Signing the extended Centenarian Law is Marcos
A new law provides that Filipinos will receive a financial gift of P10,000 upon turning 80 years old, and every five years after that. In the meanwhile, local goods deserving of the "Made in the Philippines" designation are given incentives by the Tatak Pinoy Act.
In response to calls for benefits to be extended to Filipino nonagenarians and octogenarians, President Marcos signed a bill on Monday, February 26, giving P10,000 as a monetary present to individuals who become 80, 85, 90, or 95 years old.
According to Marcos, Republic Act No. 11982, also known as "An Act Granting benefits to Filipino Octogenarians and Nonagenarians," is a tribute and a token of appreciation for the aged people of the Philippines.
“To our active 80-somethings and lively 90-somethings, the expanded Centenarians Act confers upon you the thanks of a grateful nation that you have made strong and stable through your labors,” Marcos said in his speech during the ceremonial signing of the law at Malacañang.
The "Centenarians Act of 2016," also known as RA 11982 revised RA 10868, provides a P100,000 cash reward to individuals who turn 100.
“The expansion of the coverage of the Centenarians Act is a homage to the Filipino trait of compassion and in our culture, none are showered with more kind and loving care than our elderly,” the President said.
The new law provides that Filipinos will receive a financial gift of P10,000 when they are 80 years old, and another P10,000 every five years when they turn 85, 90, or 95.
The Centenarian Law, which attempts to give senior persons financial incentives and support infrastructure, was signed by President Ferdinand Marcos Jr. of the Philippines. By utilizing the ingenuity and abilities of Filipino laborers, the Tatak Pinoy (Proudly Filipino) Act fosters inclusive economic growth and development throughout the nation.
The Act requires the establishment of the Tatak Pinoy Council, which will consist of several departments and agencies and serve as the President's policy and advisory council. For ten years, Philippine goods and services will take precedence in the industries and economic endeavors covered by the Tatak Pinoy Strategy. Approvals, permits, licenses, and certifications will be accelerated through the creation of green lanes for exports and investments.
Additionally, the law requires government-run financial institutions to offer Tatak Pinoy businesses venture capital, flexible or low-interest loan programs, credit guarantees, lease agreements, and other forms of funding. The value-added tax refunds of Tatak Pinoy businesses will be processed more quickly by the Bureau of Internal Revenue.
One of the primary authors of the Tatak Pinoy Act, Sen. Sonny Angara, claimed that the legislation represents a significant advancement for the Philippines' industrialization. He thanked the Senate's leaders and members for their support and commended President Ferdinand Marcos Jr. for sharing his vision for Tatak Pinoy.
The Tatak Pinoy Act, according to Quezon Representative Keith Micah Tan, will hasten the growth of elite Filipino businesses that market competitively priced goods, services, and products created in the Philippines. In order to reduce poverty, he wanted to unite all Filipinos behind the Tatak Pinoy firms and inspire local companies to strive for excellence, economic growth, and wealth.
via one news ph