Following the imposition of Enhanced Community Quarantine (ECQ) in Luzon, the largest island housing its capital, Metro Manila, the Philippine government enacted Republic Act No. 11469, otherwise known as the Bayanihan to Heal As One Act, declaring a state of national emergency and granting the President special powers to mitigate local transmission of Coronavirus Disease 2019(COVID-19).

With rapid speed, the COVID-19 pandemic has upended the global economy to an unprecedented and unforeseen magnitude. The measures imposed to mitigate the widespread effect of COVID-19 has put the global economy to an abrupt halt.

1 Out-of-Court or Informal Restructuring Agreements and Rehabilitation Plans As A Cost-Efficient Alternative to Debtor-Initiated Court-Supervised Proceedings in Rehabilitation Joseph Anthony P. Lopez Karla Regina D. Valera-Chua The novel COVID-19 virus pandemic has led to several debilitating effects in the whole world. It is not only impacting the health system, but it is undeniably taking a huge toll on the economy as well.