Aquino vetoes proposed measure for centenarians

MANILA – President Benigno 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, Malacañang said on Tuesday.

Deputy presidential spokesperson Abigail Valte, in a regular press briefing, said that the Chief Executive vetoed last May 15 “The Act Honoring and Granting Additional Benefits and Privileges to Filipino Centenarians.”

In his veto message, Aquino acknowledged the intent of the measure but said that, “the 75 percent 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. The center of the veto (message), just to give you an idea, it’s 75 percent in the enrolled bill, the proposal was 75 percent would be the discount on sales of goods and services in favor of centenarians,” Valte said.

She said that the proponents of the bill should assess it in case they want to refile it in the next Congress.

She also said that the Executive branch was not remiss in its duty when the bill was still being discussed in Congress.

“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 ve- toed by the President. The President earlier vetoed the Magna Carta for the Poor and the bill removing the height requirement for policemen.