May 2020 - ABO LAW FIRM

HB 6623: The Proposed New Normal for the Workplace and Public Spaces Act of 2020 and its Guidelines Affecting Different Businesses and Industries

On 27 April 2020, Rep. Alan Peter S. Cayetano and other representatives in the lower house of congress submitted House Bill (HB) 6623 or the proposed New Normal for the Workplace and Public Spaces Act of 2020. This Bill was passed in order to guide the public and businesses in their conduct after community quarantine to fight the spread of COVID-19 has been lifted. Without a working vaccine, it is imperative that people and businesses follow “new normal rules” in order for the country to avoid relapse in its fight against COVID-19.…

THE PROPOSED CORPORATE INCOME TAX AND INCENTIVES RATIONALIZATION ACT (CITIRA)

Last September 2019, the House of Representatives on the third and final reading voted in favor of House Bill (HB) 4157 or CORPORATE INCOME TAX AND INCENTIVES RATIONALIZATION (CITIRA) which will amend certain provisions of the National Internal Revenue Code (NIRC) of 1997. On March 9, 2020, President Rodrigo Duterte certified as urgent Senate Bill 1357 which is the upper house’s version of the bill. However, further bicameral deliberations on the matter have suddenly stopped due to the COVID-19 pandemic that saw restrictions and lockdowns on the Philippine capital and provinces. Now,…

SALIENT POINTS OF HOUSE BILL NO. 6622: THE PHILIPPINE BANKING INDUSTRY RESILIENCY AGAINST COVID-19 PANDEMIC ACT

On May 11, 2020 the National Economic and Development Authority (NEDA) through Acting Socioeconomic Planning Secretary Karl Kendrick Chua revealed that House Bill No. 6622 (HB6622) or “The Philippine Banking Industry Resiliency Against COVID-19 Pandemic Act” is likely to be certified as urgent by President Rodrigo Duterte. The Bill authored by Representative Junie Cua will encourage financial institutions to sell their non-performing assets (NPAs) to Financial Institution Strategic Transfer Corporations (FISTSCs), and grants tax exemptions and reduced registration and transfer fees to certain transactions. One of the major reason for the probable…

GENERAL COMMUNITY QUARANTINE (GCQ): THE GUIDELINES FOR BUSINESSES OPERATIONS IN AREAS UNDER GCQ

As the outbreak of COVID-19 pandemic is being controlled by lockdowns during the Enhanced Community Quarantine (ECQ), Philippine cities and provinces are starting to ease restrictions. The next phase after the ECQ is the General Community Quarantine (GCQ) wherein more businesses are allowed to open and public transportation is allowed to return, albeit, at a reduced capacity. The GCQ phase, according to the government may last months to ensure that the second wave of the pandemic, if it comes, will not devastate the country again. In Metro Manila, the capital of the…