Senators Seek Relief for Filipinos Hit by Weak Peso and El Niño
VAT CUT WAGE HIKE – With the peso at record lows and El Niño battering farms, two senators are pressing for tax cuts and higher pay to protect the shrinking budget of ordinary Filipinos.
In separate statements on Thursday, October 29, 2026, Senators Bam Aquino and Christopher “Bong” Go renewed their calls for the passage of five Senate bills aimed at easing the loss of purchasing power.
Aquino is pushing Senate Bill No. 2047, which seeks to cut the value-added tax on goods and services, including petroleum products, from 12% to 10% to bring prices down. His SB No. 266 would make electricity costs VAT-exempt.
He also put forward SB No. 267, which would amend the TRAIN Law to exempt annual earnings of up to ₱480,000 from income tax, putting more take-home pay in the pockets of workers.
Go, for his part, backed SB No. 175, the proposed ₱100 Daily Minimum Wage Increase Act, and SB No. 177, the proposed Rural Employment Assistance Program Act, which seeks to create work for jobless and underemployed Filipinos in the countryside.
Labor group SENTRO also urged the government to act quickly and give targeted relief to the most vulnerable. “Workers must not be made to pay for this crisis through stagnant wages, reduced consumption and declining living standards,” the group said. It called for an economic strategy that creates decent jobs and lowers the country’s exposure to swings in global oil prices and financial markets.
The calls come days after President Ferdinand Marcos Jr. told the public not to panic as the peso hit a new record low. The Department of Agriculture has also placed El Niño farm damage at ₱8.57 billion as of October 21, hitting more than 288,000 farmers across 14 regions.
Meanwhile, the Senate leadership said the proposed 2027 budget is being reshaped to fund El Niño response, while lawmakers look for spending cuts to make room for relief measures.