Insurance Commission Chief Emmanuel Dooc is optimistic that the bill seeking to cut tax on non-life products will be passed by congress.
said that the proposal is still in the committee level in the lower house, but he
is hopeful that it can be "fast-tracked."
said that affordable insurance products empower the marginalized sector since they are able to face disasters with confidence unlike before where they rely so much on dole outs.
The non-life insurance industry has long been pushing for lower tax rates to be at par with neighbor countries, just in time for the Asean economic integration.
said that from at at least 24.5 percent, he
hopes that the tax for non-life insurance will go down to around 5.5 percent.