TAX EXEMPTION: Senator Ralph Recto, chairman of the Senate Ways and Means Committee, gets inputs from Finance Secretary Margarito Teves (second from right) on the proposal to reduce the income rates of individual taxpayers during the hearing today (May 22, 2006) at the Senate. Teves is flanked Finance Undersecretary Gil Beltran (left) and Trade and Industry Secretary Peter Favila. (Photo by: Albert Calvelo, SENATE-PRIB)