Despite the inclement weather and most of House employees working from home, the House Committee on Ways and Means approved on Monday afternoon, Aug. 10 a bill raising the annual taxable income exemption ceiling to P350,000 from P250,000. On top of this, the panel, chaired by Marikina City 2nd...
TACLOBAN CITY — Southern Leyte second district Rep. Christophershon Yap has filed a bill increasing the tax exemption on taxable income to P500,000. House Bill 10505 aims to amend the National Internal Revenue Code of 1997, as amended, by imposing a zero percent tax rate for individual...
The good For the Philippines, entry into the World Bank’s upper-middle-income club is both a vindication and a warning. After decades in the lower-middle-income category, the country has at last crossed the line. The achievement is real; so is its modesty. The World Bank’s latest income...
The Philippines is lining up another $3.5 billion in loans from the Asian Infrastructure Investment Bank (AIIB), the Asian Development Bank (ADB), and the World Bank, based on preliminary project documents, adding to the previously identified $8.9-billion indicative pipeline of multilateral...
Navotas City lone district Rep. Tobias "Toby" Tiangco has joined the legislative effort to increase the annual income tax exemption threshold from ₱250,000 to ₱350,000, which no less than President Marcos sought in his latest State of the Nation Address (SONA). Tiangco filed House Bill (HB) No....
The World Bank urged the Philippines to accelerate power sector reforms to lower electricity costs and reduce its dependence on imported fuel, saying cheaper and more reliable power has become critical to sustaining economic growth, attracting investments, and reducing poverty after the country’s...
Senator Mark Villar has filed a measure seeking to exempt micro, small and medium enterprises (MSMEs) from the Minimum Corporate Income Tax (MCIT) saying it is imperative to provide them much-needed tax relief as they serve as the key driver of the Philippine economy. Villar, in filing Senate Bill...
The World Bank has approved its first loan for the Philippines since the country was elevated to upper-middle-income country (UMIC) status in July, financing a $268.62-million project to expand climate-resilient water and sanitation services in three islands, improve water security, and generate...
Vice President Sara Duterte 's husband, lawyer Manases "Mans" Carpio, on Friday, July 31, said his legal team believes there are significant legal issues surrounding the authorization to release their income tax records, arguing that the matter warrants judicial review under the Constitution...
President Marcos has given Congress a "clear policy direction" to finally provide meaningful tax relief to millions of Filipino workers whose purchasing power has been steadily eroded by inflation and the rising cost of living. Thus, said House Committee on Labor and Employment Chairperson Cavite...
Nearly 1 million low-income members of the Social Security System (SSS) are next in line to receive their initial ₱2,000 assistance under the Unified Package for Livelihood, Industry, Food, and Transport (UPLIFT) program, the Department of Social Welfare and Development (DSWD) said on Thursday,...
Senator Joseph Victor “JV” Ejercito is now pushing for a bill seeking to exempt workers and employees earning up to P50,000 per month—or P600,000 annually—from income tax. Ejercito, in filing Senate Bill No. 2341, which seeks to amend the National Internal Revenue Code to exempt...
