As Filipinos deal with high prices of goods and services due to the additional excise tax on petroleum products and with the country’s inflation rate shooting up to 4.3 percent in March, a senator urged his colleagues to revisit Republic Act No. 10963 or the Tax Reform for Acceleration and Inclusion (TRAIN) Act.
In his Senate Resolution No. 704, Sen. Bam Aquino wants the appropriate Senate Committees to conduct an inquiry on the TRAIN’s inflationary impact and effect on the economy.
Sen. Bam underscored the need to take another look at the government’s tax reform program amid the rise in prices due to the imposition of additional excise tax on fuel.
“It is our duty to ensure all reforms benefit our countrymen and do not make life more difficult for Filipino families,” said Sen. Bam, who voted to reject the TRAIN Law during its ratification.
“Kailangan suriin muli ang TRAIN. Maging bukas tayo sa pagsuspindi sa excise tax kapag nakitang nakasasama na ito sa kabuhayan ng mga Pilipino,” emphasized Sen. Bam, referring to the increase in tax on gasoline and diesel to P7 and P2.50, respectively.
Sen. Bam pointed out that Congress approved the inclusion of increased excise taxes in the TRAIN Law due to assurance by the Department of Finance that its impact on inflation would not be more than 0.7 percent.
However, the Philippine Statistics Authority (PSA) announced that the inflation rate for March rose to 4.3 percent, way above the government’s prediction of two to four percent.
“Huwag nating hayaang lumala pa ang kahirapan at pagkagutom ng mga Pilipino,” said Sen. Bam.
Earlier, Sen. Bam filed Senate Resolution No. 597, urging the appropriate Senate committee to scrutinize the implementation of the unconditional cash transfer to ensure that it is sufficient to cover the increase in prices of goods and other services.