English: Gatchalian, who chairs the Senate Committee on Ways and Means, said that Senate Bill 1347 or the Passive Income and Financial Intermediary Taxation Act (PIFITA) will essentially cut the cost of raising capital and debt by reducing the number of tax bases and rates applicable to passive income, financial intermediaries, and financial transactions.
Filipino: Sinabi ni Gatchalian, na namumuno sa Senate Committee on Ways and Means, na ang Senate Bill 1347 o ang Passive Income and Financial Intermediary Taxation Act (PIFITA) ay makakabawas sa halaga ng pagpapalaki ng kapital at utang sa pamamagitan ng pagbabawas ng bilang ng tax bases at rate ng buwis na angkop sa passive income, financial intermediaries, at financial transactions.