Sen. Bam: Inflation doubled in 1 year, suspend TRAIN now

Senator Bam Aquino slammed the government’s continued inaction on the Tax Reform for Acceleration and Inclusion (TRAIN) Law amid the doubling of the country’s inflation rate in a span of one year.

“Sa loob lang ng isang taon, dumoble na ang inflation rate ng bansa pero nagmamatigas pa rin ang gobyerno sa TRAIN Law,” said Sen. Bam, one of four senators who voted against the ratification of the government’s tax reform program.

“Malinaw ang mensahe ng 5.2 percent na inflation rate. Kailangan nang i-preno ang TRAIN sa lalong madaling panahon dahil nalulunod na sa taas presyo ang taumbayan,” said Sen. Bam

From 2.5 in June 2017, Sen, Bam said the country’s inflation rate soared to 5.2 in June 2018, based on the latest report by the Philippine Statistics Authority (PSA).

The latest inflation rate surpassed the projection by the country’s economic managers. The Department of Finance (DOF) predicted the inflation rate at 4.9 percent while Bangko Sentral ng Pilipinas economists placed it at 5.1 percent.

Sen. Bam has been going around the country and meeting with different sectors to get their views about the government’s tax reform program. During his dialogue with different sectors, the senator received numerous complaints about high prices of goods and services and the lack of necessary support from the government.

Sen. Bam has been pushing for the suspension and rollback of the excise tax on fuel under the TRAIN Law to ease the burden of Filipinos due to high prices of goods and services.

Sen. Bam has submitted a bill seeking to suspend and roll back the excise tax on fuel under the TRAIN Law once average inflation rate surpasses the annual inflation target over a three-month period. 

In addition, Sen. Bam is pushing for the full implementation of mitigating measures under the TRAIN Law, such as the unconditional cash transfer program for poor families and the Pantawid Pasada for jeepney operators and drivers.

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