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HERE’S a bit of news that really is a thriller.
What is considered as the “cheapest thrill” among Filipinos is
about to get even cheaper. It is not just the prices of essential
medicines that are going down, but also the cost of watching movies
in your favorite mall—which could be the perfect remedy for all
types of ailments!
That “tonic,” according to
the Nacionalista Party (NP) led by Sen. Manuel Villar, should come
good later this week when movie tickets are slashed with the
expected two-thirds reduction in the amusement tax taking effect.
“We are definitely counting on
movie theater owners and operators to roll back their ticket selling
prices, since the amusement tax will be effectively cut to just 10
percent,” said NP spokesperson and former Cavite Rep. Gilbert
Remulla.
Villar is one of the principal
authors of the new law lowering the maximum amusement tax that may
be collected by provinces from 30 percent to only 10 percent. The
Senate approved its version of what is now Republic Act 9640 when
Villar was Senate President.
The new law was published on July
22, and is set to “take effect 15 days thereafter.” Assuming the
cost of the impost is passed on to moviegoers, theater owners and
operators currently add on P30 in amusement taxes for every
P100-worth of tickets. This P30 should now go down to only P10,”
Remulla explained.
Remulla played down apprehension
that the tax cut would adversely impact provincial government
treasuries.
“With cheaper tickets, a
greater number of Filipinos would find it more affordable to
patronize movie theaters. Thus, provincial governments would easily
recover the forgone revenue through increased traffic at a lesser
rate,” he said.
Meanwhile, Remulla expressed
confidence that the lower amusement tax rate would fire up the local
film industry, which directly employs some 300,000 Filipinos.
“We expect an explosion in
local film production and a surge in moviegoers to help enliven
domestic economic activity and jobs creation, apart from stimulating
free artistic and intellectual expression,” added Remulla, former
chairman of the House committee on public information.
Provinces are empowered by law to
levy an amusement tax on the admission fee gross receipts generated
by proprietors, lessees or operators of theaters, cinemas, concert
halls, circuses, boxing arenas and other places of recreation. The
tax gets passed on to consumers.
Under R.A. 9640, the following
are exempt from paying the tax: the conduct of operas, concerts,
dramas, recitals, painting and art exhibits, flower shows, musical
programs, literary and oratorical presentations, except pop, rock,
or similar concerts.
The country has a colorful
filmmaking history. At the height of the Golden Age of Philippine
Cinema in the 1950s, four big studios—LVN Pictures, Sampaguita
Pictures, Premiere Productions and Lebran Internationa—together
produced over 350 films every year.
Thanks to the Government Service
Insurance System (GSIS), operations of a damaged oil tanker of
state-owned Philippine National Oil Corp. has been restored with a
P30-million payout from the state insurance entity.
The GSIS, one of the country’s
leading non-life insurer and reinsurer, has already turned over P30
million in insurance claim to PSTC for the repair of its vessel, M/T
Emilio Jacinto.
PSTC filed a P30-million claim
from the GSIS after the main engine of one of its insured vessels
was damaged after unloading petroleum products in General Santos
City.
M/T Emilio Jacinto, which was
bought in February last year by PSTC from Hong Kong-based Prime
Capital Equities Ltd., began its trading operation in April 2008
carrying petroleum products. It reported damage to its main engine
May of the same year.
The GSIS, as empowered by law, is
engaged in the non-life insurance business and offers insurance
products such as motor car, fire, personal accident, aviation,
contractor’s all risk, suretyship bond, and marine.
Its marine insurance covers risks
against all loss or damage to a vessel, craft, aircraft, goods,
freight and cargoes.
“Our recent turnover of a
P30-million check to PSTC signifies GSIS’s commitment to all of
its clients. The GSIS, as one of the pillars in the non-life
insurance industry, is always trying to find ways to make claims
faster and more efficient,” said GSIS President and General
Manager Winston Garcia.
Under the law, all assets,
properties, and interests of the government have to be insured with
the General Insurance Fund of the GSIS.
PSTC is a government-controlled
corporation that has been engaged in petroleum marine transport
services for the last 30 years. It is one of the key service
providers of Petron, the Philippines’ largest oil refining and
marketing company.
rjottings@yahoo.com
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