President Rodrigo R. Duterte has cited in his 5th State of the Nation Address that the Philippine economy is in a good position to face the threat of coronavirus disease 2019 (COVID-19) due to the strong policies of his administration.
The President has proudly reported the good credit rating of the country. This has given the Philippines the opportunity to borrow affordable loans to help in its response to the COVID-19 pandemic.
Into his last year as head of state, the effect of Ease of Doing Business Act has hastened the process of consular services, building permits, processing of the documents of seafarers and Overseas Filipino Workers (OFWs).
He mentioned the extended length of validity of the drivers’ license and passport as well.
The Corporate Recovery and Tax Incentives for Enterprises or CREATE Act which he signed into law aims to reduce the corporate income tax of businesses and encourage more creation of businesses in the country.
He called on the Bangko Sentral ng Pilipinas (BSP) and banks to give regulatory relief for MSMEs for them to have an opportunity to extend the payment of their loans without any additional charges.
The Chief Executive has pointed out that this is the time to support local businesses and support Filipino products. – Report from Naomi Tiburcio