Major laws
Diaz authored or co-authored 270 bills,112 of which have been passed into law. On his capacity as majority floor leader and party stalwart,he claims to be partly responsible for the economic turnaround caused by the Ramos Administration. Some of the major bills that he sponsored are the following:
Republic Act No. 8424 . Better known as The Comprehensive Tax Reform Program (CTRP). Millions of Filipino wage earners would receive significant tax breaks starting tax year 1998. Through this law,impoverished taxpayers could save up to one-month's take-home pay due to increased tax exemption levels. Also benefiting from this measure are millions of Overseas Filipino Workers whose income earned outside the Philippines would be totally exempt from taxes.
Republic Act No. 8435 . Also known as the Agricultural and Fisheries Modernization Act,RA 8485 allocates P120 billion spread over a period of seven years to finance various infrastructure projects and credit facilities for farmers and fisherfolk. Of this total,P6 billion would go to various irrigation projects throughout the country. This is the biggest allocation in the law,which aims to enhance agriculture production even with the onset of the El Niño phenomenon.
Congressman Diaz has also marshaled support for the construction of the P16 billion (US$400 million) Casecnan tunnel,dam and power generation plant. This project will not only irrigate year round the 100,000 hectares of agricultural land under the Upper Pampanga River System (UPRIS) but an additional 53,000 hectares of new area mostly in the First District of Nueva Ecija as well. It would also generate 300 megawatts of electricity.
Republic Act No. 8181 “An act changing the basis of dutiable value of imported articles subject to an ad valorem rate duty from home consumption value (HCV) to transaction value (TV),amending for the purpose section 201 of title II,Part 1 of Presidential Decree No. 1404,otherwise known as the tariff and customs code of the Philippines,as amended and for other purposes.”
Republic Act No. 8183 “An act repealing Republic Act numbered five hundred twenty nine,as amended entitled an “Act to repeal the Uniform Currency Act”.
Republic Act No. 8182 “An act excluding official development assistance (ODA) from the foreign debt limit to facilitate the absorption and optimize the utilization of ODA resources,amending for the purpose Paragraph 1,Section 2 of Republic Act No. 4860,as amended.”
Republic Act No. 7716. Better known as the EVAT law. Co-author and Sponsor
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