These numbers support their claim that tax reform isn’t the culprit.
The Department of Finance dismissed critics of the Tax Reform for Acceleration and Inclusion (TRAIN) law, saying that it is not the biggest factor driving prices of goods up.
Finance Undersecretary Gil Beltran schooled senators during a recent hearing, saying that the recent spike in inflation was largely due to record-high rates of global crude prices.
Beltran explained that petroleum prices went up by 34 percent year-on-year during the first quarter, but only 7 percent is attributable to TRAIN.
“The rest (27 percentage points) is a result of the higher world prices of crude oil and the peso depreciation,” Beltran said a statement.
“Higher crude oil price and currency depreciation account for P9.10 or 22 percent of retail price, while additional excise tax on fuel arising from the TRAIN contributed less at P 2.80, including additional VAT, or 7 percent of retail price.”
Will this end calls to repeal the tax law once and for all?
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
September –
5 Sept – Intl Day of Charity
7 Sept – Intl Day of Clean Air for Blue Skies
8 Sept – International Literacy Day
12 Sept – United Nations Day for South-South Cooperation
15 Sept – International Day of Democracy
16 Sept – International Day for the Preservation of the Ozone Layer
17 Sept – World Patient Safety Day
18 Sept – International Equal Pay Day
21 Sept – International Day of Peace
26 Sept – International Day for the Total Elimination of Nuclear Weapons
27 Sept – World Tourism Day
28 Sept – International Day for Universal Access to Information
29 Sept – International Day of Awareness of Food Loss and Waste
30 Sept – World Maritime Day
Monthly Observances:
Health, Safety and Sanitation Month
National Clean-up Month
Civil Service Month
National Peace Consciousness Month
Social Security Month
Rule of Law Month
National Teachers’ Month (Sept 5-Oct 4)
Weekly Observances:
Sept 17 – 23:
World Clean and Green Week
Week 2: Education Week
Week 4: Medicine Week
Last Week: National Family Week
Daily Observances:
Third Saturday:
International Coastal Clean-up Day
Third Monday: World Health Day
Last Friday: National Maritime Day
Sept 8: National Literacy Day
Sept 15: Philippine Medicine Day
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