Senator Imee Marcos, on Sunday, called for the immediate passage of a Bill that would offer relief to Filipinos by reducing taxes in response to the country’s rising prices, which are attributed to the ongoing oil crisis.
Senator Marcos proposes, under Senate Bill No. 2005, to increase the annual income tax exemption threshold from the current P250,000 to P500,000.
She called for the immediate passage of said measure to help workers cope with rising living costs triggered by oil supply-driven issues.
Currently, individuals earning below P250,000 are exempt from paying personal income taxes under the TRAIN Law.
“Kailangan ito upang mas malaki ang maiuuwi ng mga manggagawang Pilipino sa gitna ng sunod-sunod na pagsirit ng presyo ng mga bilihin dahil sa krisis!” Marcos said
If becomes a law the subject Bill will likewise raise the tax-exempt cap for bonuses and benefits, including the 13th-month pay, to P200,000 from the existing P90,000 for higher net benefit for workers.
Sen. Imee added: Kung hindi kayang kontrolin at agarang mabigyan ng solusyon ng pamahalaan ang sitwasyon, siguraduhin man lang natin na mas malaki ang maiuuwing kita ng bawat Pilipino upang matustusan ang kanilang pang-araw-araw na pangangailangan”
Marcos emphasized the urgency of the measure, asserting that an increase in disposable income could assist households in managing the financial burden caused by rising fuel prices and their subsequent economic repercussions.