While there are many elements contributing to the increase in prices of goods and services, Sen. Bam Aquino stressed the need to focus on factors under the government’s control, like the excise tax on fuel under the Tax Reform for Acceleration and Inclusion (TRAIN) Law.
“Maaaring kontrolin ang TRAIN at pagpataw ng buwis sa petrolyo. Bigyan natin ng kaunting ginhawa ang mga pamilya, isuspindi natin ang excise tax,” said Sen. Bam, referring to his measure to stop the collection of excise tax on fuel under TRAIN once the inflation rate breaches “target range.”
Sen. Bam filed Senate Bill No. 1798, 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.
During the TRAIN’s deliberation, Sen. Bam introduced an amendment to include a safeguard where the implementation of TRAIN Law will be stopped once inflation rate breaches the “target range.”
Fellow senators approved Sen. Bam’s amendment but the provision was not included in the bicameral conference committee and the approved version of the measure.
“Kailagang aminin na nahihirapan na ang mga Pilipino sa pagtaas ng presyo. Gawin naman natin ang ating makakaya upang tulungan ang mga pamilya,” added Sen. Bam.
Sen. Bam expects his colleagues to support his measure since many of them approved it during the deliberation of the TRAIN Law.