Bayanihan 2, CREATE bills OK by next week if Senate approves its versions immediately —Salceda

Albay Representative Joey Salceda expressed belief Tuesday that the proposed Bayanihan to Recover As One Act and the corporate tax reform measure could be approved by at least next week if the Senate will immediately pass its versions of the bills.

Salceda made the remark after President Rodrigo Duterte urged Congress to act on the second part of the Bayanihan Law and the proposed Corporate Recovery and Tax Incentives Enterprises (CREATE) Law during his fifth State of the Nation Address (SONA).

In his interview during the Laging Handa briefing, Salceda pointed out that the House of Representatives has already approved the CREATE bill, then called the Corporate Income Tax and Incentives Reform Act (CITIRA), as early as September 2019.

Meanwhile, the proposed Bayanihan 2 Law is now up for second reading approval in the House.

"So... ang CREATE at Bayanihan 2 kaya namin i-approve ‘yan kahit this week, matapos lang ng Senate or at least next week," Salceda said.

Under the House version of proposed Bayanihan to Recover as One Law, a P162 billion standby fund will be appropriated and be used to support operations and response measures to address the COVID-19 crisis.

These include enhancement of healthcare services and COVID-19 testing, assistance to workers, the education sector, government financial institutions, the agriculture sector, tourism, among others.

The proposed CREATE Law, on the other hand, is the modified version of proposed CITIRA which seeks to immediately reduce the corporate income tax to 25% from 30% currently.

The Senate has already approved its version of Bayanihan 2 Law on second reading and is awaiting third reading approval.

Senators have also earlier vowed “full support” to the CREATE Law.

After both the Bayanihan 2 and CREATE bills have been enacted into law, Salceda said they will be succeeded by a third stimulus package which is the proposed Accelerated Recovery and Investments Stimulus for the Economy (ARISE) Law.

The said measure proposes a package of reforms, amounting to P1.3 trillion in total, to help address the economic impact of the COVID-19 crisis in the country.

Along with the proposed COVID-19 Unemployment Reduction Economic Stimulus (CURES) Act, Salceda said the ARISE bill will provide aid to small and medium enterprises (SMEs) and other companies as well as the recover from their losses due to the COVID-19 pandemic.

"Mga P280 billion para matulungan ‘yung mga SMEs at ibang kumpanya sa pamamagitan ng wage subsidies, mga low-interest loans, mga grants in aid, product development program, marketing program," he said.

The House has approved both ARISE and CURES bill on third reading. —AOL, GMA News