Press statement of Sen. Pia S. Cayetano

On reports GMA will sign bill exempting seniors from VAT

"I am elated over the Palace's apparent change of heart with respect to the signing of the Expanded Senior Citizens Bill. It's good that they have realized how the social gains and direct benefits of this measure to our elderly far outweigh government's anticipated income revenue losses, which the Department of Finance (DOF) had pegged at P54.4 million per year. It's really a small price to pay compared to the invaluable contribution of our lolos and lolas to society at the prime of their lives.

"Raising the bogey that this bill would lead to tax leaks is unfounded because this can be squarely addressed with better collection efficiency and tighter monitoring by the Bureau of Internal Revenue and the DOF. I hope there won't be any more hitches and I look forward to the immediate signing of this measure by the President."

Note: Senator Pia S. Cayetano is the Chairperson of the Senate Committee on Social Justice, Welfare and Rural Development and principal sponsor of Senate Bill No.3561, the upper chamber's version of the "Expanded Senior Citizens Act of 2010."