3-months suspension of TRAIN on fuel urged



By Rose de la Cruz



Rep. Michael Romero of 1 PACMAN partylist and assistant majority leader, has filed House Resolution 1919 urging the President to suspend for three months from June to August 2018 the imposition of excise tax rates on fuel and other petroleum prodicts under the TRAIN law, to ease inflation pressures and slow down the further deterioration of the peso.


He said that from January 2017 to May 2018, the Philippine peso lose about six percent of its purchasing power and inflation in January 2018 hit 4 percent, rising to 5.1 percent in April.


The economy grew by 6.8 percent in the first quarter and is on its way to becoming a new middle-income economy but these gains must be preserved and sustained, he said.


Romero said that from January 2017 to May 2018 the Philippines’ peso lost about six percent of its purchasing power and noted how the inflation rate last January 2018 hit 4.0 percent and has risen to 5.1 percent in April 2018.


He said the House Committee on Ways and Means, Committee on Economic Affairs, and Committee on Banks and Financial Intermediaries  must conduct public hearings and consultations, in aid of legislation, for the purpose of crafting new legislative measures on:


(1) sourcing of funds to make up for the lost revenue due to the suspension of the excise tax;


(2) possible additional authority for the Bangko Sentral ng Pilipinas to meet its inflation targets; and


(3) additional social safety nets for Filipinos adversely affected by the erosion of the purchasing power of the peso. 






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Thursday, 24 January 2019
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