Economic team proposes 25% corporate tax cut by July

The Philippines' corporate income tax rate of 30%, the highest in ASEAN, could be reduced to 25% by July as part of a proposed COVID-19 recovery program called PH-Progreso.

Acting Socioeconomic Planning Secretary Karl Kendrick Chua presented this plan during an online youth workshop on Thursday, emphasizing budget flexibility and prioritizing the resumption of infrastructure projects under 'Build, Build, Build'.

The proposal also includes job creation, financial support for affected firms, and targeted tax incentives for investors.