Duterte: Key Bills Pushed To Restart Economy

The government is pushing for the passage of a tax incentive bill and three other vital measures that aim to support the growth of industries and revitalize the economy in the face of the coronavirus pandemic.

- Genalyn D. Kabiling

In his 11th weekly report to Congress, President Duterte said the economic team has endorsed the Corporate Recovery and Tax Incentive for Enterprises (CREATE) bill, the Rural Agricultural and Fisheries Development Financing System bill, Financial Institutions Strategic Transfer (FIST) bill, and Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery (GUIDE) bill under the administration's economic recovery program.

The departments, agencies, and instrumentalities of the Executive branch are tirelessly working in pursuit of our country's recovery from the effects of the COVID-19 pandemic, he said.

Our economic managers are pursuing measures to strengthen our economy and to boost the performance and financial standing of our industries, he added.

The National Economic and Development Authority (NEDA) had earlier crafted the framework of the economic recovery program titled Philippine Program for Recovery with Equity and Solidarity or PH-PROGRESO.”

As part of the PH-PROGRESO, Duterte said the NEDA and DOF have pressed for the passage of the CREATE bill, a proposed fiscal stimulus program for enterprises. The recalibrated bill used to be the proposed Corporate Income Tax and Incentives Reform Act (CITIRA).