Over 40 business groups express support for economic stimulus bill

Forty-four of the country’s biggest business organizations on Wednesday expressed support for the proposed measure aimed at addressing the economic impact of the COVID-19 pandemic.

“The undersigned business organizations support a second, more substantial economic stimulus plan along the lines of the Accelerated Recovery and Investments Stimulus for the Economy (ARISE) bill, formerly the Philippine Economic Stimulus Act (PESA) bill, to fight the effects of the COVID-19 pandemic, protect jobs and help job-creating businesses, especially MSMEs, which employ more than 62% of our workforce,” the business groups said in a joint statement.

On Tuesday, the House of Representatives approved the ARISE bill —authored by Representatives Sharon Garin, Stella Quimbo, Joey Salceda and 263 other lawmakers, which proposes a package of reforms comprising P688 billion in new spending for its first year. 

Under the measure, there are five types of interventions: general, transitional, financial, sectoral, and structural.

“ARISE would be an effective program for building on the Bayanihan Law and the measures President Duterte and the Bangko Sentral ng Pilipinas have rolled out,” the business groups' statement said.

“It will serve as a powerful complement to the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) proposed by the Department of Finance,” it added.

The CREATE bill —the modified version of the Corporate Income Tax and Incentives Rationalization Act (CITIRA) bill —provides for an outright 5% cut in the corporate income tax (CIT) rate from the current 30% and an improved set of flexible tax and non-tax incentives for investors.

“We appeal to the House of Representatives, the Senate, and the Administration to have thorough but speedy deliberations to produce a law for this stage of the crisis and recovery.  We support the calls for President Duterte to call a special session of Congress to act on this and other similar legislation,” they said. 

“As the country reopens and the economic effects of the pandemic become clearer, a strong new law would provide much-needed support and confidence to COVID-19 frontliners, workers, and businesses,” they added. 

They noted that unemployment funds and wage subsidies will help workers provide for their families, keep their children in school, and fuel the economy.

“Loans, grants, and guarantees will help businesses pay suppliers and banks, strengthening all of them for the challenging months and years ahead,” the groups said.

Business groups that signed the joint statement include:

1. Alyansa Agrikultura
2. American Chamber of Commerce of the Philippines (AMCHAM)
3. Anvil Business Club
4. Asia Pacific Real Estate Association (APREA) – Philippines
5. Australian-New Zealand Chamber of Commerce of the Philippines (ANZCHAM)
6. Bangsamoro Federal Business  Council
7. Canadian Chamber of Commerce of the Philippines (CANCHAM)
8. Cebu Business Club (CBC)
9. Cebu Leads Foundation (CLF)
10. Chinese Filipino Business Club, Inc. (CFBCI)
11. European Chamber of Commerce of the Philippines (ECCP)
12. Federation of Filipino-Chinese Chambers of Commerce & Industry, Inc. (FFCCCII)
13. Filipino CEO Circle (FCC)
14. Financial Executives Institute of the Philippines (FINEX)
15. Fintech Alliance.PH
16. French Chamber of Commerce and Industry in the Philippines
17. Institute for Solidarity in Asia, Inc. (ISA)
18. Institute of Corporate Directors (ICD)
19. Investment House Association of the Philippines (IHAP)
20. IT & Business Process Association of the Philippines, Inc. (IBPAP)
21. Japanese Chamber of Commerce and Industry of the Philippines, Inc.
22. Korean Chamber of Commerce of the Philippines (KCCP)
23. Makati Business Club (MBC)
24. Management Association of the Philippines (MAP)
25. Mindanao Business Council (MINBC)
26. National Real Estate Association (NREA)
27. Organization of Socialized Housing Developers of the Philippines (OSHDP)
28. People Management Association of the Philippines (PMAP)
29. Philippines Association of Multinational Companies Regional  Headquarters, Inc. (PAMURI)
30. Philippines Center for Entrepreneurship (GO NEGOSYO)
31. Philippine Chamber of Commerce & Industry (PCCI)
32. Philippines Council of Association and Association Executives (PCAAE)
33. Philippines Franchise Association (PFA)
34. Philippines Institute of Certified Public Accountants (PICPA)
35. Philippine Life Insurance Association (PLIA)
36. Philippine Retailers Association (PRA)
37. Philippine Women’S Economic Network (PHILWEN)
38. Procurement and Supply Institute of Asia (PASIA)
39. Semiconductor and Electronics Industries in the Philippines, Inc. (SEIPI)
40. Shareholders’ Association of the Philippines (SHAREPHIL)
41. Subdivision and Housing Developers Association (SHDA)
42. Tax Management Association of the Philippines (TMAP)
43. UP School of Economics Alumni Association (UPSEAA)
44. Women’s Business Council Philippines (WOMENBIZPH)

—LBG, GMA News