October 17, 2024 | 12:00am
I turned 60 earlier this year, and I felt a mix of joy and gratitude for reaching this milestone in good health. I was also excited to receive my senior citizen ID and the benefits that come with it. Over the years, various policies and programs have been implemented to enhance support for Filipino seniors like me. Significant progress has been made, but I believe there is still much more that can be done to improve the quality of life for the elderly.
According to the National Commission of Senior Citizens, Filipino elderly are estimated to comprise about 8.5 percent of the country’s household population by the year 2030 – a sizable portion that, if properly supported, can continue to contribute to nation-building.
In the Philippines, retirement is commonly set at 60, yet many Filipinos continue to work even as senior citizens. I, for one, remain an active member of the workforce even after I reached retirement age. I am one of those who want to contribute more, share what I have learned over the years, and hopefully help the next generation of professionals.
Across various sectors and industries, the elderly occupy senior management and leadership positions – a testament to their wisdom and experience in the workplace. While many have made significant contributions over the years, there remains an opportunity to enhance government support for seniors during this crucial stage of their lives.
This is especially true for financially challenged senior citizens. For example, indigent elderly Filipinos are only entitled to a P1,000 monthly pension on top of the discounts mandated by law for their purchase of basic goods and services.
A quick glance at the news would easily lead one to conclude that these are not enough to cover basic needs, given the rising costs of goods and services. This challenge is particularly pressing for the elderly, where access to healthcare is a critical concern.
This week alone, fuel prices went up by nearly P3 per liter – a development that has an indirect negative effect on the prices of commodities such as food. Thankfully, there’s some reprieve from soaring prices, at least for the electricity bills of Meralco customers, after the company announced a P0.36 per kWh rate reduction this month.
Given today’s prevailing economic and social conditions, it is high time for the government to implement tax exemptions for Filipino elderly who are still part of the workforce. Currently, senior citizens who receive minimum wage are the only ones exempted from paying income tax under Republic Act 9994.
The proposed measure of Senior Citizens’ Party List Rep. Rodolfo “Ompong” Ordanes seeks to amend this by exempting all working elderly Filipinos from paying taxes – a step in the right direction, as this would not only empower the said demographic but also help stimulate the country’s silver economy.
Rep. Ordanes’ House Bill 2093 seeks to exempt seniors with a monthly income of P80,000 and below from paying income tax. I believe this proposal could be further expanded, and I urge the government to consider this, as well as other policies, to provide seniors with either full income tax exemption or at least additional tax relief.
Allowing working senior citizens to retain a larger portion of their monthly income encourages increased spending and investment, further stimulating economic activity. This would allow senior citizens to better sustain themselves and improve their overall quality of life.
A tax exemption would also allow working senior citizens to allocate resources more effectively, given that many elderly Filipinos continue to financially support their families – raising grandchildren, contributing to household expenses, and providing funding in times of emergencies and crises.
More than a fiscal policy, a tax exemption for senior citizens is a form of social justice in recognition of their decades of contribution to nation-building, and a way to provide support in their later years.
It is the collective responsibility of all Filipinos to ensure that our elderly – who toiled for decades to build our nation – are well-supported in their twilight years.
As our country works toward continuously improving the quality of life for Filipinos, let us ensure that the welfare of senior citizens is prioritized. Seniors have laid the foundations for today’s economic gains; now, it is only right to give back.
In my next column, I will explore the vital role of healthcare support for seniors – an area with great potential for improvement that can significantly enhance holistic well being.
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