Government has a bit of Valentines gift to people who rely on salaries to support themselves and their families — an increase in the tax exemption for 13th month pay and other bonuses/benefits. On 12 February 2015, two days before Valentines, President Aquino signed Republic Act No. 10653 (full text), increasing the tax exemption of bonuses from P30,000 to P82,000. This means that because the government will not collect an additional P52,000 from your 13th month pay, Christmas bonus and other benefits, that is the additional amount you’ll take home, per year, even if your company chooses not to increase your salary.
Good Valentines gift, you agree?