2005 RES. NO. 14.doc

EXCERPTS FROM THE MINUTES OF THE REGULAR SESSION OF THE SANGGUNIANG PANLUNGSOD OF OLONGAPO, HELD ON
FEBRUARY 09, 2005, AT THE CITY HALL.

PRESENT:

Hon. Rolen C. Paulino - - - - - - - - - - - - - - City Vice Mayor & Presiding Officer
Hon. Noel Y. Atienza- - - - - - - - - - - - - - - City Councilor
Hon. Cynthia G. Cajudo - - - - - - - - - - - - - “ “
Hon. Teodoro D. del Rosario- - - - - - - - - - “ “
Hon. Bella P. Asuncion - - - - - - - - - - - - - - “ “
Hon. Marey Beth D. Marzan- - - - - - - - - - - “ “
Hon. Angelina B. Andrada - - - - - - - - - - - - “ “
Hon. Brian Patrick H. Gordon - - - - - - - - - - “ “
Hon. Anselmo A. Aquino - - - - - - - - - - - - - “ “
Hon. Edwin J. Piano- - - - - - - - - - - - - - - - - “ “
Hon. Gina G. Perez - - - - - - - - - - - - - - - - - “ “
Hon. Robine Rose C. Buenafe - - - - - - - - - - SK Federation President

ABSENT:

Hon. Napoleon F. Capistrano- - - - - - - - - - - President, Liga ng mga Barangay
(On Official Business)


RESOLUTION NO. 14
(Series of 2005)

A RESOLUTION EXPRESSING STRONG SUPPORT FOR THE PASSAGE OF SENATE BILL NO. 643, ALSO KNOWN AS “AN ACT EXEMPTING THE
BANK DEPOSITS OF SENIOR CITIZENS FROM THE 20%
WITHHOLDING TAX ON INTEREST INCOME”


WHEREAS, the City of Olongapo is committed to promote the well-being of its Senior Citizens as defined under Republic Act No. 7432;

WHEREAS, the Senior Citizens of our society have played a leading role in the present economic status of the country, by their significant financial contributions in the form of their withheld taxes during their productive years in their chosen work field;

WHEREAS, their retirement from service upon reaching the set age-limit has dramatically lessened their opportunities for income generation;

WHEREAS, most of the Senior Citizens only rely on their hard-earned retirement income to sustain their daily needs for the succeeding years of their lives, an income which is usually deposited in the bank for safe-keeping;

WHEREAS, R.A. 7432 provides income tax benefits for the elderly;

NOW, THEREFORE, on motion of Councilor Angelina B. Andrada, with the unanimous accord of the members of the Sangguniang Panlungsod present,
Con’t. of Resolution No. 14, Series of 2005.

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RESOLVED, AS IT IS HEREBY RESOLVED, by the Sangguniang Panlungsod in session assembled, to express, as it hereby expresses Strong Support For The Passage Of Senate Bill No. 643, Also Known As “An Act Exempting The Bank Deposits Of Senior Citizens From The 20% Withholding Tax On Interest Income”

Let copies of this resolution be furnished Hon. Manny Villar, Chairman, Senate Committee on Finance and author of S.B. No. 643; Hon. Ralph Recto, Chairman, Senate Committee on Ways and Means; Hon. Franklin Drilon, Senate President; and Hon. Jose de Venecia, Speaker of the House of Representatives for their consideration and appropriate action.

APPROVED UNANIMOUSLY, February 09, 2005.


ROLEN C. PAULINO
City Vice Mayor & Presiding Officer


NOEL Y. ATIENZA CYNTHIA G. CAJUDO
City Councilor City Councilor


TEODORO D. DEL ROSARIO BELLA P. ASUNCION
City Councilor City Councilor


MAREY BETH D. MARZAN ANGELINA B. ANDRADA
City Councilor City Councilor


BRIAN PATRICK H. GORDON ANSELMO A. AQUINO
City Councilor City Councilor


EDWIN J. PIANO GINA G. PEREZ
City Councilor City Councilor


NAPOLEON F. CAPISTRANO ROBINE ROSE C. BUENAFE
President, Liga ng mga Barangay SK Federation President
(On Official Business)

ATTEST:

ELFLIDA S. SALMON
City Council Secretary

APPROVED BY HIS HONOR, THE CITY MAYOR ON______________________.


JAMES GORDON, JR.
City Mayor
ATTEST:

DELFIN A. JUICO, JR.
Secretary to the City Mayor