso small business wage subsidy program for displaced workers…

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BANGKO SENTRAL MOVES TO HELP PHILIPPINE ECONOMY AMID THE COVID-19 PANDEMIC AND THE ENHANCED COMMUNITY QUARANTINE

On March 17, 2020, in order to slow the spread of COVID-19 in the Philippines, President Rodrigo Duterte ordered the whole island of Luzon, including Metro Manila, to be under Enhanced Community Quarantine (ECQ). However, the toll on the economy and businesses due governmental response measures has been getting heavier by the day. To help keep the economy afloat during the pandemic and its aftermath, the Bangko Sentral has been several key moves. Here are some these, so far: Effective April 3, 2020 the Bangko Sentral reduced the reserve requirement (RR) ratio…

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GOVERNMENT STEPS TO ASSIST MICRO, SMALL AND MEDIUM ENTERPRISES (MSMEs) DURING AND AFTER THE ENHANCED COMMUNITY QUARANTINE

The COVID-19 pandemic currently ravaging the world has been causing lockdowns and putting non-essential businesses on virtual standstill. In the Philippines, many areas are under “Enhanced Community Quarantine” (ECQ) which is basically a lockdown, causing non-essential businesses to temporarily shutter its doors and resulting in economic reverses. One of the hardest hit sectors are the micro, small and medium enterprises (MSMEs) who are not big enough and cash-rich enough to survive the suspension of its businesses without government aid. Thus, the government through a law, issuances, and other declarations, have been making…

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HOUSE BILL 78: PROPOSED AMENDMENTS TO THE PUBLIC SERVICE LAW AND ITS EFFECT ON PUBLIC UTILITIES AND FOREIGN OWNERSHIP

On 10 March 2020, the House of Representatives approved on the third and final reading House Bill 78, which if passed into law, will amend Commonwealth Act No. 89 or the Public Service Law. HB 78, if passed into law, would put a statutory definition on a public utility which under the current law is considered the same as public service. Putting a definition to, and limiting what is considered a public utility to just a handful of industries would effectively remove foreign-ownership restrictions on the industries not considered as public utilities.…

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RA 11469: THE BAYANIHAN TO HEAL AS ONE ACT AND ITS PROVISIONS AFFECTING PRIVATE BUSINESSES DURING THE COVID-19 PANDEMIC IN THE PHILIPPINES

On March 25, 2020 President Rodrigo Duterte signed into law Republic Act (RA) 11469 or the Bayanihan to Heal as One Act. The said law was crafted in response to the current coronavirus disease (COVID-19) pandemic which is caused by the novel coronavirus (SARS-CoV-2). The said disease started in China in the latter part of 2019 and is now wreaking havoc around the world including the Philippines. RA 11469 was speedily passed into law in light of the national health emergency brought upon by the COVID-19 outbreak in the Philippines with the…

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