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Senate settles deadlock on CREATE bill with separate tax rules for exporters, domestic players

Katrina Domingo, ABS-CBN News
Posted at Nov 25 12:14 AM

The Senate on Tuesday settled a deadlock on when incentives for several industries would end under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill by approving an amendment that would treat exporters and domestic players "differently." Read more »

Recto scoffs at DOF's hesitance to accept minor CREATE amendments

Katrina Domingo, ABS-CBN News
Posted at Nov 24 11:09 PM

Senate President Pro Tempore Ralph Recto on Tuesday scoffed at the Department of Finance (DOF) for nitpicking on several proposed amendments to the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill. Read more »

Electronics industry to shrink at slower pace: SEIPI

Bruce Rodriguez, ABS-CBN News
Posted at Nov 13 06:08 PM

The Philippine electronics industry will shrink at a slower pace this year than initially forecast as the country eases quarantine measures imposed to check the spread of COVID-19.   Read more »

As tax base shrinks during pandemic, proposed law seeks to cut revenue sources

Robert JA Basilio Jr., Philippine Center for Investigative Journalism
Posted at Oct 30 05:00 PM

The Duterte government is pushing for a bill cutting the corporate income tax in exchange for strict limits to tax perks enjoyed by investors. Economists however warn against eroding the revenue base at a time of a pandemic, when funds are needed the most. Read more »

Senate eyes early session resumption to tackle 2021 budget, CREATE bill: Zubiri

Katrina Domingo, ABS-CBN News
Posted at Oct 15 01:35 PM

Senate Majority Leader Juan Miguel Zubiri on Thursday said the Senate plans to resume session a week earlier in November to work on the passage of the 2021 budget and a bill that will rationalize corporate income taxes, 2 measures cited as priorities of the executive branch. Read more »

Imee Marcos seeks to 'defer' removal of tax incentives under CREATE bill

Katrina Domingo, ABS-CBN News
Posted at Oct 12 09:42 PM

Senate Committee on Economic Affairs chair Imee Marcos on Monday sought for the "outright deferment" a bill that would reduce incentives given to several businesses, saying the government needs to "protect" investors who have been creating jobs and generating revenue for the Philippines for several decades. Read more »

Fellow senators' push for Bulacan airport bill irks Pia Cayetano

Katrina Domingo, ABS-CBN News
Updated as of Oct 06 12:00 AM

Sen. Pia Cayetano on Monday ranted in plenary after the Senate leadership denied her request to be given at least a day to study a bill that would grant San Miguel Corp. a franchise to build the Bulacan Airport. Read more »

Drilon urges DILG to delegate some tasks to local gov't units

Katrina Domingo, ABS-CBN News
Posted at Oct 01 09:31 PM

Senate Minority Leader Franklin Drilon on Thursday said the Department of the Interior and Local Government (DILG) should transfer some of its mandate to local government units as the country is expected to face a "serious fiscal problem" in the coming years. Read more »

Recto wants long-time ecozone investors exempted from new tax rates under CREATE

Katrina Domingo, ABS-CBN News
Posted at Sep 23 11:03 PM

Recto pushed for the inclusion of a "grandfather rule" -- which allows existing investors in the country to enjoy status quo, while a new rule is applied to future investors -- in the Corporate Recovery and Tax Incentives for Enterprises bill. Read more »

PH 'exceeds' P2.2-T estimated tax revenue this year, says Finance chief

Katrina Domingo, ABS-CBN News
Posted at Sep 23 02:03 PM

Finance Secretary Carlos Dominguez on Wednesday said the Philippines has already exceeded this year's estimated P2.2 trillion tax revenue as early as August. Read more »

PH economic recovery rests on 2021 budget, 'set of measures' to aid businesses

ABS-CBN News
Posted at Sep 10 11:06 AM

Economic recovery from the COVID-19 pandemic rests not just on the 2021 budget but also the swift passage of other measures meant to assist struggling businesses, Finance Asec. Tony Lambino said Thursday. Read more »

DOF chief pushes for 2021 budget's 'swift' passage as Senate begins tackling P4.5T spending bill

Katrina Domingo, ABS-CBN News
Updated as of Sep 09 09:36 PM

Finance Secretary Carlos Dominguez on Wednesday urged the Senate to "swiftly" pass the P4.5-trillion 2021 budget and at least 3 bills to enable the government to revive the Philippine economy stunted by the COVID-19 crisis. Read more »

Palace reiterates call for speedy passage of Bayanihan 2 as PH dives into recession

Arianne Merez, ABS-CBN News
Posted at Aug 06 04:58 PM

Malacañang appealed to Congress on Thursday to fast-track the passage of the Bayanihan to Recover as One bill to resuscitate the economy as the Philippines plunged into recession due to the coronavirus pandemic.   Read more »

Business group backs P1.3-trillion stimulus bill

ABS-CBN News
Posted at Jul 29 10:56 PM

Management Association of the Philippines called on government to pass a House-approved bill seeking to spend P1.3 trillion to stimulate the economy, saying corporate tax reforms and new banking measures may not be enough.  Read more »

Robredo backs House-approved P1.3 trillion stimulus bill

ABS-CBN News
Posted at Jul 29 07:22 PM

MANILA - Vice President Leni Robredo on Wednesday called for the passage of a P1.3-trillion spending bill meant to stimulate the economy following disruptions caused by the COVID-19 pandemic.    Read more »

Duterte calls on lawmakers to fast-track passage of corporate tax reform bill

ABS-CBN News
Posted at Jul 27 05:24 PM

President Rodrigo Duterte called on lawmakers to “fast-track the passage” of a bill seeking to lower corporate income taxes and rationalize fiscal incentives during his fifth State of the Nation Address on Monday.    Read more »

Philippines needs policy clarity to lure foreign funds: analyst

ABS-CBN News
Posted at Jun 22 10:12 AM

The Philippines needs "more clarity" in policies to lure foreign investors, more importantly during the COVID-19 pandemic, a Fitch Solutions analyst said Monday.  Read more »

Tax reform more important than new anti-terror bill: Financial executives group

ABS-CBN News
Posted at Jun 09 12:02 AM

MANILA - A group of financial executives on Monday said it opposes the enactment of the Anti-Terrorism Act (ATA), and called on Congress to prioritize the passage of the corporate tax reform bill instead. Read more »

House approves P1.5 trillion stimulus bill on second reading

ABS-CBN News
Updated as of Jun 05 03:43 PM

The House of Representatives approved on second reading Friday a P1.5 trillion stimulus after official date showed unemployment during the COVID-19 lockdown ballooned to a record. Read more »

'Crisis and recovery': Business groups press Congress on stimulus

ABS-CBN News
Posted at Jun 04 12:30 PM

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.   Read more »