Business groups press Duterte for ‘more substantial’ economic plan vs virus

Over 40 business groups call on the Philippine government to swiftly produce a law for economic recovery

by Ralf Rivas, 4 Jun 2020

MANILA, Philippines – Forty-four of the country’s biggest business groups urged the Duterte administration to quickly implement a “more substantial” stimulus plan to revive the economy from the coronavirus pandemic.

The business groups said in a joint statement on Thursday, June 4, that they support the Accelerated Recovery and Investments Stimulus for the Economy (ARISE) bill filed in the House of Representatives.

ARISE aims to spend P1.3 trillion in 3 years to support workers and businesses heavily affected by the pandemic.

Under the measure, 1.5 million jobs would be created through infrastructure projects and financial assistance.

There is also P20 billion intended for mass testing from 2020 to 2021.

“ARISE would be an effective program for building on the Bayanihan law and the measures President [Rodrigo] Duterte and the Bangko Sentral ng Pilipinas have rolled out,” the business groups said.

To stay updated on news, advisories, and explainers, check out our special coverage page, “Novel Coronavirus Outbreak.”

However, Congress is set to adjourn on Friday, June 5, with economic bills still pending. A special session would be held only if the President calls for one.

“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 business groups said.

The groups added that ARISE complements the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), the modified version of the controversial Corporate Income Tax and Incentives Rationalization (Citira) bill. (READ: [ANALYSIS] Why make the poor pay for the coronavirus response?)

CREATE aims to lower corporate income tax to 25%, and impose targeted tax and non-tax incentives.

The joint statement was issued by the following:

Alyansa Agrikultura
American Chamber of Commerce of the Philippines
Anvil Business Club
Asia Pacific Real Estate Association-Philippines
Australian-New Zealand Chamber of Commerce of the Philippines
Bangsamoro Federal Business Council
Canadian Chamber of Commerce of the Philippines
Cebu Business Club
Cebu Leads Foundation
Chinese Filipino Business Club, Incorporated
European Chamber of Commerce of the Philippines
Federation of Filipino-Chinese Chambers of Commerce and Industry, Incorporated
Filipino CEO Circle
Financial Executives Institute of the Philippines
Fintech Alliance.PH
French Chamber of Commerce and Industry in the Philippines
Institute for Solidarity in Asia, Incorporated
Institute of Corporate Directors
Investment House Association of the Philippines
IT and Business Process Association of the Philippines, Incorporated
Japanese Chamber of Commerce and Industry of the Philippines, Incorporated
Korean Chamber of Commerce of the Philippines
Makati Business Club
Management Association of the Philippines
Mindanao Business Council
National Real Estate Association
Organization of Socialized Housing Developers of the Philippines
People Management Association of the Philippines
Philippine Association of Multinational Companies Regional Headquarters, Incorporated
Philippine Center for Entrepreneurship
Philippine Chamber of Commerce and Industry
Philippine Council of Associations and Association Executives
Philippine Franchise Association
Philippine Institute of Certified Public Accountants
Philippine Life Insurance Association
Philippine Retailers Association
Philippine Women’s Economic Network
Procurement and Supply Institute of Asia
Semiconductor and Electronics Industries in the Philippines, Incorporated
Shareholders’ Association of the Philippines
Subdivision and Housing Developers Association
Tax Management Association of the Philippines
University of the Philippines School of Economics Alumni Association
Women’s Business Council Philippines
– Rappler.com