Senator Bam Aquino urged his colleagues on Monday to review the Tax Reform for Acceleration and Inclusion (Train) Law amid the country’s inflation rate shooting up to 4.3 percent in March that had Filipinos dealing with rocketing prices of goods and services.
In Senate Resolution No. 704 filed April 5, Aquino wants the appropriate Senate committees to conduct an inquiry on Train’s inflationary impact and effect on the economy.
The senator underscored the need to take another look at the government’s tax reform program in the midst of rising prices of commodities 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 Aquino, who voted to reject Republic Act No. 10963 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,” he added, referring to the increase in tax on gasoline and diesel to P7 per liter and P2.50 per liter, respectively.
Aquino pointed out that Congress approved the inclusion of increased excise taxes in the law due to the Department of Finance’s assurance that its impact on inflation would not be more than 0.7 percent.
But he cited the recently released data of the Philippine Statistics Authority (PSA), which showed inflation rate for March rose to 4.3 percent – way above the government’s prediction of 2 to 4 percent.
“Huwag nating hayaang lumala pa ang kahirapan at pagkagutom ng mga Pilipino,” he said. /kga