Economic Recovery
MSME STIMULUS ACT
The MSME Stimulus Act aims to support the recovery and growth of micro, small, and medium enterprises (MSMEs) in the Philippines by providing financial assistance and wage subsidies, particularly during crises.
PASSIVE INCOME AND FINANCIAL INTERMEDIARY TAXATION ACT
The Passive Income and Financial Intermediary Taxation Act aims to amend various sections of the National Internal Revenue Code to streamline taxation on passive income and financial intermediaries, reducing the number of tax combinations and harmonizing tax rates.
GFIS UNIFIED INITIATIVES TO DISTRESSED ENTERPRISES FOR ECONOMIC RECOVERY (GUIDE) ACT
The GFIS Unified Initiatives to Distressed Enterprises for Economic Recovery (GUIDE) Act aims to provide financial support to micro, small, and medium enterprises (MSMEs) and strategically important companies affected by the COVID-19 pandemic. It seeks to enhance the loan programs of government financial institutions like the Development Bank of the Philippines (DBP) and the Land Bank of the Philippines (LandBank).
NEW LAND BANK OF THE PHILIPPINES ACT
The bill aims to provide a new charter for the Land Bank of the Philippines, enhancing its role in agricultural and rural development while repealing certain provisions of the Agricultural Land Reform Code.
PRICE OF ELECTRICITY
This bill aims to lower electricity prices by exempting the sale of electricity from the Value Added Tax (VAT), which is currently imposed at 12% on electricity sales by generation, transmission, and distribution companies, as well as electric cooperatives.
REDUCING THE COST OF BUSINESS COMPLIANCE FOR MICRO, SMALL AND MEDIUM ENTERPRISES (MSMES)
This bill aims to promote business growth and recovery for micro, small, and medium enterprises (MSMEs) by reducing their compliance costs with tax regulations. It proposes to lower the optional tax rate on gross sales or receipts from 8% to 5% and simplify the withholding tax rates for purchases of goods and services.
TAX RELIEF TO MICRO, SMALL AND MEDIUM ENTERPRISES
This bill aims to provide temporary tax relief to micro, small, and medium enterprises (MSMEs) by exempting them from income tax for three years and allowing a 25% deduction on labor expenses.