INCOME TAX FOR INDIVIDUALS

Types of Taxable Income

a. Returnable Income
a. A compensation income from being an employee
b. Income from trade, business or practice of a profession
c. Gain from sale of ordinary assets
d. Net capital gain from sale of “other capital assets” and
e. Other taxable income not subject to FT or CGT.
Subject to Net Income Taxation

Actual Computation:
Gross income xxx
Less: Deductions (xxx)
Net taxable income xxx
(Compute tax using graduated rate table)
b. Passive Income subject to Final Tax
Earned without any further action on the part of the taxpayer. Ex. Dividends, interest income on bank deposits

Subject to Final Tax (FWT)

Actual Computation:
Passive income x FT rate
c. Capital Gains subject to Capital Gains Tax (“CGT”)
Arise from the sale of two types of capital assets, namely:
a. Real property in the Philippines classified as capital asset; and
b. Shares of domestic corporations (provided the seller or taxpayer is not a dealer in securities)

Subject to Capital Gains Tax (FWT)

Actual Computation:
“Capital gains” x CGT rate
General Categories of Individual Taxpayers

Definition
1. Resident Under Sec. 1, Art IV of the 1987 Constitution, the following are citizens of the
Citizen Philippines:
(1) Those who are citizens at the time of the adoption of the 1987
Constitution; or
(2) Those whose fathers and mothers are citizens; or
(3) Those born before January 17, 1973 of Filipino mothers, and who elect
Philippine citizenship upon reaching majority age; or
(4) Those who are naturalized in accordance with law.
AND
Whose residence is within the Philippines
2. Non-Resident a. Citizen who establishes the fact of his physical presence abroad with a
Citizen (Note 1) definite intention to reside therein;
b. Citizen who leaves for abroad either as an immigrant, or for employment on a
permanent basis;
c. Citizen who derives income from abroad which requires him to be
physically present abroad most of the time (≥ 183 days) during the year
(Sec. 22(E))

3. OCW/OFW a) Citizen working or deriving income from abroad. Must be registered with the
POEA;
b) Seaman who is a citizen and works as a member of the complement of a
vessel engaged exclusively in international trade (Sec. 22(F))
 4. Resident Not a citizen but whose residence is within the Philippines.
Alien - His purpose in coming to the Philippines requires an extended stay in the
country, and makes his home temporarily in the Philippines (ex.
expatriates or those employed in the Philippines).
- Not a mere transient or sojourner as determined by his intention
regarding the nature and length of stay.
5. Non-resident Not a citizen, not a resident of the Philippines
alien
a) ETB
(Note 2) - If stay in the Philippines is for > 180 days during the year

Notes:
1) A non-resident citizen who arrives in the Philippines at any time during the taxable year to reside
permanently in the Philippines shall be treated as a non-resident citizen for the taxable year in
which he arrives in the Philippines with respect to his income from sources abroad until the
date of his arrival in the Philippines.

2) “Trade or business” includes functions of public office, performance of personal services,

but normally does not include performance of services as an employee.

I. “Returnable” Income
Source Type of
Individual of Returnable Tax Base Tax Rate
Taxpayer Taxable Income
Income

1. Resident citizen Within and Taxable

Without the Compensation Compensation Graduated Rates
Philippines Income Income (a) (last page of
handout)
2. Non-resident Within the
citizen Philippines
Taxable Net
Income from Income (b) Graduated Rates
Within the
3. OCWs/OFWs Business, Trade,
Philippines or Practice of OR
Within the Profession Gross
4. Resident Alien Philippines Sales/Receipts10 8%
Plus Non-
operating Income
5. Non-resident Within the (c), (d)
alien ETB Philippines

6. Non-resident alien Within the Gross Income 25% FT

NETB (e) Philippines
10“Gross sales”, for purposes of the 8% income tax, shall be the total sales, net of the following: (1)
sales returns and allowances; and (2) discounts determined and granted at the time of sale.

“Gross receipts”, for purposes of the 8% income tax, refers to the total amount of money or its equivalent
representing the contract price, compensation, service fee, rental or royalty, including the amount
charged for materials supplied with the services, and deposits and advance payments, actually or
constructively received during the taxable period for the services performed or to be performed for
another person, except for returnable security deposits. (RR 8-2018).

(a) Taxable Compensation Income = Gross Compensation Income – Non-Taxable/Exempt Income

Non-Taxable/Exempt Income includes: (1) SMW, holiday pay, overtime pay, night shift
differential, and hazard pay of an MWE;
(2) First ₱90,000 of 13th Month Pay and Other
Benefits;
(3) De minimis fringe benefits;
 (4) Employee’s share of SSS, GSIS, Philhealth, and
PAG-IBIG contributions; and
(5) Union dues.
(b) Sales/Receipts, net of returns, allowances and discounts ₱ xxxxx
Less: Cost of Sales/Cost of Services (xxxx)
Gross Income from Operations ₱ xxxxx
Less: Itemized Deductions or OSD (xxxx)
Net income from Operations ₱ xxxxx

Add: Non-operating income ₱ xxxx

Share in GPP net income xxxx xxxxx

Taxable Net Income ₱ xxxxx

(c) Purely self-employed individuals or mixed earners can avail of the 8% income tax rate if the gross
sales/receipts from their business/profession plus non-operating income does not exceed the VAT
threshold of ₱3,000,000.

The 8% tax is in lieu of (1) the graduated rates and (2) the OPT under Section 116 of the Tax Code.

However, this option is not available to the following individual taxpayers:

(1) VAT-registered taxpayers;
(2) Taxpayer subject to OPT other than the 3% OPT under Section 11612;
(3) Partners of general professional partnerships (“GPPs”);
(4) Individuals enjoying income tax exemption (e.g., those registered as BMBEs); and
(5) Taxpayers who fail to signify their intention to avail of the 8% income tax rate in the First (1st) Quarter
Income Tax Return, or in the First (1st) Quarter Percentage Tax Return, or in the initial quarterly return
of the taxable year upon the commencement of a new business or practice of profession (RR 8-2018).
(d) Net of ₱250,000 if individual taxpayer is a self-employed individual earning income purely from self-
employment or practice of profession. Mixed income earners are not allowed this
₱250,000 deduction.
(e) In the case of NRAs not engaged in trade or business (“NRANETBs”)–
(1) The 25% tax on gross income is a final tax to be deducted and withheld by the payor of the income
and remitted to the BIR.
(2) The payor of the income is constituted by law as a withholding agent.
(3) (3) The NRANETB does not have to file a Philippine income tax return because the tax on the income received
is considered paid, said tax having been deducted by the payor of the income.

7. Special Individual Taxpayers Type of Income Tax Base Tax Rates

Income from film leasing and
a) Non-resident alien cinematographic film
distribution within the Gross 25% FT
owner, lessor, or distributor
Income
Philippines (including royalties)

b) Subcontractor, whether citizen, resident Income derived from contract

alien, or NRAETB, of service contractors with a service contractor Gross
engaged in petroleum operations engaged in petroleum Income 8% FT
operations in the
Philippines.

c) Filipinos registered with the BOI availing of

the Income Tax Holiday (“ITH”) Income from registered Exempt
activities

d) PEZA-registered individuals availing of ITH

incentive Income from registered
Exempt
activities

e) PEZA-registered individuals availing of 5%

gross income tax (GIT) incentive Income from registered Gross
5%
activities Income

Income arising purely from its

f) Individual registered as a BMBE Exempt
operations as a BMBE
 8. MWEs Statutory Minimum Wage Exempt
(SMW) including holiday pay,
overtime pay, night
shift differential pay, and
hazard pay.

(1) Minimum Wage Earners (“MWEs)

MWEs shall be exempt from the payment of income tax on their statutory minimum wage.
Holiday pay, overtime pay, night shift differential pay, and hazard pay received by such
minimum wage earner shall likewise be exempted from income tax.

Note: An employee who has 2 or more employers each paying him an SMW, shall remain to
be an MWE exempt from income tax and withholding tax on the SMW he receives from
each employer.

However, the Following Income Payments to MWEs are Taxable and Subject to Withholding:

1) Additional compensation received from his employer, other than the SMW, holiday pay,
overtime pay, hazard pay, and night shift differential pay, such as (a) commissions, (b)
honoraria, (c) fringe benefits, (d) benefits in excess of the allowable statutory amount of
“13th month pay and other benefits” of ₱90,000, (e) taxable allowances, and (f) other
taxable income.

2) Income from the conduct of trade, business, or practice of a profession (except income
subject to final tax), in addition to his compensation income.
II. Passive Income Subject to Final Withholding Tax (FWT)
Some types of income, collectively referred to as passive income, like interest income,
dividends, royalty income, etc. are subject to final withholding taxes.
Notes:
1. To be subject to the final withholding tax (“FWT”), (a) the income must be taxable by the Philippine
government and (b) the payor must be under the jurisdiction of the BIR. This means that such
income must necessarily be sourced within the Philippines.
2. The payor of the income must withhold the tax. In the case of interest income on a bank
deposit, the bank must withhold the tax.
3. The income subject to final WT is not returnable. This means that the interest income in number
(2) does not have to be reported or included in the ITR of the taxpayer.

TAXATION OF PASSIVE INCOME

Passive Income Citizen and RA NRAETB NRANETB
a) Interest from any currency bank Generally,
20% 20% 25% of gross
deposit in ₱
income
b) Yield or monetary benefit from received from
deposit substitutes, trust funds, and 20% 20%
all sources
similar arrangements (Note 1) within the
c) Royalties 20% 20% Philippines as
interest,
10% 10% dividends,
Except royalties on books,
rents,
literary works, and musical salaries,
compositions premiums,
d) Prizes of more than ₱10,000 20% 20% annuities,
compensation
Except prizes of ₱10,000 or less Included in ITR Included in ITR , etc.

e) Winnings 20% 20%

Philippine Charity Sweepstakes and and Exempt if Exempt

Lotto winnings ₱10,000 or less
f) Interest from a depositary bank under 15% (EXC:
the expanded foreign currency NRC – Exempt
exempt)
deposit system (Note 3)
g) Interest income from long term
deposit or investment of 5 years or Exempt Exempt
more (Note 2)
h) Cash or property dividend
received from a domestic
10% 20%
corporation, or regional
operating headquarter of an
MNC
i) Share of an individual partner in the
after-tax net income
of a business partnership, or an 10% 20%
organization, JV, or consortium taxable
as a corporation

Notes:

1. Deposit substitutes – alternative form of obtaining funds from the public other than deposits.
“Public” means borrowing from 20 or more lenders at any one time. Exs. Banker acceptances,
PNs, repurchase agreements, government debt instruments and securities.39
- If the debt instrument is not a deposit substitute, interest income shall not be subject to a final
withholding tax. Instead, the interest income shall be included in the taxpayer’s ITR, and
the same shall be subject to CWT.
2. Long-term deposit or investment certificate – Certificate of time deposit or investment
certificates with a maturity of at least 5 years issued by a bank, and not by a non-bank
financial intermediary. The exemption only covers interest income. Any gain from trading
such certificates is not covered by the exemption.
- NRANETB shall not be exempt
- the LT deposit or investment certificate must be issued by a bank
- may be in the form of savings, common, or individual trust funds, deposit
substitutes, investment management accounts
- investment must have a maturity of at least 5 years from the time it is held
- investment must be held for at least 5 years for the interest income to be exempt

Pre-termination of investment
If the deposit or investment is pre-terminated before the 5th year, the entire income shall be
subject to final tax to be withheld by the depositary bank from the proceeds of the long-term
deposit or investment based on the holding period of the taxpayer:

Less than 3 years 20%

3 years to less than 4 years 12%
4 years to less than 5 years 5%

Ex. A long-term investment instrument with a maturity of 30 years was bought by Mr. A from a
bank. The instrument was sold successively to other investors. The holding periods of
the investors are as follows:

Holding Period FWT Rate

Mr. A (NRC) 3 years 12%
Mr. B (RA) 2 years 20%
Mr. C (NRA ETB) 5 years Exempt
Mr. F (NRA NETB) 5 years 25%

3. Interest on foreign currency bank deposits

Interest on foreign currency deposit is taxable if received by an individual taxpayer, except a
non-resident individual, who may be a non-resident citizen or a non-resident alien.40
An OCW shall be exempt from the 15% final tax on interest income from a foreign currency
 bank deposit in the Philippines. However, if the deposit account is jointly in the name of an
OCW and another individual (spouse or dependent) who is a Philippine resident, only 50% of
the interest income shall be exempt, while the other 50% shall be subject to the 15% FWT.
4. Interest income from savings and time deposits of members with their credit
cooperative – exempt from the 20% FWT.
5. BIR Forms filed by the Payor of the Income41

Monthly Remittance (Form Filed not later than the 10th day of the month
0619F) following the month when withholding was made.
Filed for the first two (2) months of each calendar
quarter.

Quarterly Remittance (Form Filed not later than the last day of the month
1601FQ) following the close of the quarter during which
withholding was made.

Attachment: Quarterly Alphabetical List of Payees

(QAP) reflecting the name of the payees, their TIN,
amount of income paid to each, and FT withheld
from each.
Quarterly Remittance of FTs
Withheld on Interest paid on Filed not later than the last day of the month
Deposits/Deposit following the close of the quarter.
Substitutes/Trusts/Etc (Form
1602Q)

Annual Information Return of FWTs Filed on or before January 31 of the year following
(Form 1604-F) the calendar year in which the income payments
subject to FWTs were paid or accrued.

Annual alphalist of payees, income payments,

and FWTs shall be reflected in the Schedules of
Form 1604-F.

6. Dividends received from a Foreign Corporation:

If received by:
RC NRC, RA, NRAETB NRANETB

GR: Such dividend is Included in the Exempt Exempt

income without ITR

EXC: When dividend is 100% of dividend is Part without shall be Part without shall be
sourced partly within and included in the ITR exempt exempt
partly without
Part within shall be Part within shall be
included in the ITR subject to a 25% FT

III. Capital Gains Subject to Final Tax (also known as “Capital Gains Tax”)

A. On the Sale of Domestic Shares of Stock

1. Shares of stock in a domestic corporation not traded in the stock exchange.

 (a) Tax Base – Net capital gain which is the excess of the amount realized on the sale
(selling price) over the basis or adjusted basis of the shares.

Selling price – the total consideration of the sale consisting of the sum of money and/or
the fair market value of property received, if any.

Adjusted basis – the basis of the shares sold plus expenses of sale/disposition

(b) Tax rate on net capital gain: 15%42

(c) Withholding agent – The payor of the income who, in this case, is the buyer.

(d) Who are subject? All individual taxpayers, except the following:43

(1) Dealers in securities. The gains from such sales by dealers shall be included as
ordinary income in their income tax returns;

(2) Investors in shares of stock in a mutual fund company.

(3) All other persons, whether natural or juridical, who are specifically exempt from national
internal revenue taxes under existing investment incentives and other special laws.
(e) The sale, barter, or exchange of stock options is treated as a sale, barter, or
exchange of shares of stock not listed on the stock exchange.44

(f) BIR Forms to be filed:

Form 1707 Filed within thirty (30) days after each transaction
Form 1707-A (Final Filed on or before April 15 of each year covering all stock
Consolidated Return) transactions of the preceding year.

2. Shares of stock listed and traded thru the local stock exchange45

(a) Rate and Base – Six-tenths of one percent (6/10 of 1%)46 of the gross selling price or
gross value in money of the shares of stock sold.

(b) Withholding agent – The tax must be deducted and withheld by the stockbroker who
effected the sale at the stock exchange.

(c) Who are subject? All individual taxpayers, except the following:47

(1) Dealers in securities;

(2) Investors in shares of stock in a mutual fund company;

(3) All other persons, whether natural or juridical, who are specifically exempt from national
internal revenue taxes under existing investment incentives and other special laws.

(4) Sellers of shares of a publicly-listed company which is non-compliant with the

mandatory minimum public ownership (“MPO”)48 – subject to the 15% capital gains tax.

(5) Sellers of shares of stock in the stock exchange where the transaction excludes the
public by pre-arranging the sale or pre-determining the buyers. Ex. Block sale - subject
to the 15% capital gains tax.
 (d) Kind of tax – Business tax. Strictly speaking, this is a tax on the sales transaction and
not on the income or gain from such sale.

(e) BIR Form to be filed by the Stockbroker who effected the sale:

Form No. 2552 Filed within five (5) banking days from the date of collection

Notes:

(1) Tax on traded shares – The tax on the sale of shares traded at the stock exchange is not
an income tax, but a business tax (i.e. a tax on the sales transaction). It is in the form of a
percentage tax on the selling price under Section 127(A) of the Tax Code, which is also
called a stock transaction tax. However, the imposition of a percentage tax on the selling
price of traded shares has the effect of a final tax because any gain on the sale is not
returnable.

(2) Effect of Non-Payment of Tax – The sale or exchange cannot be registered in the books
of the corporation unless the receipts of payment of the tax imposed is filed with and
recorded by the stock transfer agent or secretary of the corporation. Any stock transfer
agent or secretary of the corporation or the stockbroker, who caused the registration of
transfer of ownership or title on any share of stock in violation of the aforementioned
requirement shall be punished in accordance with the provisions of the Tax Code.49

(3) Redemption of preferred shares. If redeemed by issuing corporation which is not

contemplating dissolution, any capital gain or loss of the preferred shareholder from
the redemption shall be subject to the regular income tax.

B. On the Sale of Real Property Classified as Capital Assets

1. Transaction subject – Sale, transfer, or other disposition of real property located in the
Philippines, classified as capital assets, including pacto de retro sales and other forms of
conditional sales.

2. Rate and Base of Tax – Six percent (6%) of the gross selling price or current fair market value
of the property, whichever is higher. The fair market value of the property is the higher of zonal
value or assessor’s value.

3. Final Tax – The tax to be withheld by the payor (buyer) is a final tax and the capital gain from
the sale is not returnable.

4. Who are Subject? All individual taxpayers.

5. Forced Sale to the State Under Eminent Domain – If the sale is made to the government or any
of its political subdivisions or agencies, or to government-owned or –controlled corporations, the
taxpayer may choose either (a) to have the gain included in the ITR and taxed under the
graduated rates or the 8% tax under Section 24(A), or (b) to be subject to the capital gains tax
under Section 24(D).
6. Exemption from the Capital Gains Tax:

(a) Sale of raw lands to be used for “socialized housing” projects, or sold under the
Community Mortgage Program (CMP).50

(b) Land transfers under the Comprehensive Agrarian Reform Law of 1988.

(c) Sale of principal residence, and subsequent acquisition or construction of another

principal residence:51
1) Sale by a natural person (individual) of his principal residence located in the
Philippines;
 2) The proceeds of the sale must be fully utilized in acquiring or constructing a new
principal residence within 18 calendar months from the date of sale;
3) The historical cost or adjusted basis of the real property sold or disposed shall be
carried over to the new principal residence built or acquired;
4) The taxpayer must notify the Commissioner within 30 days from the date of sale or
disposition of his intention to avail of the tax exemption;
5) The tax exemption can be availed of only once every 10 years.

Proceeds of sale not fully utilized – If the proceeds of the sale are not fully utilized in the
purchase or construction of a new residence in 6(c) above, the portion of the gain
presumed to have been realized on the sale shall be subject to capital gains tax. The
following formula is used to arrive at the taxable portion:

Unutilized Amount x (Higher of GSP or FMV) = Taxable

Gross Selling Price (“GSP”) Portion

7. BIR Form to be filed:

Form 1706 Filed within thirty (30) days following each sale, exchange, or
disposition of real property.

Final Tax on Informer’s Reward

Informer – person (except a BIR employee, or other public employee, or his relative within
the 6th degree of consanguinity) who gives information that leads to the discovery of frauds
or violations of tax laws, which results in the recovery of taxes, or in the conviction of the tax
evader, or in a compromise agreement with the BIR.

Reward = LOWER of (a) Ten percent (10%) of the revenues, surcharges, or fees recovered
and/or fine, or penalty imposed and collected, or the value of smuggled and
confiscated goods, OR (b) One million pesos (₱1,000,000) per case.

Final Tax = 10% of the reward.

WITHHOLDING TAX ON INCOME PAYMENTS

Final Withholding Tax (“FWT”)

a) FTs on passive income

b) CGT on sale of domestic shares, and sale of real property
classified as capital asset.
TWO TYPES

Creditable Withholding Tax (“CWT”)

a) On compensation income
b) On certain income payments (EWT)
Withholding Tax System:

a) For the income payment to be subject to the CWT and to the FWT, the following must
concur:
(1) The income payment must be taxable to the payee; and
(2) The BIR must have jurisdiction over the payor of the income (in most cases, this means
that the income must be sourced within the Philippines).

b) Not all income payments are subject to creditable WT. Only those payments specified
or enumerated in the law or internal revenue regulations are subject to the creditable
withholding tax system.

c) The income subject to FWT is not returnable, i.e. not included in the ITR of the recipient of
the income.

On the other hand, the income subject to CWT shall be included in the ITR of the payee of
the income. The amount to be reported by the payee shall be gross of the CWT.

d) The CWT withheld by the payor shall be allowed as a tax credit against the income tax
liability of the payee in the taxable year or quarter in which the income was earned or
received.

There is no need for the taxpayer-claimant to prove actual remittance by the withholding
agent to the BIR.52 As long as the taxpayer-claimant receives the BIR Form No. 2307 from
his customer/client and attaches the same to his ITR, the former can avail of a tax credit
equivalent to the amount reflected therein as tax withheld.

e) Time of withholding. When an income payment is paid or payable, or when it is accrued

or recorded as an expense or asset by the payor, whichever comes first.

f) If the CWT is not withheld, the payor cannot use the payment as a deduction in
computing the net taxable income in the ITR.

52 The withholding of the income tax and the remittance thereof are the responsibility of the
withholding agent and not of the taxpayer-claimant. The latter therefore has no control over
the remittance of the taxes withheld from its income by the withholding agent or payor.
(McKinsey Co. vs. CIR, CTA Case No. 9332, May 28, 2019.)

Types of CWTs
CWT on Compensation CWT on Other Income (Expanded WT)

Who Withholds: Who Withholds:

Employer - Files a Form 1601-C53 monthly and Customer or Client - Files a Form 0619E and
remits the WT to the BIR. remits the WTs within ten (10) days after the end
of the month in which the withholding was made.
At the end of the year, employer files a Form This is filed for the first two (2) months of each
1604-C,54 which lists the total WTs on calendar quarter.
compensation from all its employees for the
taxable year.
- Shall also attach an Alphalist of Employees Files a Form 1601-EQ quarterly not later than the
containing compensation income of each last day of the month following the close of the
employee, and taxes withheld from each. quarter during which the withholding was made.
In such form, the amount payable shall be equal
to the total taxes withheld during the quarter less
the amounts paid in the first 2 months of the
quarter.
Attachment: Quarterly Alphalist of Payees and
WTs (QAP).

On or before March 1 of the following year,

customer files a Form 1604-E which lists all the
WTs withheld from all its payees (i.e. its vendors
or suppliers) for the entire previous taxable year.
- Shall also attach an Alphalist of Payees
and WTs which is to be attached to the
aforementioned form.

Amount of CWT: Amount of CWT:

Depends on the compensation of the Depends on the nature of the income payment
employee, and on his income tax rate. and the CWT rate as provided by law

Employee: Payee (Vendor or Supplier):

Will receive from his employer at the end of the Will receive a Form 2307 from the customer or
year a Form 2316 stating his total gross taxable client showing the tax withheld from the income
compensation income, non-taxable payments payment within 20 days from the close of the
made by the employer, and the quarter, or upon request of the
total taxes withheld by the employer. payee.

A complete list of income payments to individual

payees which are subject to the Expanded
Withholding VAT is found in the next 2 pages.
Graduated Tax Rates: Effective January 1, 2018 to December 31, 2022:

On citizens, resident aliens, non-resident aliens engaged in business in the Philippines

On compensation, business and other income

Range of Taxable Income (TI) Tax Due = a + [b x (TI - c)]

Over Not Over Basic Amount Additional Rate Of Excess Over (c)
(a) (b)
- 250,000 - -
250,000 400,000 - 20% 250,000
400,000 800,000 30,000 25% 400,000
800,000 2,000,000 130,000 30% 800,000
2,000,000 8,000,000 490,000 32% 2,000,000
8,000,000 - 2,410,000 35% 8,000,000

Graduated Tax Rates: Effective January 1, 2023 onwards:

On citizens, resident aliens, non-resident aliens engaged in business in the Philippines

On compensation, business and other income

Range of Taxable Income (TI) Tax Due = a + [b x (TI - c)]

Over Not Over Basic Amount Additional Rate Of Excess Over (c)
(a) (b)
- 250,000 - -
250,000 400,000 - 15% 250,000
400,000 800,000 22,500 20% 400,000
800,000 2,000,000 102,500 25% 800,000
2,000,000 8,000,000 402,500 30% 2,000,000
8,000,000 - 2,202,500 35% 8,000,000