Finance & Budget
Committee on Committee on Finance
INCREASING THE INCOME TAX EXEMPTION CEILING FOR INDIVIDUAL TAXPAYERS
Bill SBN-2137 seeks to raise the income tax exemption limit for individuals to P360,000 per year. It is currently pending in the committee and is sponsored by Senator Mark A. Villar.
VAT EXEMPTION ON SYSTEM LOSS ACT FOR RESIDENTIAL HOUSEHOLD CONSUMERS
The bill proposes to exempt system losses from value-added taxes on electricity sold to residential consumers. It is currently under consideration by the Ways and Means committee.
EMERGENCY FINANCIAL STABILITY AND CONSUMER PROTECTION ACT
The Emergency Financial Stability and Consumer Protection Act seeks to provide the Bangko Sentral ng Pilipinas with emergency regulatory powers over financial institutions during a national emergency.
KURYENTE RELIEF ACT OF 2026
The Kuryente Relief Act of 2026 proposes to exempt certain residential households from VAT on their electricity bills if their monthly consumption is 150 kWh or less. The bill is currently under consideration by the Committee on Ways and Means.
PERSONAL FINANCIAL LITERACY IN TECHNICAL-VOCATIONAL EDUCATION AND TRAINING ACT
The bill proposes to require technical-vocational institutions to teach a personal financial literacy course as part of their training programs.
FUEL CRISIS IMMEDIATE RELIEF AND RESPONSE ACT
The Fuel Crisis Immediate Relief and Response Act aims to address issues related to fuel crises by providing immediate relief and response measures. It is currently under consideration by the Finance Committee.
SUSPENSION OR REDUCTION OF EXCISE TAXES ON PETROLEUM PRODUCTS
The bill proposes that the President can suspend or lower excise taxes on petroleum products in times of national or global economic emergencies. It seeks to amend an existing section of the National Internal Revenue Code.
AUTOMATIC SUSPENSION OR REDUCTION OF EXCISE TAX ON FUELS
The bill SBN-1927 seeks to allow for the automatic suspension or reduction of excise tax on fuels by amending existing tax laws. It is currently in the committee stage.
PHILIPPINE BUDGETING CODE
The bill SBN-1921 seeks to create a comprehensive code for budgeting laws in the Philippines. It is currently under review by the Finance Committee.
PUBLIC INFRASTRUCTURE FINANCING AND INSURANCE ACT
The bill titled 'Public Infrastructure Financing and Insurance Act' seeks to enhance the financing and insurance strategies for public infrastructure in the context of disaster risk management.
TRAVEL TAX ABOLITION ACT OF 2026
The Travel Tax Abolition Act of 2026 proposes to eliminate the travel tax. It is currently under consideration by the Ways and Means Committee.
ESTATE TAX AMNESTY ACT OF 2026
The Estate Tax Amnesty Act of 2026 proposes to provide amnesty for individuals regarding the payment of estate taxes. It is currently pending review by the committee.
ABOLISHING THE TRAVEL TAX
The bill SBN-1849 proposes to eliminate the travel tax. It is currently under consideration by the Ways and Means Committee.
FURTHER STRENGTHENING THE ANTI-MONEY LAUNDERING ACT
The bill SBN-1828 seeks to enhance the Anti-Money Laundering Act by making amendments to the existing law. It is currently under review by the committee responsible for banks and financial institutions.
STRENGTHENING THE GOVERNMENT PROCUREMENT
The bill seeks to enhance the existing government procurement processes by amending the current law related to procurement. It is under review by the Finance Committee.
FAIR DEBT COLLECTION PRACTICES ACT
The Fair Debt Collection Practices Act is a proposed law that seeks to regulate how debts are collected, ensuring that debtors are protected from abusive practices. It is currently pending in the House of Representatives.
BANKING REFORM FOR INTEGRITY, GOOD GOVERNANCE, HONESTY, AND TRANSPARENCY (BRIGHT) ACT
The Banking Reform for Integrity, Good Governance, Honesty, and Transparency (BRIGHT) Act seeks to change the rules regarding the confidentiality of bank deposits, allowing for more disclosure. It is currently pending further discussion in the Senate.
ABOLISHING THE TRAVEL TAX ON FILIPINOS AND SOUTHEAST ASIAN NATIONS (ASEAN) MEMBERS
The bill proposes to eliminate the travel tax for Filipinos and citizens of ASEAN countries when they travel to other ASEAN nations.