The national government is studying a proposal to Congress to amend the National Internal Revenue Code (NIRC) to help small-sized enterprises cope with losses incurred during the COVID-19 quarantine period.
In his fifth report to Congress, President Duterte said the government was studying stretching the net operating loss carry-over period from three years to five years.
As of April 22, Duterte said 199,377 small business employers have been notified by the Bureau of Internal Revenue that they were pre-qualified for the Small Business Wage Subsidy Program. To date, 6,403 employers have completed the application process on behalf of 130,188 employees. Some P1.72 billion was given to 344,805 employees under the Department of Labor and Employment’s COVID-19 Adjustment Measures Program for Affected Formal Workers.
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