You studied for years.
You built your own clinic, took out loans, paid your staff fairly, and even treated pets for free when their owners couldn’t pay.
You skipped vacations. You used your savings to buy an x-ray machine, open a second branch, or just survive during slow months.
You didn’t ask for handouts. You just saved and planned for the future.
And now?
You’re being taxed for it.
Because of a new law called Republic Act 12214, or the Capital Markets Efficiency Promotion Act (CMEPA), starting July 1, 2025, even long-term time deposits and peso bonds—which used to be tax-free if kept for five years—will now be taxed 20%.
Yes, even the money you quietly saved in the bank to grow slowly over time—they’re taking a cut from it now.
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I. THIS ISN’T FAIR. THIS ISN’T RIGHT.
The 20% tax on interest isn’t new. But before, long-term savings were spared from it—to reward people who were responsible.
Now?
Even if you placed your money five years ago, expecting full interest, they’ll still deduct taxes starting July 1. Banks like Security Bank and UnionBank have already confirmed this.
So imagine this:
You lock in P100,000 for five years. You were told you’ll earn P6,000 in interest.
But now, the government takes P1,200—even though the rule only changed now.
And this is happening while prices keep rising, and every peso counts more than ever.
II. WE VETS, SMALL BUSINESS OWNERS, SENIORS, OFWs—WE’RE BEING TAPPED TO PAY FOR SOMEONE ELSE’S MISTAKES
Let’s be honest.
This tax is probably their way to plug the giant hole in the budget caused by:
- P17 trillion in national debt,
- Overpriced spending,
- Billions in “confidential” government funds,
- And corruption that nobody is being jailed for.
Instead of fixing the leaks, they’re turning to people like us—
vets who quietly do our jobs and try to save.
They won’t cut the pork barrel.
But they’ll cut our bank interest.
They won’t go after plunderers.
But they’ll tax our prudence.
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III. IT’S NOT JUST A MONEY ISSUE. IT’S A MORAL ONE.
Let’s face it.
The rich don’t save in time deposits. They invest in luxury condos, stock markets, or foreign accounts.
But the average vet?
We save for:
- Our kids’ education
- Emergency funds for our clinics
- That long-awaited equipment upgrade
- Retirement, maybe someday
We’re not being greedy. We’re being responsible.
But what message are they sending now?
“If you save and play it safe—we’ll tax you.”
That’s not just bad policy.
That’s punishing the good.
IV. THERE ARE BETTER, KINDER WAYS TO DO THIS
If the government truly wants to raise money without hurting honest professionals, they can:
- Tax luxury spending and high-end assets, not hardworking vets.
- Cut bloated budgets—especially for things like secret funds.
- Bring back tax exemptions for those saving under P1 million, or for senior citizens and micro business owners.
Help people build their future—instead of making them regret saving at all.
V. THIS ISN’T JUST ABOUT TAXES. IT’S ABOUT WHAT KIND OF COUNTRY WE WANT.
As vets, we were taught to serve, to care, and to always do the right thing.
To save when we can, plan ahead, and avoid debt.
Now we’re being told:
“That was your mistake.”
While officials flash smiles in press conferences,
we’re left wondering if all our hard work even matters anymore.
This isn’t just about money.
This is about values.
Who gets rewarded?
Who gets burdened?
And if the most responsible people are the first to be punished—
—what kind of future are we building for this profession? For this country?
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Dr. Geoff Carullo is a Fellow and the current President of the Philippine College of Canine Practitioners.
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