LIVE: Senate Committee on Ways and Means holds hearing | June 4, 2025

The Senate has begun laying out and reviewing proposals to raise the income tax exemption baseline for Filipino workers, which was previously set at ₱250,000 back in 2018. The Senate committee, along with the Department of Labor and Employment (DOLE) and the Bureau of Internal Revenue (BIR), favors this proposed reform in response to the rapid surge of inflation being felt across the country up to the year 2026. Concurrently, labor organizations such as the Nagkaisa Labor Coalition (NAGKAISA) and the Federation of Free Workers (FFW) are pushing for a "Wealth Tax" to be levied on the top 1% of the population. During the hearing, the committee also examined how much this initiative would add to the savings and take-home pay of ordinary taxpayers, emphasizing the urgency of enacting it into law rather than waiting for automatic indexing based on the rising cost of living, as reflected in the March 2026 computed living parameters from independent groups like the IBON Foundation. Chapters: 0:00:00 - Nagkaisa Labor Coalition proposes 'Wealth Tax' on Top 1% 0:01:05 - Sen. Loren Legarda reviews P250,000 tax-exempt baseline from 2018 0:04:18 - DOLE shares Metro Manila's current minimum wage closing in on the threshold limit 0:07:25 - BIR waits on Dept of Finance regarding the tax adjustment impact 0:11:55 - Labor reps emphasize P1,200 standard daily living wage calculation by IBON Foundation 0:13:40 - Current base vs adjusted rates if minimum reaches P360,000 to P480,000 limit 0:16:44 - Sen. Chairperson inquires for specific sample deductions/tax relief amounts 0:19:59 - The 'Maria Scenario' - How workers would save thousands under adjusted metrics 0:22:42 - Sen. Legarda proposes inclusion of automatic tax rate indexing system in bills 0:24:23 - The Chairperson explains confusion, delays, and clarity behind Senate positions and operations Subscribe to iWant to watch ANC live and on-demand: https://www.iwanttfc.com For more ANC Interviews, click the link below: https://www.youtube.com/playlist?list=PLm34qRgqWBU4AT2G3LWF27_RErcz0GVd9 For more ANC Highlights videos, click the link below: https://www.youtube.com/playlist?list=PLm34qRgqWBU4cKXctfaRZsLEHahqOc9dQ Subscribe to the ANC YouTube channel! https://www.youtube.com/user/ANCalerts Visit our website at https://news.abs-cbn.com/anc Facebook: https://www.facebook.com/ancalerts Twitter: https://twitter.com/ancalerts #ANCHighlights #ANCAlerts #ANCNews #ABSCBNNews #NewsDigital #LatestNews #philippinenews #TaxExemption #SenadoNews #IncomeTaxPhilippines #TRAINLawUpdates #WageHike #PhilippineSenate #LaborRights #EconomyNews