DOF: Tax cuts await low-income earners in Jan B VG C @villygc
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AJORITY of taxpayers will receive further personal income tax cuts beginning January 1, pursuant to Republic Act 10963 or the Tax Reform for Acceleration and Inclusion (TRAIN) law, which adjusted personal income tax rates. “The TRAIN law adjusted personal income taxes and fi xed the inequity of our tax system. We want our taxpayers to reap the fruits of their labor while enabling them to contribute their fair share to national development,” Finance
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Secretary Benjamin Diokno said. Individuals with an annual taxable income below P250,000 are still exempted from paying personal income taxes under the adjusted tax rates. For those earning not over P400,000, there will be tax of 15 percent of the excess of over P250,000. For those earning not over P800,000 there will be tax of P22,500 plus 20 percent of the excess of over P400,000. For those earning not over P2 million, there will be tax of P102,500 plus 25 percent of excess of over P800,000. For those earning P8 million,
DIOKNO: “The TRAIN law adjusted personal income taxes and fixed the inequity of our tax system. We want our taxpayers to reap the fruits of their labor while enabling them to contribute their fair share to national development.”
there will be tax of P402,500 plus 30 percent of the excess of P2 million, and those earning over P8 million, they will be taxed P2.2 million and 35 percent of the excess of P8 million. The revised tax schedule beginning January 1, 2023 reduces personal income taxes for those earning P8 million and below, compared to the initial tax cuts for January 1, 2018 to December 31, 2022. Meanwhile, to maintain the progressivity of the tax system, the tax rate for individuals earning P8 million and above annually will be maintained at 35 percent, the DOF said.
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Thursday, December 29, 2022 Vol. 18 No. 76
P. | | 7 DAYS A WEEK
ON ECONOMY AMID RISKS T B R R S. R
@brownindio
HE Federation of Filipino Chinese Chambers of Commerce & Industry Inc. (FFCCCII) on Wednesday expressed bullishness on the Philippine economy despite the global adversities such as the war in Ukraine, where the Russian invasion just marked its tenth month.
“We at the Federation of Filipino Chinese Chambers of Commerce & Industry Inc. [FFCCCII] are optimistic that Philippine economic growth in 2023 shall be between 6.5 to 7.5 percent and that Asian economic recovery shall continue, despite many gloomy forecasts about world economic recession next year due to expected USA recession, the global inflation, high interest rates and EU economic turmoil due to the Ukraine War with Russia,” FFCCCII President Dr. Henry Lim Bon Liong said at the Pandesal Forum in Quezon City. “We believe that Philippine economic and demographic fundamentals are positive, the ASEAN economic dynamism shall continue and the world’s No. 2 biggest economy China shall do well in its reopening after the global pandemic,” he added. Moreover, Lim said the organization is adopting an optimistic yet realistic 2022 FFCCCII economic forecast after consulting its 170 member organizations around the country. Despite the global upheavals, Lim said the Philippines is still a source of hope and recovery for Asia due to its positive economic
and demographic fundamentals. He noted that the leadership of President Ferdinand R. Marcos Jr. is committed to upgrading infrastructure, improving agriculture, where he wears a second hat as department secretary, and pushing many reforms.
’Great opportunity’
ON January 3, the FFCCCII will join the business delegation for the China state visit of the President upon the invitation of the Department of Trade and Industry (DTI). He said the historic state visit is very important to the growth potential of the Philippine economy, because China is the country’s most important economic and trade partner, the world’s emerging new economic superpower, and an Asian neighbor. “This state visit of President Marcos is a great opportunity to use our high-level diplomacy to promote more Philippine business and economic cooperation with China. Let us maximize the goodwill and deep sense of history of the Chinese people to boost Philippine economic cooperation, reminding our friends in Beijing that C A
RIZAL DAY REHEARSAL
A flag-raising rehearsal was conducted by the Philippine Navy personnel in front of Rizal Shrine at Luneta Park in Manila on Wednesday, December 28, two days before the commemoration of the 1896 martyrdom of National Hero Jose Rizal. NONIE REYES
GOVT EYES NEW ROUND OF INFRA WORKS
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FROM left, pillars of the Filipino-Chinese business community are seen at the Kamuning Bakery Café forum on Wednesday, December 28, 2022: Cecilio Pedro, vice president of the Federation of Filipino Chinese Chambers of Commerce Inc. (FFCCCII) and founder of Hapee Toothpaste/Lamoiyan Corp.; Jeffrey Ng, also a FFCCCII vice president and president of the UP School of Economics Alumni Association (UPSEAA) and president, Astoria Hotels & Resorts; Dr. Henry Lim Bon Liong, FFCCCII president and founder of hybrid rice technology pioneer SL Agritech; and Kamuning Bakery forum moderator Wilson Y. Lee Flores. PHOTO COURTESY OF MARK NILO ODIAMAN
HE government is eyeing to start a new round of infrastructures initiative by 2024 with the completion of a three-year project roadmap next year. In a statement on Wednesday, the Office of the Press Secretary (OPS) said the National Economic and Development Authority (NEDA) is now working on a Three-year Rolling Infrastructure Plan (TRIP) for 2024-2026. It noted the government will make use of public-private partnerships (PPPs) for the said infrastructure as well as other projects on priority sectors. The 8-point priority agenda
of the Marcos administration are food security, transportation, affordable and clean energy, health care, education, social services, sound fiscal management, and bureaucratic efficiency. The initiatives will be augmented by the Regional Development Plan (RDP) and the Public Investment Program (PIP) for 2023-2028, which NEDA is also currently drafting. “The administration of President Ferdinand R. Marcos Jr. is eyeing to pursue publicprivate partnerships on infrastructure development and facilitate the development of local PPP projects in priority
sectors to prop up the economy and create jobs,” the OPS said. Aside from the said plans, NEDA is also pushing for the registration of the 92 million Filipinos in the Philippine Identification System (PhilSys) and conducting the Census of Agriculture and Fisheries for Calendar Year 2022 and the 2023 Family Income and Expenditure Survey. It will also pursue the adoption of the five-year most favored nation (MFN) Tariff Structure and the passage of the remaining 30 bills in the Legislative-Executive Development Advisory Council (LEDAC). Samuel P. Medenilla
On back of strong recovery, govt sees 50% jump in ’23 tourist arrivals B S P. M @sam_medenilla
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OLLOWING a strong pandemic recovery of the tourism industry this year, the government expects at least 2.6 million international tourists to visit the country in 2023. The projection is about 50 percent higher compared to the 1.7 million tourist arrivals target of the Department of Tourism (DOT) this year. Last week, tourism officials said S “T,” A
PESO EXCHANGE RATES US 55.3930 ■ JAPAN 0.4150 ■ UK 66.6101 ■ HK 7.1013 ■ SINGAPORE 41.1141 ■ AUSTRALIA 37.2739 ■ SAUDI ARABIA 14.7420 ■ EU 58.9492 ■ KOREA 0.0435 ■ CHINA 7.9586
Source: BSP (December 28, 2022)