Senator Imee Marcos on Sunday urged the immediate passage of a bill aimed at providing relief to Filipinos through tax reductions, as the country grapples with soaring prices caused by the ongoing oil crisis.
Under Senate Bill 2005, Marcos is pushing to raise the income tax exemption to P500,000 in annual earnings from the current P250,000.
The bill also seeks to increase the tax-free ceiling for bonuses, including 13th-month pay and other benefits, to P200,000 from P90,000.
Marcos said, “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! (This is necessary so that Filipino workers can take home more amid the successive surges in prices of goods caused by the crisis!).”
She 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 (If the government cannot control and immediately resolve the situation, at least we should ensure that every Filipino can bring home more income to meet their daily needs).”
The proposed measure is part of Marcos’ broader call to shield the public from the heavy impact of rising prices and to provide tangible financial relief for workers and families struggling with inflation triggered by the oil crisis.
By increasing tax exemptions and raising the tax-free thresholds for bonuses, Marcos said, households can retain more of their earnings, helping to mitigate the strain of higher fuel and commodity costs.
The senator emphasized that the legislation is urgent, given the continuing spike in prices, and urged Congress to act quickly to ease the burden on the population.