Legarda bill seeks to prop up restaurant industry

Metro Manila (CNN Philippines, September 1) — Senator Loren Legarda has filed a bill seeking to “revive” the restaurant industry heavily impacted by the COVID-19 pandemic.

Under Senate Bill No. 499 or the “Restaurant Industry Revival Act of 2022,” Legarda stressed the need to assist the sector in bouncing back from the pandemic, noting food service businesses recorded a 44% drop in sales in 2020.

“To hasten our country’s recovery from the COVID-19 pandemic, we have to bolster our restaurant industry and assist them in saving their businesses and the employees who depend on them. This will certainly provide a much-needed boost for our economic recovery,” Legarda said in a statement Thursday.

The lawmaker wants restaurants “in distress” to secure tax incentives, such as deductions from income taxes and input VAT (value-added tax), payment schemes for local government taxes and payments to the government or to government-owned and controlled corporations, as well as the non-imposition of taxes on rentals paid for commercial spaces where restaurants are established.

Aside from tax incentives, Legarda said the government must also extend bridge financing worth ₱30 billion.

Once implemented, Legarda said the bill could help prevent restaurants from shutting down.

“The food service industry has suffered enough in this pandemic. It is time we assist them in their transition to a better normal, and we must do so while ensuring that their employees’ jobs are protected as they continue with their operations,” she said.

Source: CNN Philippines

https://www.cnnphilippines.com/news/2022/9/1/Legarda-bill-seeks-to-prop-up-restaurant-industry.html