Jobs, payrolls to aid Philippines' economic rebound: trade chief

ABS-CBN News

Posted at Jun 02 2020 09:56 AM | Updated as of Jun 02 2020 10:22 AM

Workers take advantage of the P2P bus service from MRT North Avenue, Quezon City to Taft Avenue in Pasay City on the first day of the General Community Quarantine in Metro Manila. June 1, 2020. George Calvelo, ABS-CBN News

MANILA -- Filipinos keeping their jobs and getting paid will help revive spending and fuel economic recovery from the COVID-19 pandemic, one of President Rodrigo Duterte's economic managers said Tuesday, after he eased one of the world's longest lockdowns.

About 95 percent of all sectors are now allowed to operate at limited capacity under the general community quarantine that started Monday in Metro Manila and other urban areas, Trade Secretary Ramon Lopez said.

To preserve jobs, micro and small enterprises can borrow P10,000 up to P500,000 under the government's Pondo sa Pagbabago at Pag-Asenso program, Lopez said.

A P1.3-trillion stimulus bill that aims to fund wage subsidies an infrastructure, among others, is among the "most comprehensive" rescue packages, Lopez said, expressing his support.

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Lopez said the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), which aims to immediately lower corporate income tax to 25 percent from 30 percent, has his "200 percent" endorsement.

"It would really strengthen our attractiveness as a country," he said.