President Rodrigo Roa Duterte leads the ceremonial signing of the 2018 General Appropriations Act (GAA) amounting to PhP 3.767 trillion and the Tax Reform for Acceleration and Inclusion (TRAIN) at the Rizal Hall of Malacañan Palace on December 19, 2017.
The President is joined in the event by his Cabinet Secretaries, members of the Senate and House of Representatives, officials and staff of the Presidential Legislative Liaison Office (PLLO), personnel from the Department of Budget and Management (DBM) and the Department of Finance (DOF), and other invited guests.
On the National Budget for 2018, the Education Department get the biggest chunk of the budget with P553.3 billion. The Department of Interior and Local Government follows suite with P170.8 billion and the Department of National Defense with P149.7 billion and coming at 4th is the Department of Social Welfare and Development with P141.8 billion.
Whereas, the Tax Reform Acceleration and Inclusion brings good news to all Filipinos. Under the said bill is the exemption from income tax of all those earning P250,000 or less a year, and the 13th month pay and bonuses up to P90,000 would also be tax-free.
The measure would also benefit small businesses with P3 million and below annual sales because they will be exempt from value added tax and lower income tax rates for those earning P2 million and below.
President Duterte promised during hid campaign that he would surely give comfortable life for every Filipino and it is happening now.