Aquino vetoes consolidated bill that grants 75 percent discount to centenarians

May 28, 2013 10:21 pm 

MANILA, May 28 — President Benigno S. Aquino III has vetoed a consolidated bill that will grant 75 percent discounts to centenarians, saying the amount will obliterate profit margins and result in capital loss, a Palace official said on Tuesday.

Deputy Presidential Spokesperson Abigail Valte announced during the regular press briefing in Malacanang on Tuesday that the Chief Executive vetoed last May 15 "The Act Honoring and Granting Additional Benefits and Privileges to Filipino Centenarians”

In his veto message, President Aquino acknowledged the intent of the measure but said that, “the 75% discount exceeds the usual mark-up rate of most businesses and will obliterate profit margins and result in capital loss” because “the proposed measure does not provide for a tax deduction to recover the said discount.”

"The intent of the law is certainly very laudable and it was stated also in the veto message of the President when it was given to both Houses. Ang sinentruhan lang po ‘nung veto, just to give you an idea, 75 percent po kasi in the enrolled bill, the proposal was 75 percent po ‘yung magiging discount on sales of goods and services in favor of centenarians," Valte said.

"They should assess this in case the proponents of the bill want it refilled kasi maganda naman po yung pinupunto ‘nung batas. According to (Internal Revenue) Commissioner Kim Henares, the BIR was present even at the committee level, at the hearings for this particular one, and they have consistently made their position that the 75 percent may be too heavy without a tax deduction on the part of the establishment," Valte said.

The Centenarian bill was among measures vetoed by the President. The President earlier vetoed the Magna Carta for the Poor and the bill removing the height requirement for policemen. (PNA)

HBC/PCOO/SSC

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