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DOF seeks swift passage of 2021 budget, economic measures

The Department of Finance (DOF) has sought the swift enactment by Congress of the proposed national budget for next year along with the economic priority measures to rebuild the economy and decisively defeat coronavirus. Finance Secretary Carlos G. Dominguez III ( MB FILE, Albert Garcia) During a briefing for the Senate finance committee, Finance Secretary Carlos G. Dominguez III said the timely enactment of the P4.506 trillion 2021 national budget is a key component of the government’s comprehensive program under its economic bounce-back plan. On top of the budget, Dominguez also said that a “timely and decisive” passage of several economic priority measures are needed to accelerate economic recovery. The priority measures, now pending in Congress, include the Financial Institutions’ Strategic Transfer (FIST) Act, and the Government Financial Institutions’  Unified Initiatives to Distressed Enterprises for Economic Recovery (GUIDE) bill. FIST allows banks to dispose of bad loans and non-performing assets through asset management companies, while GUIDE seeks to allow state-run banks to form a special holding company that will infuse equity, with strict conditions, into strategically important companies facing insolvency.  Likewise, the finance chief urged the Senate to pass the proposed Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), which will  immediately lower the corporate income tax (CIT) rate from 30 percent to 25 percent. “The swift enactment of CREATE, FIST, GUIDE and the 2021 budget will serve to accelerate our economic recovery. We should not delay providing urgent and necessary relief to our people,” Dominguez said during the Development Budget Coordination Committee (DBCC) briefing. The DBCC is composed of the heads of the Department of Budget and Management (DBM), DOF, National Economic and Development Authority (NEDA), Bangko Sentral ng Pilipinas (BSP); and a senior representative from the Office of the President (OP). “We are committed to working closely with you on the recovery measures so that these can be enacted in a timely, decisive, and responsible manner,” Dominguez told members of the panel chaired by Senator Juan Edgardo Angara. He said the Duterte administration will continue to work with the legislature in passing the remaining packages of the comprehensive tax reform program (CTRP) that will, among others, institute reforms in property valuation and in the taxation of the financial sector. Dominguez said economic recovery also rests on sustaining President Duterte’s signature program “Build, Build, Build,” as sound infrastructure investments provide the largest multiplier effect on the economy in the form of more jobs creation,  increased consumption, and the generation of additional productive activities......»»

Category: newsSource: mb.com.ph mb.com.phSep 9th, 2020

New-look House leadership off to a good start, say solons

House members can’t help but notice a sense of synergy between Speaker Lord Allan Velasco and Majority Leader Martin Romualdez in just their first few days of working together. Case in point, according to Cavite Rep. Elpidio Barzaga Jr., San Jose del Monte City Rep. Florida Robes, and Ang Probinsyano Party-list Rep. Alfred delos Santos, were the two important bills that the House leadership was able to deliver without a hitch during the conduct of special sessions this past week. The Majority Bloc solons were referring to the passage on third and final reading of measures House Bill (HB) No.7727, or the P4.506-trillion General Appropriations Bill (GAB) of 2021; and HB No.7884, or the proposed Act authorizing the President to expedite the processing and issuance of national and local permits, licenses and certifications. “The performance of the new leadership during special session was very commendable. This is a very encouraging sign in our mission to approve the legislative agenda of President Duterte,” Barzaga said. “The Velasco-Romualdez leadership (is) off to a good start,” added the veteran congressman and former Dasmariñas mayor. For her part, Robes said she is “extremely delighted that the leadership impasse in the House of Representatives had been resolved peacefully and amicably by our two honorable leaders, Lord Alan Velasco and former Speaker Alan Peter Cayetano.” “I look forward to a renewed, more united and inclusive leadership at the House of Representatives led by Speaker Velasco with Majority Leader Ferdinand Martin Romualdez. I believe that Speaker Velasco and Majority Leader Romualdez are both righteous and committed to steer the House of Representatives to new heights to become a more effective and responsive institution to serve the Filipino people especially in these trying times,” she stressed. On the other hand, Delos Santos believes that the new-look leadership of the Lower Chamber will continue to work beyond 2020 even as he praised his colleagues for passing next year’s budget bill. “We are very happy that it (GAB) already finished the third reading. Our goal is always to fast-track the process to help out fellow Filipinos. These are not normal times, and gusto po nating matugunan agad yung mga pangangailangan ng mga kababayan natin (we want to quickly address the needs of our people),” Delos Santos said. “We want to assure government agencies (will have enough) resources for them to be able to function in the new normal,” he added. The passage of HB No.7884 or the Anti-Red Tape Bill followed soon after the chamber gave its final nod to the 2021 GAB. Both had been certified as urgent by President Duterte......»»

Category: newsSource:  mb.com.phRelated NewsOct 18th, 2020

Palace seeks quick, efficient budget passage

Malacañang has appealed to the Senate for a quick but efficient passage of the P4.506 trillion 2021 national budget which the House approved on third and final reading Friday night......»»

Category: newsSource:  thestandardRelated NewsOct 17th, 2020

Velasco, Cayetano agree to work for swift passage of 2021 national budget

  BY GENALYN KABILING   House Speaker Lord Allan Velasco and his predecessor Taguig Rep. Alan Cayetano have agreed to work as “one majority” to facilitate the swift passage of the proposed 2021 national budget, Malacañang said Tuesday. The agreement was reached when President Duterte met with two lawmakers at the Malago clubhouse inside Malacanang […].....»»

Category: newsSource:  tempoRelated NewsOct 13th, 2020

Stocks close lower over budget delay

The local stock market ended the week lower yesterday over concern that the passage of next year’s budget will be delayed.  The Philippine Stock Exchange index (PSEi) shed 11.05 points, or 0.19 points, to close at 5,931.61 with sectoral indices mixed.  Volume was lower at 9.16 billion shares worth P5.63 billion with gainers beating losers 119 to 76 with 43 unchanged.  “The local bourse declined due to worries over a possible delay in the passage of the national budget for 2021 which would serve as a risk against the local economic recovery,” said Philstocks Financial Senior Analyst Japhet Tantiangco.  Regina Capital Development Corporation Managing Director Luis Limlingan noted that, “Local shares retraced from earlier losses to close marginally lower after House Speaker Nancy Pelosi rejected the idea of a standalone bill to aid the airline industry, saying such a measure would need to be part of a broader fiscal stimulus package. President Trump doubled down on the Fiscal Stimulus and insisted now to have a larger than the proposed airline stimulus.”.....»»

Category: newsSource:  mb.com.phRelated NewsOct 9th, 2020

Senate seeks passage of 3 vital measures

THE Senate is hoping that in January 2020, three important measures that promote security, improve public workers’ welfare and economic development will finally be enacted into laws. Congress adjourned session on December 18 for a month-long holiday break. The Senate and the House of Representatives will resume session on Jan. 20, 2020. The Senate had […].....»»

Category: newsSource:  manilatimes_netRelated NewsJan 1st, 2020

Economic measures reflect on high House trust rating

The historically high 80 percent trust rating for the leadership of the House of Representatives in the  latest Pulse Asia survey can be attributed to the passage and creation of various measures aimed at economic reforms. The Lower House’s work the past six months includes the swift approval of the 2020 General Appropriations Act and […] The post Economic measures reflect on high House trust rating appeared first on Daily Tribune......»»

Category: newsSource:  tribuneRelated NewsDec 24th, 2019

President hopes swift passage of key measures

The proposed 2020 national budget, tax and trade reforms, and return of the death penalty are among the administration measures President Duterte hopes the 18th Congress will swiftly pass. Other measures seeking to create a Department of Disaster Resilience as well as another department for  overseas Filipino workers will also be part of the President’s […].....»»

Category: newsSource:  tempoRelated NewsJul 21st, 2019

CREATE& rsquo;s approval to boost recovery

Finance Secretary Carlos Dominguez III said the Senate’s timely passage on Thursday of the Corporate Recovery and Tax Incentives for Enterprises Act will provide businesses with one of the largest economic stimulus measures to help them recover from the economic turmoil caused by the COVID-19 pandemic......»»

Category: newsSource:  inquirerRelated News7 hr. 19 min. ago

Lacson seeks to realign P63 billion for & lsquo;responsive budget& rsquo;

Senator Panfilo M. Lacson wants to slash P63 billion from the budgets of three government agencies to realign them to local government units hardest hit by recent typhoons, and to ensure the P4.5-trillion 2021 national budget bill “is responsive to the times.”.....»»

Category: newsSource:  thestandardRelated NewsNov 26th, 2020

NEDA chief rejects Bayanihan III, looks to 2021 budget for typhoon repair

NEDA chief rejects Bayanihan III, looks to 2021 budget for typhoon repair Prinz Magtulis (Philstar.com) – November 23, 2020 – 1:26pm MANILA, Philippines — A third set of budget stimulus measures dedicated to funding reconstruction from recent natural calamity appears off the table for the Duterte administration. “The priority is to fully spend the 2020 […].....»»

Category: newsSource:  balitaRelated NewsNov 23rd, 2020

Senate to start deliberations on 2021 budget

The Senate will start on Wednesday plenary deliberations on the proposed P4.5-trillion national budget for 2021 ahead of the official resumption of session of Congress, with the coronavirus pandemic and its economic impact as the center of discussions......»»

Category: newsSource:  philstarRelated NewsNov 9th, 2020

House version of 2021 budget ready for Senate submission

"We don't want a reenactment of the 2018 budget. There is a huge penalty for that, and we need to fight the economic impact of the coronavirus pandemic," a lawmaker said. .....»»

Category: newsSource:  philstarRelated NewsOct 19th, 2020

Rice farmers seek bigger financial aid

The one-time financial assistance that the Senate directed the Department of Agriculture (DA) to provide to rice farmers amid the declining prices of palay would not be enough, a group of rice farmers said. (MB file, Keith Bacongco) Federation of Free Farmers (FFF) National Manager Raul Montemayor said rice farmers have lost an average of P10,000 per hectare in the ongoing cropping season due to severely depressed palay prices.   This was his response to the joint resolution recently passed by the Senate Committees on Agriculture and Agrarian Reform, which ordered the DA to appropriate some P3 billion in tariffs from rice imports through the 2021 national budget for cash aid to rice farmers. Under the Rice Tariffication Law (RTL), which allowed unlimited rice importation in the Philippines, tariff collections in excess of P10 billion per year can be used for additional support to farmers, including cash transfers. FFF, however, noted that the proposed appropriation would only provide P5,000 per farmer if distributed to some 600,000 farmers tilling one hectare or less.   If the actual number of qualified farmers is raised to 1.1 million, the subsidy would only amount to about P2,700 per farmer. Either proposal will be unfair to equally affected rice farmers tilling larger areas, the farmers’ group said.   Instead, Montemayor said the government could keep palay prices stable by temporarily imposing safeguard duties or additional tariffs on imported rice. “The government allowed unlimited rice imports, resulting in low palay prices.  Now, it will spend P3 billion to partially offset farmers’ losses. If it had instead imposed additional duties on imports, palay prices would not have dropped too much, there would have been no need for cash aid to farmers, and the government might have even earned extra revenues from the safeguard duties,” said Montemayor. Under the Section 10 of RTL or Republic Act (RA) 11203, in order to protect the Philippine rice industry from sudden or extreme price fluctuations, a special safeguard duty on rice shall be imposed in accordance with Safeguard Measures Act.   R.A. 8800 or the Safeguard Measures Act, on the other hand, allows additional safeguard duties on top of regular tariffs in case an import surge is shown to be harmful to local farmers.   “Safeguard duties will not be inflationary as claimed by the DA, because they will be applied only when there is already a proven oversupply in the market.  They can be removed once the situation stabilizes,” said Montemayor. Agriculture Secretary William Dar is not keen on slapping additional tariff on rice imports, and has repeatedly appealed for public understanding about the “short-term” effects of RTL to palay prices. However, he promised to look for other solutions to the plea of the farmers like asking the National Food Authority (NFA), which buys palay at P19 per kilogram (/kg) to boost the government’s buffer stock, to intensify its palay procurement.   Instead of cash aid, the FFF proposed that existing funds from the Rice Competitiveness Enhancement Fund (RCEF) and extra tariff collections be re-focused to address current problems of farmers.   It noted that half of farmers receiving free seeds under the RCEF had already been using certified seeds in the past, and that many were seeking other types of support that were not available under RCEF.   Numerous farmers have also questioned the DA’s promotion of seed varieties like NSIC Rc222, which is of poor quality and are being shunned by traders. “Also, the P5 billion annual fund for mechanization is not moving well, and it might be more practical at this time to preserve job opportunities for farm laborers instead of displacing them with machines,” Montemayor said.   “Moreover, the P1 billion budget for extension and training could be realigned, considering that farmers cannot attend training activities due to COVID-related restrictions. The P1 billion for credit could be better used for interest rate subsidies or loan guarantee programs, instead of direct loans which will benefit only 20,000 farmers,” he added......»»

Category: lifestyleSource:  abscbnRelated NewsOct 19th, 2020

Velasco offers olive branch to Cayetano

Choice of deputy speaker or committee head SPEAKER Lord Allan Velasco is considering offering the deputy speakership to his rival and predecessor, Taguig-Pateros First District Rep. Alan Peter Cayetano. “He’s (Cayetano) the former speaker, and I truly believe that he deserves the position,” Velasco told reporters after the passage of the P4.5-trillion 2021 national budget […].....»»

Category: newsSource:  manilatimes_netRelated NewsOct 18th, 2020

BOI offers stronger tax perks

For manufacturer Manufacturers in the Philippines are allowed to carry over any operating loss from financial year 2020-2021 as tax deduction from gross income over the next five taxable years, according to the Board of Investments (BOI). BOI Managing Head Ceferino Rodolfo said this has been  allowed under the Bayanihan to Recover as One Act or Bayanihan 2, which provides P165 billion in economic stimulus package. “A range of new financial measures and incentives are now available to manufacturers in the Philippines, thanks to new legislation recently signed into law,” said Rodolfo, who is also Trade and Industry’s Undersecretary for industry promotions group. The ‘Bayanihan 2 Act’ is aimed at helping the Philippines recover from the economic impact of Covid-19. It was signed into law by President Duterte in September. Elsewhere, he said, many qualified manufacturers will be exempt from business taxes, import duties, and other fees on a range of products.  This includes the production of medical equipment and Covid-19 related items such as Personal Protective Equipment (PPE), as well as the raw materials relevant to the manufacturing of these items.  The same relief measures will also apply to the production of equipment for waste management, including waste segregation, storage, collection, sorting, treatment and disposal services.  The Philippine Board of Investments (BOI) is urging manufacturers and other large businesses to take advantage of these provisions. For more details on doing so, businesses can book an appointment with BOI via their Facebook page and speak to a dedicated specialist. Information is also available on BOI’s Covid-19 resource hub for businesses.  “We know that Covid-19 is still having a significant impact on the operations of manufacturers across the Philippines, and we at BOI are doing all we can to help them,” said Rodolfo as he urged   businesses to visit BOI resource hub website and book an appointment with BOI via its Facebook page.  “Our dedicated specialists can help businesses understand more about how they can take advantage of the incentives and support in the Bayanihan 2 Act”  The Bayanihan 2 stimulus package consists of P140 billion of regular appropriations and an additional standby fund of P25.5 billion. Under the law, P3 billion will be allotted for the procurement of personal protective equipment, face masks, and face shields; P4.5 billion for the construction of temporary medical isolation and quarantine facilities and the expansion of government hospital capacity; and P13.5 billion for emergency employment and compensation of health workers. A total of P4.5 billion will be used to finance isolation facilities, hotel accommodation, food, and transportation of Covid-19 patients; and PHP5 billion for the hiring of contact tracers. Other allocations include P13 billion for the cash-for-work program; P9.5 billion for assistance to public utility drivers and other programs of the transportation department; P6 billion for “individuals in crisis” and other programs of the social welfare department; P4 billion for the tourism industry; and P4 billion for the education department’s implementation of digital learning. Bayanihan 2 is the second installment of the Bayanihan to Heal as One Act (Bayanihan 1), which gave Duterte emergency powers to address the Covid-19 crisis in the country. The Bayanihan 1 law, signed by the president on March 25, already expired on June 25, 2020......»»

Category: lifestyleSource:  abscbnRelated NewsOct 18th, 2020

DA urged to prioritize training, promote agri-preneurship

Sen. Bong Go has expressed support for the proposed 2021 budget of the Department of Agriculture (DA) as he commend the agency for its swift response to the needs of Filipino farmers and fisherfolk during the pandemic......»»

Category: newsSource:  philstarRelated NewsOct 17th, 2020

Prioritize agri-business, Go tells DA

Senator Christopher Lawrence “Bong” Go, while he expressed support for the passage of the proposed 2021 budget of the Department of Agriculture, also urged the agency to step up efforts in ramping up agricultural trainings and businesses to help cushion the blow of the coronavirus disease (COVID-19) pandemic in the country. “I trust the department […] The post Prioritize agri-business, Go tells DA appeared first on Daily Tribune......»»

Category: newsSource:  tribuneRelated NewsOct 17th, 2020

Think tank urges transparency in budget spending

As deliberations on the proposed P4.5-trillion 2021 national budget are on their final stages, a Makati-based think tank has urged government to make spending transparent to the people, especially at a time when huge budget allocations are needed to be responsive to the health and economic crisis caused by the COVID-19 pandemic......»»

Category: financeSource:  philstarRelated NewsOct 17th, 2020

New leadership overturns 2nd reading passage of budget bill

The first order of business for the House of Representatives under the leadership of Speaker Lord Allan Velasco was to return to plenary debates the stalled P4.5-trillion national budget for 2021......»»

Category: newsSource:  philstarRelated NewsOct 13th, 2020

Market declines slightly; Cemex, DITO lead losers

Stocks fell slightly Tuesday, weighed down by the speakership row in the Lower House that could delay the passage of the proposed 2021 budget......»»

Category: financeSource:  thestandardRelated NewsOct 13th, 2020