17/07/2025
Stop spreading fake news. Let’s get the facts straight.
📌 Secretary Ralph Recto is NOT the author of the tax provision on bank deposit interest. He is part of the Executive Branch, specifically the Department of Finance — not the Legislative Branch that writes laws.
📌 The 20% Final Withholding Tax (FWT) on bank interest is not new. It’s been in place for years. There is NO change in the tax rate on your savings or checking account interest.
📌 The authors of the law being misrepresented are members of the Senate — including Sen. B**g Go, Sen. Bato dela Rosa, Sen. Robin Padilla, Sen. Imee Marcos, Sen. Cynthia Villar, Sen. Allan and Pia Cayetano, and Sen. Risa Hontiveros.
It’s sad that some Filipinos rely solely on social media posts instead of facts. Let’s be more responsible and discerning. Read, verify, and understand before spreading misleading information.
