20-07-2025
DOF eyes strengthening info campaign amid spread of fake news on CMEPA
The Department of Finance (DOF) on Sunday said it is looking into amplifying its public information campaign following the spread of viral posts on interest income.
'Sa ngayon, hindi pa namin alam kung bakit ito nag-viral. Lesson learned ito sa DOF that we need to intensify our campaign information particularly sa aming mga reporma,' DOF Assistant Secretary Karlo Adriano told Super Radyo dzBB.
(As of now, we still don't know why it went viral. This serves as a lesson for the DOF to strengthen our public information efforts, particularly regarding our reforms.)
In a separate dzBB interview, Senator Sherwin Gatchalian said the spread of fake news related to the Capital Markets Efficiency Promotion Act (CMEPA) is a move intended to scare and deceive the public.
'Sinasadya talagang linlangin at i-confuse ang ating mga kababayan (It's a clear attempt to mislead and confuse the public),' Gatchalian said.
The spread of fake news came right after the passage of the Capital Markets Efficiency Promotion Act (CMEPA), which mandates banks to implement the uniform 20% final withholding tax (FWT) on interest income, regardless of the term or currency denomination, starting this month.
The passage of the CMEPA gained public attention, perhaps due to confusion, as several online posts have circulated claiming it imposes a 20% tax on total savings or bank deposits.
'Ang binubuwisan natin since 1998 ay 'yung interest income ng inyong savings sa bangko. Kumikita 'yan ng interest kapag natutulog sa bangko at 'yan ay binubuwisan ever since 1998,' Adriano explained.
(What we've been taxing since 1998 is the interest income from your bank savings. That money earns interest while sitting in the bank, and it has been taxed since 1998.) — RF, GMA Integrated News
