Tax Relief vs. Tax Hikes (Philippines): Marcos’ 2026 “Progress Bill” would exempt workers earning up to P350,000 from income tax, while the government weighs offsetting higher taxes on sweetened drinks, tobacco, alcohol, single-use plastics, and wealth—aiming to ease pressure on micro-enterprises even as lawmakers finalize details. Policy Process Watch (Philippines): Malacañang says Senate infighting and leadership churn have slowed priority bill passage, adding uncertainty for small-business tax relief timelines. Rates & Inflation (US): Philly Fed President Anna Paulson backed holding rates steady and is “keeping an open mind” on next steps, focusing on persistent inflation and how tariffs and energy shocks may be distorting the picture for households and small firms. Payments Costs (India): Parliament is considering amendments that could allow a Merchant Discount Rate on UPI transactions—potentially changing the economics for merchants that currently pay nothing on UPI. Retirement Penalties (US): A new push targets steep Form 5500 late-filing penalties, warning small employers can face penalties that escalate quickly into six or seven figures. Property Tax Ballot Fight (Florida): A judge ordered Florida to rewrite Amendment 3 ballot title/summary as misleading, keeping the measure on the November ballot but forcing clearer language. SMB Credit & Stress (US): Credit demand is softening and liquidations remain elevated in hospitality and retail, though business defaults are improving and new applicants look stronger. SME Financing Boost (West Africa): ECOWAS Bank for Investment and Development approved €80M to Coris Holding to expand lending for SMEs and SMIs across agriculture, agribusiness, and energy value chains. Small Business Hiring Snapshot (US): Paychex reports steady small-business job growth, with hours worked rising and weekly earnings growth strengthening—signaling stable demand.