Senator Bam Aquino called on the government to prioritize poor Filipinos and support the suspension of the Tax Reform for Acceleration and Inclusion (TRAIN) Act, particularly the excise tax on fuel.
Sen. Bam made this pronouncement as he filed Senate Bill No. 1798 that seeks to amend the controversial tax reform program that will suspend the collection of excise tax on fuel once inflation rate breaches the prescribed “target range.”
“We must protect Filipinos from the rising prices of goods and services,” said Sen. Bam, one of four senators who voted against the TRAIN law’s ratification.
“Milyon-milyon ang mga pamilyang nababalisa tuwing tumataas ang presyo ng bilihin tulad ng bigas, sardinas, kuryente at pamasahe,” said Sen. Bam, adding that the government needs to play an active role in managing inflation and ensure that our countrymen can survive the rise in prices.
“Kakaunti na lang ang nabibili ng pera ng pamilyang Pilipino dahil sa taas ng presyo ng bilihin na dulot ng TRAIN,” added Sen. Bam.
In his measure, the excise tax on fuel under TRAIN will be suspended when the average inflation rate surpasses the annual inflation target over a three-month period.
“It is our responsibility to be flexible and responsive when the weight of inflation becomes too heavy for the poor Filipino families to bear,” said Sen. Bam.
During the TRAIN’s deliberation, senators approved Sen. Bam’s amendment to include a safeguard where the implementation of TRAIN Law will be stopped once inflation rate breaches the “target range.”
However, the provision was not included in the bicameral conference committee and the approved version of the measure.
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