Duterte bonanza: Senate version of TRAIN could yield P130B — Angara
Senator Sonny Angara on Tuesday said that based on the estimates of the Department of Finance (DoF), the government can generate up to P130 billion additional revenue from the Senate version of the Tax Reform Acceleration and Inclusion (TRAIN) measure.
Voting 17-1, the Senate approved on third and final reading its version TRAIN bill or Senate Bill 1592, which is expected to exempt 6.8 million workers from paying income taxes.
Angara, chairman of the ways and means committee, described TRAIN as a “very comprehensive and ambitious” tax reform. “We made sure that this long-overdue reform is a product of a collective effort.”
“I thank our colleagues for helping us strike a balance between giving tax relief to our workers and meeting the revenue target so as not to impair the government’s capability to finance its programs and projects,” he added.
Senate President Koko Pimentel said the reforms on tax policy and tax administration “are necessary to raise the funds that government would need for its long-term investments on infrastructure, education and healthcare services.”
“Like any investments, we must look beyond the short-term challenges this measure poses and focus on the significant, tangible, and long-term benefits that countless Filipinos today, and in the future, will enjoy,” Pimentel said.
Under the Senate-approved tax reform package, 60% of the incremental revenues will go to infrastructure programs, 27% will be allocated to social protection programs including the unconditional cash transfer to the poorest 10 million Filipino families and health, nutrition and anti-hunger programs, while 13 percent will be allocated to military modernization programs.