Navotas representative Toby Tiangco filed a bill granting income tax exemption for all senior citizens.
“Majority of Filipino senior citizens do not have financial security. The pension and benefits they receive upon retirement are not enough to sustain their basic needs. Some even do not have a retirement plan at all,” Tiangco said.
The existing Republic Act No. 9994 stipulates income tax exemption only for senior citizens who are considered minimum wage earners.
Meanwhile, the proposed House Bill No. 6891 aims to expand the scope of the income tax exemption to all senior citizens regardless of income bracket.
“Through this measure, we seek to provide a way to somehow ease the burden of our elderly and help them cover their current and future expenses,” he added.
According to a study, more than 800,000 Filipinos aged 60 and above live below the poverty threshold of 71 pesos a day.
“We want to help improve the quality of life of our seniors. This, in effect, could maximize their contribution to nation building,” Tiangco further said.