Senator Sherwin Gatchalian will not hesitate to file a resolution to suspend the last two rounds of the Tax Reform for Acceleration and Inclusion (TRAIN) law if needed.
Gatchalian said on the Sunday during a news forum that if the situation (continued increase in prices of essential commodities) gets worse due to the implementation of TRAIN law, he will file a resolution before the Senate.
“Yes, if need be. Kapag nakikita natin yung compelling reason at talagang makikita natin na nagiging pabigat sa ating mga consumers yung mga pangyayare sa labas po ng ating bansa (If we see a compelling reason, and we see that it is really a burden to consumers), then we will file an appropriate resolution to suspend the second or even the third round,” Gatchalian said when asked if he would sponsor the resolution to suspend the TRAIN law.
According to Gatchalian, other factors that affect the economy include the problem in the Middle East, the trade war in the United States, and the peso-dollar exchange rate.
He said the Senate is continuously monitoring these factors, especially the global oil prices, in relation to the possibility of suspending the tax reform law.
A provision of the TRAIN law states that from 2018 to 2020, “the scheduled increase in the excise tax on fuel as imposed in this section shall be suspended when the average Dubai crude oil price based on Mean of Platts Singapore (MOPS) for three months prior to the scheduled increase of the month reaches or exceeds $80 per barrel.”
READ: DOF: Gov’t cannot suspend fuel excise taxes under TRAIN
“So kami monitoring ho ngayon dahil malaro ho ang merkado at dapat ho talagang maging alisto sa mga nangyayare (So we are monitoring now because the market is fluid and we need to be constantly alert to new developments),” Gatchalian said.
Other senators have already joined labor organizations in calling for the suspension of the TRAIN Law.
READ: More senators join calls to suspend excise tax