Speaker vows swift action on Marcos' income tax cut, power reform bills

Speaker Faustino “Bojie” Dy III assured the public that the House of Representatives is ready to act on the legislative priorities of President Ferdinand Marcos Jr. that he outlined during his fifth State of the Nation Address (SONA) on Monday.

“The SONA provides for the direction of the administration, and the House’s duty is to ensure that these policy priorities are supported with comprehensive study and discussion,” Dy said.

Included in the President’s legislative wish list were bills that would expand the income tax exemption to cover more workers earning up to P350,000 annually; reduce income taxes for other workers; exempt small businesses from the minimum corporate income tax; and grant tax amnesty for unpaid income tax, estate tax, donor’s tax, value-added tax (VAT), and the corresponding penalties.

“The House fully supports the President’s call to provide meaningful tax relief to our people. We will carefully study these proposals and work to pass measures that will allow Filipino workers to keep more of what they earn, help small businesses grow, and give qualified taxpayers a fresh start through a fair and responsible tax amnesty,” Dy said.

He also welcomed the President’s call for reforms aimed at reducing electricity costs, including the passage of the Sariling Kuryente Act to make rooftop solar panels and battery storage systems more accessible and affordable for households, as well as amendments to the Electric Power Industry Reform Act (EPIRA) to prohibit the charging of systems loss and the corresponding VAT to consumers.

“The President has made it clear that bringing down electricity costs is a national priority, and the House stands ready to do its part. We will give due priority to the proposed Sariling Kuryente Act and the amendments to the EPIRA to ensure that consumers are no longer made to shoulder charges that should not be passed on to them,” Dy pointed out.

Dy said the President’s message aligns with the direction he outlined at the opening of the Second Regular Session of the 20th Congress, in which he urged fellow lawmakers to prioritize reforms that directly benefit ordinary Filipinos.

“The House is committed to working closely with the Executive to turn these priorities into laws that will ease the cost of living, strengthen our economy, and improve the quality of life of every Filipino,” Dy added.

In a separate press conference on Tuesday, House committee on ways and means chairperson and Marikina City Rep. Miro Quimbo said the estimated P50 billion revenue loss from President Marcos Jr.’s proposed tax relief package for Filipino workers can be fully offset through the passage of laws imposing higher taxes on vape products, tobacco, sugar-sweetened beverages, and single-use plastics.

"In anything that we do, we want it always to be revenue neutral. This means that if we forgo revenue to provide benefits for our workers, we need to get that revenue elsewhere. Because otherwise, we won't be able to fund our hospitals, health centers, and other government services," Quimbo said. —LDF, GMA News