Rationale: The attached bill seeks to exempt senior citizens whose income is not more than One Hundred Twenty Thousand Pesos (P120,000.00) per annum, from the payment of real property tax and any tax on real property, such as the Special Education Fund Tax on their dwellings and the land on which it is situated, amending for the purpose Sections 2 and 4 of R.A. No. 7432, otherwise known as the Senior Citizens Law.> Senior citizens are now in the twilight years of their lives and most of them, having retired from work have no sufficient income to support their families with their daily needs, particularly at this time when prices of commodities have skyrocketed beyond the reach of minimum wage earners.