On April 26, 2019, President Duterte signed into law Republic Act No. 11337, also known as the “Innovative Startup Act”, a copy of which was released last July 18th to the public. The new law provides incentives and removes identified constraints that discourage startups.
On 22 May 2019, the Senate approved on third and final reading Senate Bill No. 1826, with amendments. The proposal, known as the “Security of Tenure”, continues to recognize contractualization arrangements but has tightened the definition of labor-only contracting (LOC) and clarified ambiguities in existing laws.
The House Committee on Ways and Means sent its TRAIN 2 bill to the plenary on August 9, 2018. Chairman Dakila Cua named House Bill No. 8083 the TRABAHO Bill, for Tax Reform for Attracting Better and Higher Quality Opportunities.
TRAIN, or Tax Reform for Acceleration and Inclusion, is the Duterte administration’s bid for comprehensive tax reform. TRAIN 1, which lowered most personal income taxes while raising some excise taxes, was signed into law on December 2017. TRAIN 2 aims to “rationalize” corporate incentives while lowering corporate income tax rates.
On May 28, President Rodrigo Duterte signed Republic Act 11032, or the Ease of Doing Business (EODB) and Efficient Government Service Delivery Act of 2018. The law amends the Anti Red-Tape Act (ARTA) in 2007, aimed at efficient turnaround of the delivery of government services and the prevention of graft and corruption.
21 May 2018 – Micro, small, and medium enterprises (MSMEs) account for 99.6% or 911,768 of the 915,726 total enterprises in the Philippines in 2016. Of this number, almost 90% (820,795) are micro, followed by small at 9.46% (86,955), and medium at 0.44% (4,018). This figure could be more considering the three million to four million enterprises listed in the Philippine Business Registry submitted by the local government units.