Senator Sherwin Gatchalian on Wednesday, June 14 said he is optimistic that the bill seeking to provide a value added tax (VAT) refund for non-resident tourists would be would approved on third and final reading by the Senate when it resumes regular sessions next month. Gatchalian, chairman of the Senate Committee on Ways and Means, one of the authors of the measure, said he hopes to sponsor the measure immediately when the Senate resumes again in July so the measure can be implemented within the year or fully take effect in 2024. “Hopefully, when we come back, since the measure has no contentious issues, we can pass it in a months time. The government can implement this at the end of the year,” Gatchalian told reporters in an interview after presiding the hearing. “We’ll sponsor it soon during the opening of the session,” the senator added. Gatchalian said the country stands to gain more from increased foot traffic especially from foreign tourists as this will increase the country’s marketability. “I’m surprised that here in the ASEAN (Association of Southeast Asian Nations), we are the only country without a VAT refund mechanism. And the main goal of this VAT refund scheme is to attract tourists,” the senator said. Asked how much foregone revenue the country will experience once the proposed law takes effect, Gatchalian said state economic managers have pegged it at P4-billion. But the government stands to gain P9-billion plus from shopping revenues and generate thousands of jobs for Filipinos. Under the bill, a foreign tourist is eligible for a one-time 12 percent VAT refund for a minimum single-receipt purchase of P3,000. The foreign visitor receive the rebate through a digital wallet or e-wallet after presenting official receipts.