Today, the President of the the Republic of the Philippines signed into law a measure that will raise the tax exemption cap for the 13th month pay and other bonuses to P82,000 from P30,000.
Chairman of the House committee on Ways and Means said “the President saw the significance of the measure as it is projected to benefit taxpayers from low to middle incomes who have not had any reprieve from the burdensome taxes imposed on their earnings.”
“These are the salary and wage earners who long deserve a break from the inequitable tax system that we currently have,” the lawmaker noted.
“The measure will increase the disposable income of workers which will not only allow them to celebrate a merrier Christmas but also pay for tuition, medical attention and other basic necessities. This supports a stronger, hardworking and productive middle class who are the country’s engine of growth,” Senator Ralph Recto said.