{"id":12625,"date":"2017-02-02T14:29:55","date_gmt":"2017-02-02T06:29:55","guid":{"rendered":"http:\/\/primer.com.ph\/blog\/?p=12625"},"modified":"2017-02-01T14:34:54","modified_gmt":"2017-02-01T06:34:54","slug":"lawmaker-urges-companies-on-corporate-profit-sharing","status":"publish","type":"post","link":"https:\/\/primer.com.ph\/blog\/2017\/02\/02\/lawmaker-urges-companies-on-corporate-profit-sharing\/","title":{"rendered":"Lawmaker urges companies on corporate profit sharing"},"content":{"rendered":"

All companies in the Philippines were urged to share 10 percent of their annual net income among all their employees through House Bill 2625 proposed by Buhay Rep. Lito Atienza.<\/span><\/p>\n

The former Manila mayor and a one-time head of the National Housing Authority urged his colleagues, along with the entire business sector, to support such a proposal that would \u201cmandate and institutionalize profit-sharing\u201d \u2013 both to regular and contractual employees.<\/span><\/p>\n

\u201cThis bill seeks to help our countrymen benefit from economic improvement by making sure this trickles down to our daily wage earners,\u201d he said.<\/span><\/p>\n

According to Atienza, hardworking Filipino workers employed locally deserve this, especially since \u201cthe Philippine economy is growing at a fast pace, owing largely to the billions of dollars remitted by overseas Filipino workers, as well as the business processing outsourcing industry,\u201d<\/span><\/p>\n

Under the proposed bill, all business establishments that make a profit for a fiscal year shall annually distribute 10 percent of their net income to all their employees, both regular and contractual.<\/span><\/p>\n

The total amount given by the company thru profit sharing shall be tax creditable.<\/span><\/p>\n

He issued the statement during the hearing of the House committee on labor and employment where HB 2625 was taken up.<\/span><\/p>\n

\u201cThis entails no sacrifice on the part of the investors because whatever is shared with their employees becomes tax-deductible for the succeeding year. When we filed this bill during the 16th Congress, it was approved unanimously by the committee,\u201d he recalled.<\/span><\/p>\n

\u201cIn fact, all the members then expressed their support by becoming principal sponsors. All the employees\u2019 groups who participated in the hearings were excited about it because they realized it would give them a bigger share in the growing economy of the country,\u201d he said.<\/span>
\n Atienza noted that many firms have adopted a profit-sharing policy, and only want such institutionalized and implemented on a national scale, where even the lowest of workers get to enjoy from such additional remuneration.<\/span><\/p>\n

Rep. Mark Go of Baguio City supported Atienza\u2019s bill. According to him, this will motivate people to do better on their jobs.<\/span><\/p>\n

\u201cOnce you initiate this profit sharing scheme, you will also encourage people to improve their performance because they know that if they improve their performance, it will also improve the amount that will be shared among them by the end of the year,\u201d Go said.<\/span><\/p>\n

Atienza said Labor Undersecretary Bernard Olalia backed the measure and cited Art. 13 Section 3 of the 1987 Constitution where the state aims to \u201cregulate the relations between workers and employers.\u201d<\/span><\/p>\n

This constitutional provision recognizes \u201cthe right of labor to its just share in the fruits of production and the right of enterprises to reasonable returns of investments, and to expansion and growth.\u201d<\/span><\/p>\n

\u201cWe urge the participation of all sectors concerned. Let\u2019s discuss this proposed law so we can clarify issues at the committee level. We expect Congress and the President to eventually support it,\u201d Atienza said.<\/span><\/p>\n

Source: philstar<\/a>, investphilippines<\/a><\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cThis bill seeks to help our countrymen benefit from economic improvement by making sure this trickles down to our daily wage earners,\u201d Buhay Rep. Lito Atienza said.<\/p>\n","protected":false},"author":3,"featured_media":12628,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-12625","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-current-events"],"acf":[],"jetpack_featured_media_url":"https:\/\/primer.com.ph\/blog\/wp-content\/uploads\/sites\/14\/2017\/02\/office-e1485930810301.jpeg","_links":{"self":[{"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/posts\/12625","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/comments?post=12625"}],"version-history":[{"count":1,"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/posts\/12625\/revisions"}],"predecessor-version":[{"id":12630,"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/posts\/12625\/revisions\/12630"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/media\/12628"}],"wp:attachment":[{"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/media?parent=12625"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/categories?post=12625"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/tags?post=12625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}