President Benigno Aquino 3rd signed into law a bill granting cash incentives to centenarians, a measure he vetoed three years ago.
Presidential Communications Secretary Herminio Coloma Jr. said Aquino signed Republic Act (RA) 10868 or the Centenarians Act of 2016 on June 23, a week before moving out of Malacañang,.
“[The] Centenarians Act as enacted does not carry the provision about 75 percent VAT [value-added tax] exemption which was the objectionable feature of the enrolled bill when it was first submitted to the President and vetoed in the 15th Congress,” Coloma said in a statement.
Under RA 10868, Filipinos who reach the age of 100 will receive a letter of felicitation from the President and a P100,000 cash gift, whether they are residing in the Philippines or abroad.
They will also be awarded with a plaque of recognition and additional cash gift from their respective city or municipal governments during the National Respect for Centenarians Day, which is set on September 25 of every year.
In 2013, Aquino rejected the earlier version of the bill mainly because of the provision that sought to increase to 75 percent the discount of goods and services to centenarians.
In his veto message, the president said the rate “exceeds the usual mark-up rate of most businesses and will obliterate profit margins and result in capital loss.”
Aquino also signed on June 23 RA 10867 or the National Bureau of Investigation (NBI) Reorganization and Modernization Act, RA 10866 or the Batanes Responsible Tourism Act, and RA 10865 or Mayor Hilarion A. Ramiro, Sr. Medical Center Act.
Coloma said the NBI Reorganization Act will allow the NBI to modernize through the purchase of state-of-the-art equipment and laboratories, as well as training of its personnel.