MANILA (The Philippine Inquirer/ANN): The Philippines’ corporate income tax rate — Asean’s highest at 30 per cent — can slide to 25 per cent during a one-time, big-time reduction planned in July if Congress will listen to the economic team’s pitch contained in its proposed Covid-19 recovery programme
Called the Philippine Programme for Recovery with Equity and Solidarity, or “PH-Progreso, ” Acting Socioeconomic Planning Secretary Karl Kendrick Chua told the online 'Sulong Pilipinas' youth workshop on Thursday (May 14) that this plan, which was eyed for implementation between June and December this year, sought budget and procurement flexibility, reprioritisation of the P4.1-trillion 2020 budget, prioritisation of “Build, Build, Build” infrastructure programme resumption, creation of jobs and increases in incomes, infusion of equity and liquidity into affected firms as well as guarantees through the financial sector, and targeted tax incentives for investors.
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