THE passage of the Capital Markets Efficiency Promotion Act (CMEPA), which imposes a 20% tax on interest from bank savings for local depositors, has drawn varied reactions from residents here.
The law, signed by President Ferdinand Marcos Jr., aims to eliminate preferential tax treatment previously enjoyed by the wealthy, according to the palace.
However, local depositors expressed disappointment, stating that they save for their future and the 20% tax on their interest earnings is significant.
Honey Abris, a barangay councilor in Mambatangan, Bukidnon, a businesswoman and mother, said she was unhappy with the new act.
“Wala ko nalipay ani nga balaod kay sama naku nga dili man dako akong negosyo, pero gapaningkamot lang nga maka save ginagmay para unta magamit puhon pag mag retire na tapos makulangan pa sa 20 percent (ang interest sa savings),” Abris said, adding that it has a big effect for all workers.
Elwell Ubal-ubal, 28, who works for a private company, said depositors hope to see their interest grow as a fruit of their hard work.
“Gamay nalang gani ang interest sa banko, kwaan pa gyud ug 20% sa gobyerno. Unsa nalang ang mabilin? Ang uban gani, di na ka-save tungod sa kalisod sa kinabuhi unya kung makatigom gamay, kwaan pa gyud,” Ubal-ubal said.
He added the government is putting its constituents in a difficult situation.
“Imbis unta tabangan ang katawhan nga magtinabangay ug mag-save para sa kaugmaon, murag mas giuna pa ang pagpangwarta sa buhis. Pwerteng lisura na gani sa kinabuhi, ipamugos pa gyud ang kaltas bisan gamay ra kaayo ang interest,” the frustrated Ubal-ubal said.
While some expressed frustration, others could not relate, as they do not have bank accounts.
Elvie Daumar, a housewife from Sta. Ana, Tagoloan, simply laughed off the idea, saying, “wa man gani ko’y bangko.”
However, several Facebook users have expressed in various posts that they would rather buy vaults than save in banks now that the 20% tax is imposed on bank interest.
“Galisod man gani tag unsay itigom, kuhaan naman nuon ug 20 percent ang interest,” said Mariz Ramirez, a recent college graduate from Tagoloan.
