The Senate ways and means committee is wrapping up its draft committee report for floor debate on several bills seeking to exempt from documentary stamp tax (DST) on money transfers or remittances to the Philippines made by overseas Filipino workers (OFWs) who remit billions of dollars to the Philippine economy annually.

After a series of committee hearings on two Senate bills (2479 and 3255)on the DST issue and other money bills, Sen. Panfilo M. Lacson, committee chairman, said he expects to submit the committee report for debate before the Senate goes on session break on October 10.

One of the authors of the Senate DST bills, Sen. Manuel ‘’Mar’’ A. Roxas II, chairman of the Senate trade and commerce committee chairman, said all money transfers from abroad are being subjected to a 0.15 percent DST imposition (P0.30 for every P200) as required by government regulations.
 
‘’Thus, for every $1,000 or P45,000 ($1-P45) that an OFW may remit to his family, it will mean a corresponding reduction of P67.50 because of the DST imposition. To some, the imposition may be miniscule and insignificant.

But to OFWs and their families, such imposition becomes another financial burden as it means further weakening their already diminishing purchasing power brought about the strengthening of the Philippine peso,’’ Roxas explained.