Business group backs P1.3-trillion stimulus bill

A business group called on the government to pass a House-approved bill seeking to spend Php1.3 trillion to stimulate the economy, saying corporate tax reforms and new banking measures may not be enough.
The Management Associa-tion of the Philippines (MAP) said it was glad President Rodrigo Duterte pushed for the passage of the Corporate Recovery and Tax Incentives for Enterprises (CREATE), as well as the Financial Institutions Strategic Transfer (FIST) 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.