As an inclusive private educational institution intent on “improving man as man,” Our Lady of Fatima University (OLFU) firmly believes in accessible, quality education for every student. It also values the role of the parents, educators, employees, and other stakeholders in fulfilling the vision of OLFU; each one is instrumental in cultivating an enriching academic environment founded on Truth and Compassion.
On 08 April 2021, the Philippines’ Bureau of Internal Revenue (BIR) issued Revenue Regulations No. 5-2021 (RR 5-2021) which imposes a 150% increase in the income tax rate of private, for-profit educational institutions, ballooning the current 10% rate to 25%.
Considering the very difficult state that the pandemic has placed the economy in, the University reckons that the effects of this surge will trickle down to the very last stakeholders, from the schools and their management, to the industries that thrive along with the academia; from the students and faculty, to the families that they need to support.
OLFU shares the view that this surge will further hamper the already struggling private education sector, therefore it stands with the Coordinating Council for Private Educational Institutions (COCOPEA), the Philippine Association of Colleges and Universities (PACU), other private school associations, and stakeholder groups across the country in the appeal for the immediate amendment of RR 5-2021.
Visit this page to know more about the issue and sign the petition in support of the Philippine private education industry: https://www.change.org/p/president-rodrigo-duterte-an-urgent-plea-for-intervention-an-urgent-plea-for-president-duterte-to-intervene-in-the-rectification-of-the-onerous-provision-of-bir-rr-5-2021-imposing-a-150-increase-in-the-tax-rate-of-private-educational-institutions?redirect=false
