REDUCING CORPORATE INCOME TAX RATE: Senator Sonny Angara, chair of the Senate Committee on Ways and Means, presides over a public hearing of Senate Bill 2163, which proposes to reduce the country's corporate income tax rate. According to Angara, Association of South East Asian Nation members (ASEAN) manifest differences in their corporate and individual Income tax regimes with such differences coming as a result of different levels of development and requirements of governance. The Philippines, he says, hold the distinction of having the highest corporate income tax at 30 percent, against Singapore who holds the lowest at 17 percent. (PRIB Photo by Albert Calvelo/Wednesday, June 4, 2014)