• Aquino awaits Congress OK of lower tax rate bills


    President Benigno Aquino 3rd has not closed his doors to pending proposals seeking to lower income tax rates in the country.

    Presidential Communications Secretary Herminio Coloma Jr. on Wednesday said Aquino will wait for lawmakers’ final push for their proposed income tax cuts.

    “We recognize the mandate of Congress to initiate revision of laws involving revenue generation for the government,” Coloma told reporters.

    “We will await specific proposals from Speaker [Feliciano] Belmonte [Jr.] and other leaders of Congress,” he said when asked if Aquino is still willing to consider arguments of lawmakers.

    Last month, President Aquino rejected legislative measures aimed at lowering the prevailing income tax rates, saying these will not help the economy and the people.

    Aquino said income tax cuts will decrease government revenues and expand tax collection deficit.

    He added that these scenarios will affect the country’s credit ratings.


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