THE influential American Chamber of Commerce of the Philippines (AmCham) has trumpeted its support for the government’s Tax Reform for Acceleration and Inclusion Act (TRAIN).
In the view of many quarters, this is not surprising since the comprehensive tax reform legislation of the administration of President Duterte had passed AmCham’s scrutiny.
The chamber, in a statement, strongly supports the Duterte government’s proposed legislation in its overall goals.
Malacañang, through Presidential Spokesperson Ernesto Abella, welcomed and hailed AmCham’s support for the passage of the administration’s proposed tax reform package.
The Lower Chamber of Congress passed House Bill (HB) No. 5636 last May 31, while the Senate version, filed by Senator Juan Edgardo “Sonny” Angara, is currently under deliberation.
Expected to raise P133.8 billion in 2018, the new tax measure is seen to fund the administration’s infrastructure and anti-poverty programs, said Abella.
Under the original version of the tax reform program by the Department of Finance (DoF), the national government was supposed to earn as much as P174.2 billion in net gains.
With better infrastructure and social services, Abella said “we would improve productivity and living standards of our people.”
Most of the revenues, he said, will be poured into the government’s plans to spend as much as P8.2 trillion to finance the “golden age of infrastructure” over the next six years.
Thus, our lawmakers would do well to hasten the passage of TRAIN if the government is to succeed in uplifting the living conditions of the poor, who comprise the bulk of the country’s population.