Among Magic 12, only Lapid has not filed SOCE

MANILA, Philippines — Of the 12 winning senators, only Lito Lapid has not filed his Statement of Contributions and Expenditures (SOCE) with the Campaign Finance Office of the Commission on Elections (Comelec) as of yesterday.

Sen. Aquilino Pimentel III and senator-elect Ronald dela Rosa, both of PDP-Laban, were able to submit their SOCEs last Thursday, beating the June 13 deadline set by law.

Based on his SOCE, Dela Rosa had spent a total of P92,701,116.79 for the campaign including P96,554.93 that came from his personal funds. 

Dela Rosa received cash and in-kind contributions from other sources amounting to P92,604,861.86. He received no contributions from his political party.

On the other hand, Pimentel had incurred campaign expenses amounting to P79,595,818.30 including P70,813.30 from his personal funds.  

His SOCE showed that Pimentel received contributions, both cash and in-kind, amounting to P79,525,000.  

Comelec spokesman James Jimenez yesterday advised all candidates to declare with the Bureau of Internal Revenue (BIR) the unspent contributions that they received.

Jimenez said these excess contributions are considered income so they are taxable. 

“Under the rules, it has tax implications. There is a BIR rule on that matter. We are not the one enforcing it,” he added.

Under Comelec Resolution No. 9991 or the Omnibus Rules and Regulations Governing Campaign Finance and Disclosure, “any unexpended balance from any contribution to candidate or party, also known as excess contributions, shall be subject to income tax.”

On the other hand, BIR Regulation No. 7-2011 provides that excess campaign contributions should be included in the candidates’ taxable income as stated in income tax return filed for the year.