Connect with us

Hi, what are you looking for?


DoF pushing for localized lockdowns, unhampered logistics

THE GOVERNMENT needs to limit lockdowns to defined high-risk areas only and ensure smooth delivery of goods and services to minimize the impact on the economy, the Department of Finance (DoF) said.

“Like fiscal incentives that should be time-bound and targeted, strict quarantine measures, if and when they are called for, should be localized and time-bound while not unnecessarily hampering the transportation of goods and delivery of services so as to minimize the collateral damage on the economy and, consequently, employment,” the DoF said in an economic bulletin Sunday.

The number of unemployed rose to 4.2 million in February from 3.95 million in January, the Philippine Statistics Authority reported, bringing the jobless rate to 8.8% that month from 8.7% in the month prior.

Underemployment, which measures the number of workers still seeking more work, also rose to 18.2% in February from 16% previously.

Economic managers attributed the high underemployment rate to ongoing quarantine measures, which are reducing incomes.

The strictest lockdown setting was reimposed in Metro Manila, Bulacan, Cavite, Laguna and Rizal, and were due to end on April 11 after daily coronavirus cases hit new records. Malacañang had yet to announce new quarantine measures at deadline time.

On Saturday, the Health department reported 12,674 new infections to bring the total count to 853,209 so far. Deaths overall hit 14,744 after 225 new deaths were recorded that day.

Economic managers have been pushing for localized lockdowns to curb the high infection rate and allow areas with relatively few infections to operate normally.

The DoF said pharmaceutical and other non-medical interventions should be “managed effectively” to contain the outbreak that started more than a year ago, so the government will not be “forced to take the difficult and painful decision of imposing much stricter quarantine measures.”

“The timely passage of CREATE is a welcome development not only in improving the country’s long-term competitiveness but also in providing immediate relief and support for enterprises, the important players in providing employment opportunities to a large portion of the population,” the DoF added.

Republic Act No. 11534 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act was signed into law on March 26 and is set to take effect on Monday, April 12.

The law reduces the corporate income tax for small businesses to 20% from 30%, while the rates for all other companies will be lowered gradually until they hit 20% in 2027. It also reforms the tax incentive system to make it more time-bound and performance-based.

The Bureau of Internal Revenue on Friday released the implementing rules and regulations covering the tax provisions under CREATE. — Beatrice M. Laforga

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



Virgin Orbit’s next satellite launch will take place from the UK, following the success of the “Straight Up” mission, which lifted off from Mojave...


Post Office collection and cash delivery workers are to stage a one-day strike later this month in a dispute over pay. Members of the...


UK consumers cut back on credit card borrowing in May amid fears over rising interest rates and a slowing economy driven by a cost...


London City airport is seeking to overturn its Saturday flight ban and raise by 40% the limit on its passenger numbers. A local residents’...


The bank said that it was introducing a £1,200-a-year pay increase from August 1, which would start to show in next month’s pay packets....


Postmasters caught up in the Horizon IT scandal say that they are still being “left in the dark” about a compensation package after the...

You May Also Like


Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...


Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...


Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...


As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.