THERE are many encouraging legislative initiatives in Congress that promise to generate substanĀtive and meaningful development for our country.
Among them are the Corporate Income Tax and Incentives RatioĀnalization Act (CITIRA) approved recently by the House, that could leave positive footprints in various sectors, and two education bills designed to raise Philippine basic education to world class level.
President Duterte has designated CITIRA (HB 4157), the second package of his Comprehensive Tax Reform Program. It seeks to ratioĀnalize incentives for ccrtain corpoĀrations and reduce over 10 years the corporate income tax from 30% t0 20% of some one million other companies, which are expected to reinvest 67% of their tax savings in new productive ventures or expand their operations.
CITIRA is expected to create 1.566 million jobs, and add 3.6 percent annually to the GDP growth from 2020 to 2030, while adding only 0.9% to inflation.
The Public Schools of the Future bill (HB 311) seeks to provide basic education students āinstructions in digital classrooms complete with digital tools that will allow them to be at par with their world peers,ā and provide them laptop computers and Internet access at appropriate grades levels to prepare them for the ādisruptive technologiesā of the ongoing Fourth Industrial RevoluĀtion, the digital revolution that involves the fusion of technologies which blur the lines separating the physical, digital, and biological spheres.
It is projected that by 2025, half of todayās activities could be digitally enabled, and 65% of current work skills will become obsolete shortly after, due to further intensified technological innovations.
The bill aims to prevent unemĀployment by equipping learners āthe required skills to leverage and upgrade their earning ability.ā It is projected that by 2025, half of todayās activities could be digitally enabled, and 65% of current work skills will become obsolete shortly after, due to further intensified technological innovations.
The āLast Mile Schoolsā (HB 304), seeks to ensure access to education for learners from isolated communities, including children of poor tribal families, by providing them access roads so that ānever again should children risk their lives by crossing streams, hiking mountain paths or poorly maintained roads, just to get to school.ā
Interestingly all three measures were principally crafted by Albay Rep Joey Salceda, a noted econoĀmist who has also authored other milestone legislations including the Free Tuition law, Philippine Space Act, Nuclear Regulation Act and Revised Public Service Act among many others.