(Eagle News) — Senator Bam Aquino on Wednesday warned of what he said was a possible domino effect of the increase in fuel prices with the passage of the Tax Reform for Acceleration and Inclusion law.
In a statement, Aquino, who voted against the passage of TRAIN, said such an increase would lead to an increase in the prices of consumer goods.
“Sa huli, mahihirap na Pilipino pa rin ang papasan at magdurusa sa epektong dulot ng TRAIN sa presyo ng bilihin,” he said.
“Dagdag gastos nanaman ito sa pamilyang Pilipino,” he said.
Apart from Aquino, Senators Panfilo Lacson, Risa Hontiveros, and Antonio Trillanes IV voted against the passage of TRAIN, a priority of the Duterte administration.
The government said TRAIN–which took effect on January 1—will exempt from income tax those with an annual taxable income of not over ₱250,000.
It also mandates the imposition of excise tax of P2.50 per liter on diesel.
In 2019, the excise tax per liter on diesel increases to P4.50, and to P6 in 2020.
The excise tax for gasoline has been increased from P4.35 per liter to P7, P9 in 2019, and P10 in 2020.