• House ratifies bill raising cap on tax-free bonus

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    The House of Representatives has ratified the measure raising the ceiling for tax-free 13th month pay to P82,000 as proposed by the Senate. The House version set a threshold of P70,000.

    This means that the bill will no longer be tackled at the bicameral level.

    It was House Majority Leader Neptali Gonzales 2nd of Mandaluyong City who made the motion that the House adopt the Senate version.

    “We have consolidated the House and Senate bills on the higher exemption for tax on bonuses so the people can immediately benefit from it. With this initiative, we are now even more certain that this measure, which the House has diligently worked on the past months, will become a law before the year ends and its envisioned benefits will be felt by the people as early as June 2015, when the first half of the 13th month pay is received by employees,” House Ways and Means panel Chairperson Romero
    Quimbo of Marikina City said.

    But even if the House already approved the measure, President Benigno Aquino 3rd can still veto it, or not sign it into law.

    But Gonzales is confident that the President will not junk the measure.

    “I don’t see him vetoing this. At the end of the day, he knows that this is what the people need. I don’t suppose he is against this. Yes, there will be government losses, but we can cut spending in other areas to compensate,” Gonzales said.

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