[SONA 2020 SPECIAL COVERAGE: PART 4 OF 4]
President Rodrigo Duterte has spelled out measures that will help the country recover from the effects of the COVID-19 pandemic. In his 5th State of the Nation Address (SONA) at the Batasang Pambansa, he called on Congress to fast-track the passage of these measures.
Among them is the proposed Corporate Recovery and the Tax Incentives for Enterprises (CREATE) Act, which aims to immediately cut the 30% corporate income tax to 25%, give the government flexibility to grant a combination of fiscal and non-fiscal incentives, among others.
Another is the Financial Institutions Strategic Transfer (FIST) bill that will set up mechanisms allowing banks and other financial institutions to dispose of and transfer non-performing assets and loans to asset management companies similar to special purpose vehicles.
The President also viewed infrastructure investment as an effective tool to help spur high growth, attract investments, create jobs, and achieve financial inclusion for all Filipinos. For this reason, infrastructure projects under the "Build, Build, Build" program are ongoing to realize the maximum benefit from the country’s investments.
To create jobs, the President asked the Technical Education and Skills Development Authority (TESDA) to come up with special training programs to retool returning overseas Filipino workers (OFWs). TESDA launched an online mode of livelihood and skills training, offering 71 free online courses.
Moreover, he directed the Department of Agriculture (DA) and Department of Trade and Industry (DTI) to come up with agri-business and entrepreneurship projects to help displaced OFWs rebuild their livelihood.
The President, also, asked the Land Bank of the Philippines (LBP) and other government financial institutions to continue providing low-interest loans.
To further intensify efforts to help local businesses, especially the micro, small, and medium enterprises (MSMEs), President Duterte assured that his administration will provide responsive government assistance and services, capitalization, and business operations support. The DTI, through the Small Business Corporation (SBC), has set up the Php1-billion COVID-19 Assistance to Restart Enterprises (CARES) program to provide zero-interest loans for MSMEs.
“As of July 10, 2020, over 2,600 loan applications worth Php182.5-million have been approved. We are optimistic that this initiative will help our MSMEs stabilize and recover from their losses,” the President said.
At the same time, President Duterte called on the Bangko Sentral ng Pilipinas (BSP) and banks operating in the country to provide regulatory relief for MSMEs and allow loan payment extensions without incurring penalties and charges. Such regulatory relief, he continued, will help prevent the collapse of companies saddled with accumulated amortizations and payables caused by the closure of their businesses at the height of the strict quarantine periods.
The President also called for the country’s transition to online systems and directed the Department of the Interior and Local Government (DILG), the Department of Budget and Management (DBM), and the Anti-Red Tape Authority (ARTA), along with all government agencies, to adopt a paper-less type business and work performance.
“We need e-governance to provide our people with the services they need from the comfort of their homes or workplaces. It will enable our bureaucracy to better transition into in the 'new normal' and cut or minimize red tape,” he said.
He also proposed the enactment of an Internet Transactions Act (ITA) to provide stronger protection for online consumers and enable measures for online businesses. "We need to build trust and confidence in online transactions," he reasoned out.
Although President Duterte welcomed the developments in the e-commerce industry, but he still believes that regulatory controls must be put in place to protect consumers.
“We must patrol the country’s cyberspace and enforce online consumer and data protection and privacy laws. We must run after online scammers and those undermining the people’s trust in online transactions. We must continue to protect Filipinos in the new normal and remind the world that we are responsible stewards of data,” the President said.
For the agricultural sector, he urged anew both the Senate and the House of Representatives to pass a version of the bill establishing the Coconut Farmers’ Trust Fund, and requested them to pass into law the Rural Agricultural and Fisheries Development Financing System Act.
"We aim to provide adequate, accessible, and affordable food for every Filipino (family) through the Plant, Plant, Plant program," the President said. "This Php66-billion agricultural stimulus package will help the agriculture and fisheries sector recover," he added.
It's fine you ring this under the attention of people but the community 'politics - voice of the people is there to hear your voice not what you read in the paper". As a moderator I cannot approve it.