Senator Bam Aquino. PHOTO FROM AQUINO MEDIA OFFICE
Senator Bam Aquino on Saturday expressed fear that the Tax Reform Acceleration and Inclusion (TRAIN) law will kill jobs and livelihood in the country due to rising prices of goods and services.
“We are now feeling the effects of TRAIN, not just on prices of goods, but also on jobs of thousands of Filipinos. The government is duty- bound to cushion the blows of heavy taxes on jobs and employment,” Aquino, former chairman of the Senate committee on trade, commerce and entrepreneurship, said in a statement.
“Natatakot ako para sa kabuhayan ng pamilyang Pilipino. Kailangan solusyunan ito ASAP,” the senator lamented.
Aquino issued the statement after Coca-Cola FEMSA Philippines Inc. announced it would lay off workers due to “recent developments within the beverage industry and in the business landscape as a whole.”
According to a report from Center for People’s Media, around 600 Coca-Cola workers across the country would be losing their jobs.
The announcement was made by the firm as the TRAIN law imposes a P6 per liter excise tax on beverages using caloric and non-caloric sweeteners and P12 per liter on beverages using high-fructose corn syrup.
READ: Coca-Cola PH laying off workers
The senator also noted that several BPOs would relocate, abort expansion, or re-shore workers due to the effects of the TRAIN Law.
Aquino urged the government to work with the private sector “to boost job creation and strengthening job security” instead of “focusing solely on revenue-generation.”
“Livelihood, jobs, sapat na kita para sa bawat pamilyang Pilipino ang nararapat na prayoridad ng pamahalaan,” the senator said. /muf