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BY PRINCE GOLEZ
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MANILA – Sen. Paolo Benigno Aquino IV warned of the “domino effect” that the higher excise taxes on fuel brought about by the tax reform law will have on the prices of goods and services.
Aquino was one of those who opposed the passage of the Tax Reform Acceleration and Inclusion (TRAIN) bill in the Senate.
He cited the “inability” of the government to implement a financial assistance program in time for the increase of prices that the provisions on excise taxes on fuel and sweetened beverage will bring.
“Nakakabahala ang pagtaas ng presyo ng bilihin dahil sa pagpataw ng buwis sa langis,” said Aquino. “Dagdag gastos na naman ito sa pamilyang Pilipino.”
Under the new tax reform law, an excise tax of P2.50 per liter will be imposed on diesel and bunker fuel starting this year, P4.50 in 2019 and P6 in 2020.
Excise tax on gasoline, on the other hand, will be raised to P7 per liter this year, P9 in 2019 and P10 in 2020 from P4.35 in 2017.
“The increase in the prices of petroleum will lead to an increase in the prices of goods, which will ultimately fall on the shoulders of consumers, especially poor Filipinos, who are currently struggling to make ends meet,” Aquino said.
“Sa huli, mahihirap na Pilipino pa rin ang papasan at magdurusa sa epektong dulot ng TRAIN sa presyo ng bilihin,” he said.
The Department of Finance has proposed up to P300 in monthly cash transfers to help the poor cope with the consequent rise in the prices of goods. Aquino urged the government to speed this up./PN
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