MANILA -- (UPDATE) The Philippines extended the deadline for the filing of income tax returns to May 15 without penalties to help the public cope with the COVID-19 lockdown in the island that is home to half the population, the Department of Finance said Thursday.

Taxpayers who can meet the original April 15 deadline are encouraged to settle their dues the earliest they can to help raise funds for President Rodrigo Duterte's coronavirus response.

The enhanced community quarantine, which requires people to stay at home and limits transportation to essential supplies and frontliners will be in effect until April 12.

The May 15 deadline was decided during a meeting between President Rodrigo Duterte and Finance Sec. Carlos Dominguez, said Sen. Bong Go, the President's former longtime special assistant.

"This will give our people a chance to focus on their safety and the welfare of their family at this crucial time," Go said before the BIR's DOF's announcement.

"After we overcome this health situation, we trust that they will faithfully fulfill their tax obligations," he said.

A "delay and shortfall" in collections estimated at P145 billion could be plugged with additional borrowings, the DOF said.

"These tax payments are crucial for the government to fund extremely urgent social protection and emergency health measures meant to effectively combat COVID-19 as well as to sustain state investments needed to help Filipino families regain stable and reliable sources of income at the soonest possible time," it said.

The BIR earlier announced that taxpayers who are enrolled in the Electronic Filing and Payment System (EFPS) can settle their liabilities with Authorized Agent Banks (AABs) where they are enrolled.

Those who will use the EBIR Form facility have the following options:

1. Over-the-Counter (OTC) payment through AABs;
2. Revenue Collection Offices (RCOs) in areas where there are no AABs;
3. Electronic/online payment through:

1. Land Bank of the Philippines’ (LBP) Link.Ziz Portal (for taxpayers who have an ATM account with LBP, holders of Bancnet ATM/Debit/Prepaid Cards or taxpayers utilizing the PesoNet facility, such as depositors of RCBC and Robinsons Bank);
2. Development Bank of the Philippines’ (DBP) Pay Tax Online (for holders of Visa/Mastercard Credit Cards and/or Bancnet ATM/Debit Cards);
3. Union Bank Online Web and Mobile Phone Payment Facility (for taxpayers who have an account with Union Bank of the Philippines); and
4. Mobile Payment (GCash/Paymaya).