Analysts predict that the Philippine economy may contract by as high as 9% in the second quarter of 2020. The country's financial managers and some policymakers are asking that Congress prioritize some key bills -- the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), the Digital Economy Taxation Act, and An Act Ensuring Philippine Financial Industry Resiliency Against the COVID-19 Pandemic – in the hope that these measures can address the impact of the pandemic on business and the economy.

This briefing notes the status and highlights of these bills, as well as a look at a COVID relief measure for small and medium enterprises.

A. Corporate Recovery and Tax Incentives for Enterprises Act (CREATE)¹

B. Digital Economy Taxation Act of 2020²

C. Financial Institutions Strategic Transfer Act³

D. Aid to Micro, Small, and Medium Enterprises

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