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'Crisis and recovery': Business groups press Congress on stimulus
'Crisis and recovery': Business groups press Congress on stimulus
ABS-CBN News
Published Jun 04, 2020 12:30 PM PHT
Street stalls are seen packed at Plaza Miranda on April 4, 2020 as most businesses remain closed during the enhanced community quarantine. Jonathan Cellona, ABS-CBN News/File
MANILA - The Philippines' biggest business groups on Thursday said lawmakers should speed up deliberations on stimulus measures to help the economy recover from the coronavirus pandemic.
The groups cited the Accelerated Recovery and Investments Stimulus for the Economy or ARISE bill, a P1.3-trillion rescue package for small businessmen and CREATE, which seeks to cut the corporate income tax to 25 percent from 30 percent.
"We appeal to the House of Representatives, the Senate, and the Administration to have thorough but speedy deliberations to produce a law for this stage of the crisis and recovery," the statement said.
"As the country reopens and the economic effects of the pandemic become clearer, a strong new law would provide much-needed support and confidence to COVID-19 frontliners, workers, and businesses," it said.
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The Senate and the House of Representatives are scheduled to go on break this week and unless a special session is called, they will reconvene in July.
President Rodrido Duterte should heed to calls for special sessions to give lawmakers enough time to discuss the bills, the business groups said.
The Philippine economy will likely contract by 2 to 3.4 percent this year due to the pandemic, according to revised government assumptions.
The joint statement was issued by the following:
• ALYANSA AGRIKULTURA • AMERICAN CHAMBER OF COMMERCE OF THE PHILIPPINES (AMCHAM) • ANVIL BUSINESS CLUB • ASIA PACIFIC REAL ESTATE ASSOCIATION (APREA) – PHILIPPINES • AUSTRALIAN-NEW ZEALAND CHAMBER OF COMMERCE PHILIPPINES (ANZCHAM) • BANGSAMORO FEDERAL BUSINESS COUNCIL • CANADIAN CHAMBER OF COMMERCE OF THE PHILIPPINES (CANCHAM) • CEBU BUSINESS CLUB (CBC) • CEBU LEADS FOUNDATION (CLF) • CHINESE FILIPINO BUSINESS CLUB, INC. (CFBCI) • EUROPEAN CHAMBER OF COMMERCE OF THE PHILPPINES (ECCP) • FEDERATION OF FILIPINO-CHINESE CHAMBERS OF COMMERCE & INDUSTRY, INC. (FFCCCII) • FILIPINA CEO CIRCLE (FCC) • FINANCIAL EXECUTIVES INSTITUTE OF THE PHILIPPINES (FINEX) • FINTECH ALLIANCE.PH • FRENCH CHAMBER OF COMMERCE AND INDUSTRY IN THE PHILIPPINES (CCI FRANCE PHILIPPINES) • INSTITUTE FOR SOLIDARITY IN ASIA, INC. (ISA) • INSTITUTE OF CORPORATE DIRECTORS (ICD) • INVESTMENT HOUSE ASSOCIATION OF THE PHILIPPINES (IHAP) • IT & BUSINESS PROCESS ASSOCIATION OF THE PHILIPPINES, INC. (IBPAP) • JAPANESE CHAMBER OF COMMERCE AND INDUSTRY OF THE PHILIPPINES, INC. • KOREAN CHAMBER OF COMMERCE PHILIPPINES (KCCP) • MAKATI BUSINESS CLUB (MBC) • MANAGEMENT ASSOCIATION OF THE PHILIPPINES (MAP) • MINDANAO BUSINESS COUNCIL (MINBC) • NATIONAL REAL ESTATE ASSOCIATION (NREA) • ORGANIZATION OF SOCIALIZED HOUSING DEVELOPERS OF THE PHILIPPINES (OSHDP) • PEOPLE MANAGEMENT ASSOCIATION OF THE PHILIPPINES (PMAP) • PHILIPPINE ASSOCIATION OF MULTINATIONAL COMPANIES REGIONAL HEADQUARTERS, INCORPORATED (PAMURI) • PHILIPPINE CENTER FOR ENTREPRENEURSHIP (GO NEGOSYO) • PHILIPPINE CHAMBER OF COMMERCE & INDUSTRY (PCCI) • PHILIPPINE COUNCIL OF ASSOCIATIONS AND ASSOCIATION EXECUTIVES (PCAAE) • PHILIPPINE FRANCHISE ASSOCIATION (PFA) • PHILIPPINE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS (PICPA) • PHILIPPINE LIFE INSURANCE ASSOCIATION (PLIA) • PHILIPPINE RETAILERS ASSOCIATION (PRA) • PHILIPPINE WOMEN’S ECONOMIC NETWORK (PHILWEN) • PROCUREMENT AND SUPPLY INSTITUTE OF ASIA (PASIA) • SEMICONDUCTOR AND ELECTRONICS INDUSTRIES IN THE PHILIPPINES, INC. (SEIPI) • SHAREHOLDERS’ ASSOCIATION OF THE PHILIPPINES (SHAREPHIL) • SUBDIVISION AND HOUSING DEVELOPERS ASSOCIATION (SHDA) • TAX MANAGEMENT ASSOCIATION OF THE PHILIPPINES (TMAP) • UP SCHOOL OF ECONOMICS ALUMNI ASSOCIATION (UPSEAA) • WOMEN’S BUSINESS COUNCIL PHILIPPINES (WOMENBIZPH)
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