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,…

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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…

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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…

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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

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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

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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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HOUSE BILL 59: AMENDMENT TO THE RETAIL TRADE LIBERALIZATION ACT OF 2000

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On March 05, 2020, the House of Representatives approved on the second reading House Bill 59. The said bill if signed into law will amend Republic Act (RA) 8762 or the Retail Trade Liberalization Act of 2000. As a background, RA 8762 was passed “to promote consumer welfare in attracting promoting and welcoming productive investment that will bring down price for the Filipino consumer, create more jobs, promote tourism, assist small manufacturers, stimulate economic growth and enable Philippine goods and services to become globally competitive through the liberalization of the retail trade…

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THE REAL ESTATE INVESTMENT TRUST (REIT) : SALIENT PROVISIONS OF R.A. 9856

Republic Act (RA) 9856 otherwise known as “An Act Providing the Legal Framework for Real Estate Investment Trust and for Other Purposes” or the Real Estate Investment Trust (REIT) Act of 2009 lapsed into law on December 17, 2009 when then President Gloria Macapagal Arroyo did not sign the same. PURPOSE OF REAL ESTATE INVESTMENT TRUST LAW The purpose of the REIT law as pursuant to Section 2 thereof is “It is the policy of the State to promote the development of the capital market, democratize wealth by broadening the participation of…

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