MANILA, PHILIPPINES– The Management Association of the Philippines (MAP) commended the ratification of Bayanihan 2 Bill or the Bayanihan to Recover as One Act which outlines the country’s recovery from the COVID-19 crisis.
In a statement, the President of MAP Francis Lim said, “We commend the removal of the bureaucratic red tape on the construction of the telco towers and the ball is now in the courts of the telcos to show drastic improvement of their services.”
“The abolition of the tax on initial public offerings is a welcome development. It will incentivize companies ready to offer their shares to the public to access the stock market for funding at this crucial time,” he added.
Lim also called for an easy disbursement of the funds and an objective criteria for distribution, such as the sector’s contribution to the GDP, employment share, value added contraction, and their multiplier effect on the economy.
“We urge the government to ensure that it can be accessed easily, especially by small businesses,” said Lim.
Furthermore, the business group called on using the funds with the welfare of Filipinos in mind.
“We also call all those concerned to use the funds for the best interest of the country and welfare of our countrymen as they are duty-bound to do.”
