LEGISLATORS approved a House Bill on third reading on Monday that would aid the film and events industries in recovering from pandemic losses estimated at P21 billion.

House Bill 1054 or the proposed Film and Live Events Recovery Act is seeking to grant tax exemptions and subsidies to the industries.

The measure will reduce the amusement tax for such companies to 5% from the 10% currently charged on cinemas and concerts. These industries were forced to close for 19 months under lockdown measures ordered during the pandemic. — Jaspearl Emerald G. Tan