Voting 186 to 6 with 2 abstentions, lawmakers passed on third reading House Bill 304, or the Passive Income and Financial Intermediary Taxation Act .
The bill, which is the fourth package of the Duterte administration's tax reform program, aims to cut the number of tax rates on passive income, financial services and transactions to 36 from 80 at present. Interest income from assets long-term deposits, foreign currency deposits, and dividends from stocks will also be taxed at 15 percent.
Gabriela Women's Party Rep. Arlene Brosas voted against the bill saying “it grossly favors the rich who makes fortunes out of thin air in the financial sector."
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