According to a release from the Philippines Department of Finance regarding economic recovery from the COVID-19 crisis, the pending corporate tax reforms are being further revised to include an earlier reduction in the corporate tax rate than earlier planned. In prior versions of the reforms, the corporate tax rate would be gradually reduced from 30% to 20% by 2029. With the planned revisions, the rate cut would be cut to 25% with effect from July 2020. Although not specified in the release, it is assumed a further gradual reduction to 20% would be implemented as well.