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nd District Rep. Rep. José María Clemente S. Salceda filed a bill on Wednesday that seeks to reform the pension system of uniformed personnel and address the ballooning liability, which currently stands at P9.6 trillion. Mr. Salceda filed House Bill No. 8593, titled Unified Military and Uniformed Services Personnel Separation, Retirement, and Pension Act. “P9.6 trillion is half of our GDP (gross domestic product). Any pension liability that covers half of your economy is trouble. And the problem will only get bigger if we don’t solve it now,” he said, citing the amount from a study by the Government Service Insurance System (GSIS). Mr. Salceda explained that the problem with pension costs for military and uniformed personnel (MUP) is that “there is no pension fund to speak of.” He added, “It’s always a budget item. It will eventually eat up the budget unless we can find ways to defer the liabilities and keep some funds in trust.” MUPs’ pensions are also u
February 3, 2021 | 8:05 pm Advertisement
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JOHN Henry R. Osmeña, a seasoned former senator who fought the late dictator Ferdinand E. Marcos in the 1970s, has died. He was 86.
He died at 2:45 pm on Tuesday inside his condominium in Cebu City and was immediately cremated, Ferliza C. Contratista, a former staff, said in a Facebook post on Tuesday, citing the lawmaker’s sister Annie Osmeña-Aboitiz.
Mr. Osmena authored landmark bills such as the Electric Power Crisis Act and the Build Operate Law. He was also responsible for the creation of the Department of Energy (DOE) in 1992 and pushed electricity reforms through a law that restructured the sector in 2001.
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CONGRESS ratified on Wednesday the proposed Corporate Recovery and Tax Incentives for Enterprises (CREATE) law, which will cut corporate income tax (CIT), streamline fiscal incentives and ease coronavirus disease 2019 (COVID-19) vaccine importation.
The final version of CREATE will now be sent to Malacañang for President Rodrigo R. Duterteâs signature.
It will immediately slash CIT to 25% from 30% which is currently one of the highest in Southeast Asia. It further cuts corporate income tax to 20% for micro, small, and medium enterprises with net taxable income below P5 million and total assets below P100 million.
âHopefully, this will be implemented soon, as CREATE can be a ventilator that will help companies in ICU, or prevent them from entering one,â Senator Ralph G. Recto said in his explanation of vote.
February 3, 2021 | 8:03 pm Advertisement
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A DREDGING ship that was seized by Philippine authorities for illegal entry is not registered in China, the Chinese Embassy said in a statement on Wednesday.
âInitial investigation on the identity of MV Zhonhai 68 by relevant Chinese authorities has shown that the ship is not registered in China and not a Chinese ship,â it said. The probe also found that there were no Chinese nationals aboard the ship, it added.
The embassy said the vessel is under the flag of Sierra Leone.
The Philippine Coast Guard and Bureau of Customs last month found the dredger-type ship off the coast of Orlon Point in Bataan province in northern Philippines.