Amid the peso’s continued depreciation and the latest uptick in inflation, Senator Bam Aquino underscored the need to pass his proposed increase in the personal income tax exemption to help boost Filipinos’ purchasing power and leave more money in their pockets.
Aquino renewed his call for the passage of Senate Bill No. 267 following the surge in the inflation rate to 7.8 percent in October and the continued weakening of the Philippine peso, which closed at P63.535 against the US dollar on Wednesday.
Aquino’s proposal seeks to raise the annual personal income tax exemption cap to P480,000, providing greater relief to Filipino workers and families.
The Senator said the proposed exemption is equivalent to an ideal monthly living wage of P40,000 for a family of four or five.
“Ramdam ng mga pamilya na mas kaunti na ang naiuuwing pagkain sa kaparehong budget. Kailangang makasabay ang kanilang kinikita sa pagtaas ng presyo ng bilihin,” said Aquino, chairperson of the Committee on Trade, Commerce, and Entrepreneurship.
“Dapat mas malaki ang matira sa kanilang suweldo para may sapat silang pambili ng pagkain, bigas at iba pang pangunahing pangangailangan,” he added.
If enacted into law, the proposed increase in the income tax exemption cap could help ensure that Filipino workers can keep more of their hard-earned income to meet their families’ basic needs, such as food, education, and healthcare, especially amid the weakening peso and rising prices of goods and petroleum products.
Aquino emphasized that increasing workers’ take-home pay could also help support local businesses and boost economic activity.
“Kapag mas malaki ang nauuwing kita ng mga Pilipino, mas may kakayahan silang bumili ng kanilang mga pangangailangan. Ang perang ginagastos nila sa palengke, tindahan, at iba pang negosyo ay tumutulong ding suportahan ang kabuhayan at trabaho sa ating mga komunidad. Kailangan natin ang ganitong dagdag na sigla sa ekonomiya ngayon,” he said.
Aside from increasing the income tax exemption cap, Aquino is also pushing several measures aimed at providing relief to Filipinos from the rising costs of goods and services, petroleum products, and electricity.
Aquino’s Senate Bill No. 2047 aims to reduce the VAT rate from 12 percent to 10 percent on goods and services, including petroleum products, to help lower prices.
He also filed Senate Bill No. 266, which seeks to exempt the sale of electricity from value-added tax (VAT), thereby helping lower consumers’ electricity bills.
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