Bam Aquino on TRAIN

Sen. Bam supports VAT reduction to ease burden of price surge, TRAIN Law

Senator Bam Aquino expressed support behind the move to reduce value-added tax (VAT) to 10 percent, saying it will help ease the burden of high prices of goods and services on Filipinos, especially the poor.

“Suportado natin ang pagbaba sa VAT at mga panukalang magbibigay ginhawa sa mga pamilyang nalulunod na sa pagtaas ng presyo. Mahalagang aksyunan na natin ito,” said Sen. Bam, one of four senators who voted against the Tax Reform for Acceleration and Inclusion (TRAIN) Law.

While he supports the move, Sen. Bam promises to ensure that the exemptions under the VAT will remain, including those given to cooperatives, senior citizens and persons with disabilities (PWDs).

“Kailangan nang isalba ang mga Pilipinong nasagasaan ng TRAIN law. Kung ang pagbaba ng VAT uunahin ng Senado, susuportahan natin ito,” said Sen. Bam.

In the Senate, Sen. Panfilo Lacson and Risa Hontiveros have been pushing for the lowering of VAT.

“Patuloy rin naming ilalaban ang pag-preno sa TRAIN at pag-roll-back ng excise tax. Kailangan gawin ang lahat ng ating makakaya upang tulungan ang mga pamilyang hirap na hirap na,” Sen. Bam added.

As part of his efforts to ease the burden of the TRAIN Law on Filipinos, Sen. Bam has filed a measure seeking to suspend the collection of the excise tax under the government’s tax reform program once the 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.

Sen. Bam has also filed a resolution calling for an investigation regarding the implementation of the unconditional cash transfer to ensure if the amount is still sufficient to cover the increase in prices of goods and other services.

Sen. Bam: Gov’t is duty-bound to review TRAIN, protect poor from price surge

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.

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