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LAWS ENACTED
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List of laws principally authored and
sponsored by Senator Recto during the 13th
Congress
R.A. No. 9400 Amendments to BCDA This law being a companion measure to RA 9399, grants fiscal incentives to registered export enterprises in the special ecozones in Clark, John Hay, Poro Point and Morong, and aligns them with some incentives granted to Subic, such as the imposition of a 5% tax on gross income earned in lieu of national and local taxes, except VAT and real property tax on land. This lays down an equitable system of tax incentives that is uniform to all ecozones and freeports. This bill does not only correct an error in the past but becomes a tool to draw in future investments. (March 20, 2007) R.A. No. 9399 BSDA's One Time Tax Amnesty This law seeks to grant a one-time tax amnesty which will cover only the difference between all national and local tax impositions and the 5% tax on gross income earned by registered business enterprises within the special economic zones and freeports created under presidential proclamations pursuant to Sec. 15 of RA 7227. This corrects the oversight, which became subject of a Supreme Court ruling voiding all tax incentives to investors in Clark, John Hay, Morong, and Poro Point because RA 7227 granted incentives only to Subic and to no one else. (March 20, 2007) R.A. No. 9367 Biofuels Act of 2006 (Co-Authored) This law increases rural employment and income by developing our indigenous renewable energy sources and reducing dependence on imported fuels through the grant of incentives and financial assistance to firms engaged in the production and distribution of biofuels. (Jan. 12, 2007). R.A. No. 9361 Lifting of the 70% VAT Cap This law amending Section 110(B) of the National Internal Revenue Code, as amended by RA 9337, encourages more economic activity and restores the neutrality of the VAT system by lifting the 70% cap on the amount of input VAT that can be credited against the VAT liability of a business. (Nov. 21, 2006).
R.A. No. 9343 Extension of SPV Act of 2002 In order to accommodate more Special Purpose Vehicle (SPV) applications and allow the transfer of non performing assets (NPAs) from financial institutions to SPVs, this law extended for eighteen (18) months the period for filing of applications for the establishment and registration of SPVs and extended for two (2) years the period of entitlement to the tax exemptions and fee privileges in the sale or transfer of NPAs. (April 24, 2006).
R.A. No. 9341 Rent Control Act of 2005 This law continues to protect housing tenants in the lower income brackets from unreasonable rent increases by expanding the coverage of the rent control law from a monthly rental not exceeding Seven Thousand Five Hundred Pesos (P7,500.00) to Ten Thousand Pesos (P10,000.00) for residential units in the National Capital Region and other highly urbanized cities and from Four Thousand Pesos (P4,000.00) to Five Thousand Pesos (P5,000.00) for all other areas. (December 21, 2005).
R.A. No. 9337 Reformed VAT This law is part of the bigger effort to address the country’s budget deficit and to respond to the need to increase our tax collection to sustain the government’s delivery of basic services while reducing government borrowings. Value-Added Tax replaced the more burdensome and cascading sales tax. It is a tax on consumption levied on the sale of goods and services and on the imports of goods into the Philippines. (May 24, 2005).
R.A. No. 9335 Attrition Act of 2005 This law provides for a system of rewards/incentives which shall cover all officials and employees of the BIR and the BOC whenever they surpass their collection targets. (January 25, 2005).
R.A. No. 9334 Sin Tax This law imposes higher excise tax rates on alcohol and cigarette products which will raise revenues for the government to fund government health programs. Sin Tax is imposed on distilled spirits, wines, fermented liquor, tobacco products, and cigars and cigarettes. (December 21, 2004).
R.A. No. 9301 Philippines Overseas Shipping This law will spur the long over-due growth and development of our Philippine flag carriers. Thousands of world-class Filipino seafarers will have employment opportunities with Filipino ship owners without need of seeking employment from foreign shipping lines. (July 27, 2004).
R.A. No. 9295 Domestic Shipping Development Act of 2004 This law supports the country’s shipping industry including shipbuilding and repair which provides the much needed infrastructure for economic activity and development by encouraging a modernized and safe domestic merchant marine fleet through the grant of fiscal incentives. (May 3,2004).
R.A. No. 9294 FCDUs & OBUs This law encourages foreign currency deposit units (FCDUs) and offshore banking units (OBUs) to continue their presence and operations in the country. This will help stabilize the value of the peso against other currencies because they provide a secondary source of foreign currency reserves. (April 28,2004).
R.A. No. 9282 CTA This law elevated the rank of the Court of Tax Appeals to the level of a collegiate court and expanded its jurisdiction to aid government in collecting from tax evaders and smugglers. (March 30, 2004).
R.A. No. 9243 DST This law leveled the playing field for debt and equity instruments and provided for lower DST on short-term debt instruments. In order to plug a loophole in tax administration and collection, it also imposes a DST on other evidences of indebtedness such as special savings accounts usually maintained by wealthy depositors. This would generate an expected increase in revenue collection which will translate to more services and benefits to the Filipino people. (February 17, 2004).
R.A. No. 9238 GRT on Banks This law restored the Gross Receipts Tax (GRT) on banks and non-bank financial institutions which resulted in a more efficient collection of the tax on the banking sector. The more productive GRT will result in more revenues for government services. This law solved the more problematic determination of bank services that should be covered by the Value Added Tax. (February 5, 2003) .
R.A. No. 9224 Excise Tax on Automobiles This law provided for a more fair, equitable and progressive tax rates based on price such that lower-priced vehicles are taxed at lower rates and expensive vehicles at higher rates. Under this law, the tax rate on lowest-priced vehicles is reduced from 15% to 2%. The more affordable prices offered in the market will serve to curb smuggling and many of our countrymen will be encouraged to buy vehicles which will result to greater tax revenues. (August 29, 2003).
R.A. No. 9182 Special Purpose Vehicle Act of 2002 This law helped not only the investors but also the ordinary bank borrowers in recovering their foreclosed assets by eliminating friction costs in the disposition of their non-performing assets and loans. The same privileges are likewise extended to any individual who wishes to buy such assets. This stabilized the banking sector by freeing up their valuable resources to more productive uses. (December 23, 2002).
R.A. No. 9178 BMBE This law supports small businesses in barangays that will create many jobs for the poor. It encourages the informal sector to merge with the formal sector through the grant of incentives and absence of bureaucratic restrictions, and at the same time increase their productivity and contributions to the economy by widening their access to credit, capability building, training and marketing assistance. (November 13, 2002).
R.A. No. 9167 Film Development Council This law supports the development and growth of the local film industry through the grant of rewards and incentives to locally produced movies of high quality. (June 7, 2002).
R.A. No. 9161 Rent Reform Act of 2002 This law prevents unbridled increases in rents of residential units and gave protection to low-income tenants and boarders, especially students. The rent control law covers all residential units in the National Capital Region and other highly urbanized cities with monthly rental not exceeding Seven Thousand Five Hundred Pesos (P7,500.00) and all other areas with monthly rental not exceeding Four Thousand Pesos (P4,000.00). (December 22, 2001).
R.A. No. 8762 Retail Trade Liberalization This law restricts foreign investment in certain sectors to give protection to Filipino capital thereby aborting capital monopoly which results to unfair competition and unfair trade practices. This law creates a competitive and free market environment, employment generation and livelihood. ( March 7, 2000).
R.A. No. 8756 Regional Headquarters Act This law provides for the exemption from income tax of regional or area headquarters established in the Philippines by multinational companies and which headquarters do not earn or derive income from the Philippines and which act as supervisory, communications and coordinating centers for their affiliates, subsidiaries, or branches in the Asia-Pacific Region and other foreign markets. The regional operating HQs shall be subject to a tax rate of 10% of their taxable income, provided that any income derived from the Philippine sources by the RAHQ when remitted to the parent company shall be subject to the tax on branch profit remittances. (November 23, 1999).
R.A. No. 8748 Amendment to PEZA Law This law provides for fiscal and non-fiscal incentives to businesses/enterprises who will register with PEZA as ecozones. The creation of ecozones will boost development in the countryside, provide local employment and promote tourism. (June 1, 1999).
R.A. No. 8425 Social Reform and Poverty Alleviation Act This law known as the "Social Reform and Poverty Alleviation Act" mandates the NAPC to enhance the programs, approaches and strategies to strengthen the partnership between government and the basic sectors towards poverty alleviation and sustained development. It empowers the marginalized sector of society by addressing the issues greatly affecting the farmers and landless rural workers, fisherfolk, indigenous peoples and indigenous communities, workers in the informal sector, urban poor, members of other disadvantaged groups such as the women, children, youth, persons with disabilities, the elderly, and victims of natural and man-made calamities. (June 3, 1998). R.A. No. 8424 Tax Reform Act of 1997 (Co-Authored) This law amends the National Internal Revenue Code in line with the policy to promote sustainable economic growth through the rationalization of the Philippine internal revenue tax system including tax administration. (December 11, 1997).
R.A. No. 7916 PEZA Law (Co-Authored) This law grants preferential tax treatment to enterprises located in special economic zones (also referred to as ecozones) to boost local economy and attract investors. Due to the more attractive tax incentive package, improved infrastructure and availability of employment, investments in these areas are spurred and consequently lead to the development of contiguous areas. In turn, tax revenues are generated from allied services and employment. This compensates for the taxes waived on foreign investment income due to tax incentives. The revenue generated contributes to government funds for social and welfare services. (February 24, 1995).
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