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Senate passes measure to improve access to financing for small business

The measure that will give micro, small and medium enterprises (MSMEs) better access to financing was approved by the Senate on third and final reading, according to its principal author, Sen. Bam Aquino.

Sen. Bam Senate Bill No. 1459 or the Personal Property Security Act hurdled the Senate on third and final reading via an overwhelming 21-0 vote. The House has already passed its version on 3rd and final reading.

“Makakatulong ito sa mga maliliit na negosyo na nahihirapan makakuha ng mga loan sa bangko. Suportahan natin ang paglago ng maliliit na negosyo na kabhuayan ng mga pamilyang Pilipino,” said Sen. Bam.

If passed into law, Sen. Bam said MSMEs will be allowed to use other properties, such as inventory and equipment, as collateral for loans. Usually, Sen. Bam said banks and other financial institutions prefer immovable assets like land.

“Sa panukalang ito, mas madali at mas ligtas para sa mga bangko ang magpautang sa mga maliliit na negosyo,” Sen. Bam pointed out, adding that banks are more likely to offer loans to our small businesses, thus helping them grow.

According to Sen. Bam, a former social entrepreneur, a successful business is a way out of poverty for many Filipinos.

“Ang pagpasa sa Personal Property Security Act ay pagsuporta sa mga maliliit na negosyo at pamilyang Pilipino,” Sen. Bam stressed.

Sen. Bam explained that assets of MSMEs are mostly personal in nature, including equipment, inventory, livestock, motor vehicles and receivables, which makes it difficult for them to meet bank requirements to get loan approvals.

With this measure, MSMEs can use these personal properties and assets as collateral in acquiring loans from banks and other financial institutions.

During the technical working group (TWG) conducted by the Committee on Banks, different financial associations and concerned government agencies have supported the passage of the measure.

Sen. Bam said the proposal can provide a win-win situation for both MSMEs and banks with a healthier loan environment.

Countries like China, Vietnam and Mexico have passed a similar measure and helped more than one million entrepreneurs and unlocked value amounting to $4 billion.

As an advocate of small business development, Sen. Bam passed several laws to support the sector, including the Go Negosyo Act, Youth Entrepreneurship Act, Philippine Competition Act, Foreign Ships Co-Loading, Microfinance NGOs Act and the Credit Surety Fund Cooperative Act.

Sen. Bam Aquino on China missiles in WPS

Ipaglaban naman natin ang talagang atin.

China invaded undisputed Philippine waters and installed missiles. Gawain ba ‘yan ng isang kaibigan?

Kumilos naman tayo para sa kinabukasan ng bansa at ng mga Pilipino.

We support the convening of National Security Council (NSC) and hope the President listens to our security experts.

We also filed a resolution to investigate the installation of missiles in Panganiban ang Zamora Reefs. 

Sen. Bam dares gov’t to roll back excise tax on fuel

Senator Bam Aquino challenged the government to act now and roll back the excise taxes on petroleum products under its tax reform program to lift the burden of high prices on the Filipino people, especially the poor.

“Nalulunod na ang mga Pilipino sa taas ng presyo. Huwag na natin antayin na tumaas lalo ang bilihin,” said Sen. Bam, one of four senators who voted against the ratification of the Tax Reform for Acceleration and Inclusion (TRAIN) Law.

”Aantayin pa ba nila ang 2019? Hindi pa ba aaksyon ang pamahalaan?” asked Sen. Bam.

Sen. Bam made this pronouncement after the Department of Energy (DOE) declared that the TRAIN Law allows for immediate suspension of excise taxes on petroleum products.

However, the DOE said the suspension would only cover the additional excise tax due for 2019.

“Next year is too late. Hirap na hirap na ang mga Pilipino sa pagtaas ng presyo,” said Sen. Bam.

In his privilege speech on Wednesday, Sen. Bam emphasized that one of the ways to alleviate the burden of the Filipino people is to suspend the excise tax on petroleum products under the TRAIN Law.

In his Senate Bill No. 1798, the excise tax on fuel under the TRAIN Law will be rolled back when the average inflation rate surpasses the annual inflation target over a three-month period.

Sen. Bam included this safeguard during the TRAIN deliberations, but the provision was removed from the final draft of the law during the bicameral conference.

 

Sen. Bam: Filipinos demand solutions, not excuses for high prices

Instead of making excuses, Senator Bam Aquino called on the government to find solutions to lower the prices of goods and services due to the Tax Reform for Acceleration and Inclusion (TRAIN) Law.

In his privilege speech on Wednesday, Sen. Bam insisted that the Filipino people are heavily burdened by the high prices of goods and services, in addition to the impending increase in electricity and jeepney and LRT fares.

“Nalulunod na po ang mga mahihirap nating kababayan sa patuloy na pagtaas ng presyo ng bilihin,” said Sen. Bam, one of four senators who voted against the ratification of TRAIN Law.

“Tumataas din ang presyo ng kuryente, ang presyo ng bigas, at humihingi na ng fare hike ang mga jeepney drivers at operators, pati na ang LRT. Kaya naman napakarami na ang umaalma,” added Sen. Bam.

Sen. Bam emphasized that the effects of the TRAIN Law in the increase in prices of commodities are evident and the Filipino people are crying for help from the government to alleviate their plight.

Sen. Bam pointed out that Filipinos, especially the poor, are expecting the government to provide solutions to the increase in prices of goods and services.

“Habang patuloy ang debate sa mga rason ng pagtaas ng presyo, ang hinahanap ng taumbayan solusyon, hindi po dahilan,” said Sen. Bam.

In his speech, Sen. Bam offered three solutions to alleviate the burden of the Filipino people brought about by the TRAIN Law, including the full implementation of the unconditional cash transfer program under the TRAIN Law and by addressing the high price of rice in the market.

Most importantly, Sen. Bam batted for the passage of his measure that seeks to suspend the excise tax on fuel under the TRAIN Law when the average inflation rate surpasses the annual inflation target over a three-month period.

“Under this bill, when inflation exceeds the target range for three consecutive months, the excise tax on fuel will be rolled back,” said Sen. Bam.

Sen. Bam successfully included this safeguard during the TRAIN deliberations, but the provision was removed from the final draft of the law during the bicameral conference.

Sen. Bam eyes compensation for owners of properties destroyed in Marawi siege

A senator has submitted a measure seeking to provide monetary compensation to Marawi City residents who lost their homes and other private properties to the infamous siege that happened one year ago today (May 23) and lasted for five months.

In his Senate Bill No. 1816, Senator Bam Aquino said the monetary compensation will provide Marawi residents with means to immediately recover from the damage and destruction to their homes and private property caused by the Marawi siege perpetrated by the ISIS-inspired Maute group.

“The Marawi crisis left thousands of Marawi residents without shelter, jobs and other means of livelihood,” said Sen. Bam, a member of the Special Committee on Marawi City Rehabilitation.

“Kailangan nila ng agarang tulong mula sa pamahalaan upang sila’y makabangon at makabalik sa normal na pamumuhay,” added Sen. Bam.

On May 23, 2017, the ISIS-inspired Maute Group attacked Marawi City, destroying public infrastructure, private properties and holding hundreds of civilian hostage.

The attack displaced thousands of Marawi residents from their homes and forced them to seek shelter in evacuation centers or live with their relatives in nearby cities. The attack also destroyed business establishments that served as source of income, livelihood and employment for many Marawi residents.

After five months of fighting, government forces successfully regained control of the city and killed known international terrorist Isnilon Hapilon and Omar Maute.

However, the intensified conflict left Marawi City in shambles, destroying around P20 billion worth of properties. Earlier, the National Economic Development Authority (NEDA) estimated that it will cost around P51.7 billion to rebuild Marawi City.

Lanao del Sur 1st District Rep. Ansaruddin Alonto Adiong is the principal author of this bill in the House of Representatives.

On February 26, 2018, Sen. Bam filed Senate Resolution No. 661 directing the Special Committee on Marawi City Rehabilitation to conduct a probe into the government’s moral and ethical obligation to provide financial assistance and support to victims of the siege. However, Sen. Bam’s resolution was not acted upon.

Sen. Bam: Roll back excise tax ASAP, next year is too late

We welcome the openness of Malacanang to the suspension of additional excise taxes in 2019, but this is too little, too late.
 
Ang hinahanap ng taumbayan ang pag-rollback sa presyo ng petrolyo at iba pang bilihin.
 
Kaya sa aming panukala, babawiin pati ang dinagdag na excise tax on fuel na pinataw na sa merkado ngayong 2018. 
 
Umaasa kami na susuportahan ang safeguard na ito ng aming mga kasama sa Senado.
 
Kailangan protektahan mula sa TRAIN at taas-presyo ang mga mahihirap na Pilipino. Nalulunod na sa taas ng presyo ang ating mga kababayan.

Sen. Bam on new Senate leadership

Matindi ang hamon na hinaharap ng ating bayan at ng Senado. 

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Sen. Bam: Severe price increases with no cash transfer to poor families, grounds for TRAIN suspension

Senator Bam Aquino insisted that the excessive price increases, unprecedented inflation rate and government’s failure to deliver on the unconditional cash transfer program are sufficient grounds to suspend the Tax Reform for Acceleration and Inclusion (TRAIN) Law.
 
“Hirap na hirap na ang mga Pilipino sa taas ng presyo ng bilihin. Mula tatlo, ngayon dalawang beses kada araw na lang kumain ang ilang pamilya. Masasabi pa ba nating magtiis na lang sila?” said Sen. Bam, one of four senators who voted against the ratification of the TRAIN Law.
 
Sen. Bam was alluding to Socio-Economic Planning Sec. Ernesto Pernia’s pronouncement that Filipinos should just tighten their belts and live with the effects of the tax reform law.
 
“Ang malala rito, hindi pa nabibigay ng gobyerno ang pinangakong financial assistance ng TRAIN sa higit 6 million na pamilya. Sapat na dapat ito para isuspindi ang TRAIN law,” said Sen. Bam, who is pushing to suspend the TRAIN Law, particularly the excise tax on fuel.
 
Under Sen. Bam’s Senate Bill No. 1798, the excise tax on fuel under TRAIN will automatically be suspended when the average inflation rate surpasses the annual inflation target over a three-month period.
 
Sen. Bam successfully included this safeguard during the TRAIN deliberations, but the provision was removed from the final draft of the law during the bicameral conference.
 
“Sagad na ang pagtitiis ng mga Pilipino sa pagtaas ng presyo. Gawin naman natin ang ating makakaya para bigyan sila ng kaunting ginhawa,” said Sen. Bam, adding that the targeted collections for excise tax on fuel in 2018 is only P70-billion, compared to government underspending last year amounting to P390 billion.
 
“Hindi lang TRAIN ang pinagkukunan ng budget. We can ‘Build, Build, Build’ and provide Filipinos free college tuition in SUCs even without collections from the excise tax on fuel,” Sen. Bam asserted.

Sen. Bam strengthens call to suspend TRAIN amid cries for fare increase

A senator stressed the need to suspend the excise tax on fuel under the government’s tax reform program, saying the transport sector is already crying out for support amid the increase in fuel prices.

“Para sa mga driver, operator at pasahero, i-ipreno na ang TRAIN para mapagaan naman ang kanilang sitwasyon,” said Sen. Bam Aquino, referring to the Tax Reform for Acceleration and Inclusion (TRAIN) Law.

“Ibalik na ang mekanismo para masuspindi ang excise tax dahil sa inflation upang mabawasan na ang pasanin ng parehong driver, operators at mga commuter,” added Sen. Bam, one of four senators who voted against the ratification of the TRAIN Law.

Sen. Bam made the pronouncement after several jeepney operators filed a petition asking for a P2 fare increase and the possible surge pricing during rush hours due to the recent increase in prices of petroleum products.

Sen. Bam submitted Senate Bill No. 1798, seeking to stop the collection of excise tax on fuel under TRAIN once the inflation rate breaches “target range.”

In Sen. Bam’s measure, the collection of excise tax will be suspended once the average inflation rate surpasses the annual inflation target over a three-month period.

Sen. Bam introduced that specific provision during the TRAIN’s deliberation and was approved by fellow senators. However, the provision was not included in the bicameral conference committee and the approved version of the measure.

“Bigyan naman natin ng kaunting ginhawa ang ating mga kababayan sa pagtaas ng presyo ng petrolyo at iba pang mga bilihin,” said Sen. Bam.

Sen. Bam Aquino on Senate resolution against SC’s quo warranto decision

The Supreme Court violated the Constitution with their decision to grant the Quo Warranto petition of the administration which unlawfully ousted Chief Justice Sereno.  
 
Nilagay nila sa peligro ang demokrasya at karapatan ng mamamayan.    
 
Hinahamon ngayon ang Senado na manindigan para sa taumbayan at demokrasya. Ang resolusyong ito ay pagtanggap sa hamon.  
 
We now call on the public to support the Senate in restoring the checks and balances in government, enforcing the rule of law and supremacy of the Constitution.
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