The Philippines and the Asian Development Bank (ADB) signed Tuesday (April 28) an agreement for a US$200-million loan on additional financing for the government’s efforts to provide unconditional emergency cash assistance to poor and vulnerable households that have been adversely affected by the quarantine measures imposed to contain the coronavirus 2019 (COVID-19) pandemic.
Read MoreThe Philippines signed Tuesday (April 28) a US$100-million loan agreement with the World Bank that aims to strengthen the country’s capacity to prevent, detect and respond to the threat posed by the coronavirus disease 2019 (COVID-19) pandemic and boost its national systems for public health preparedness.
Read MoreThe government has thus far spent around P258 billion, or 73 percent of the P352 billion it has released for its coronavirus response programs, on emergency subsidies and other forms of assistance to poor and low-income households, displaced workers and other vulnerable groups reeling from the work stoppage resulting from the global health crisis.
Read MoreThe Department of Finance (DOF) has proposed to extend the net operating loss carry-over (NOLCO) for small businesses to five years, with the government absorbing as much as P139.6 billion in the form of foregone tax payments to help these enterprises recoup their losses resulting from the economic fallout triggered by the coronavirus disease 2019 (COVID-19) pandemic.
Read MoreTotal collections of the Bureau of Internal Revenue (BIR) from January to mid-April this year dived further to P480.64 billion, which is P226.15 billion or 32 percent below what it collected for the same period last year, as a result of the community quarantine measures in Luzon and other parts of the country that have also prompted the agency to extend the deadlines for the filing and payment of income and other taxes to next month.
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