Connect with us

Business and Economy

TRAIN expected to yield P130-B revenues in 2018: DBM sec

Published

on

TRAIN MATTERS. Officers of the Italian Chamber of Commerce in the Philippines, Inc (ICCPI) join forum speakers on the sidelines of a meeting entitled, “TRAIN: Driving the Philippine Economy in 2018” in Makati City on Feb. 22. From left to right are: ICCPI lawyer Tony Abad; Rep. Dakila Cua; ICCPI Executive Director Lorens Ziller;  ICCPI President Sergio Boero; Department of Finance Usec. Antonette Tionko;  Atty. Amanda Carpo of Kittelson and Carpo Consulting; Budget Secretary Benjamin Diokno; and ICCPI Board Member Simone Martinelli. (DBM Photo via PNA)

TRAIN MATTERS. Officers of the Italian Chamber of Commerce in the Philippines, Inc (ICCPI) join forum speakers on the sidelines of a meeting entitled, “TRAIN: Driving the Philippine Economy in 2018” in Makati City on Feb. 22. From left to right are: ICCPI lawyer Tony Abad; Rep. Dakila Cua; ICCPI Executive Director Lorens Ziller; ICCPI President Sergio Boero; Department of Finance Usec. Antonette Tionko; Atty. Amanda Carpo of Kittelson and Carpo Consulting; Budget Secretary Benjamin Diokno; and ICCPI Board Member Simone Martinelli. (DBM Photo via PNA)

MANILA – Amidst complaints about the additional excise tax that goes with the Tax Reform Acceleration and Inclusion (TRAIN), Department of Budget and Management Secretary Benjamin E. Diokno said the new law is expected to yield PHP130 billion revenues in 2018.

Speaking before members of the Italian Chamber of Commerce in the Philippines, Inc (ICCPi) in a meeting entitled, “TRAIN: Driving the Philippine Economy in 2018”, held in Makati City on Feb. 22, Diokno said the expected revenue will steadily rise to as much as PHP220 billion annually and will generate close to PHP1 trillion in revenues over a five-year period from 2018 to 2022.

“TRAIN is an essential tool in our expansionary fiscal strategy. It will not only generate additional resources for priority programs and projects but also make our fiscal program more sustainable,” Diokno said.

In his presentation, Diokno discussed the Philippine economic outlook for 2018 and how the Tax Reform for Acceleration and Inclusion (TRAIN) Law fits in the development agenda of the Duterte Administration.

He added that the full effects of TRAIN will only be appreciated in the medium to long-term.

“We are sure that the criticisms will die down once they see the impressive infrastructures built and the social services programs implemented,” Diokno said.

To finance the higher requirement for infrastructure spending, he said, seventy percent of the TRAIN revenues will be earmarked for the “Build Build Build” program while the remaining will be allotted for social services.

Diokno reiterated that the government ensures mitigating measures to offset the inflationary impact of TRAIN Law.

“In order to compensate for the inflationary impact of TRAIN, we have set aside PHP200 per month per household to the poorest 50 percent of households. Some PHP24.5 billion for the unconditional cash grant has been included in the 2018 National Budget,” he added.

The unconditional cash transfers for the poorest of the poor will be increased to PHP300 per month in 2019 and 2020 benefitting 10 million Filipino households, he said.

TRAIN is not a perfect law, he said, but on balance it is a big plus for the economy.

“TRAIN takes into consideration the immediate, the medium, and the long-run effects of the law,” he added.

Diokno said the passage of Package 1 of TRAIN shows the commitment of the Duterte Administration in improving the economic conditions of the country and the general welfare of its people.

The Budget chief also participated in the open forum moderated by lawyer Tony Abad and was joined by his co-speakers – Congressman Dakila Carlo Cua, Finance Undersecretary Atonette Tionko, and lawyer Amanda Carpo of Kittelson & Carpo Consulting.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Maria in Vancouver

Maria in Vancouver7 days ago

Fantabulous Christmas Party Ideas

It’s that special and merry time of the year when you get to have a wonderful excuse to celebrate amongst...

Lifestyle2 weeks ago

How To Do Christmas & Hanukkah This Year

Christmas 2024 is literally just around the corner! Here in Vancouver, we just finished celebrating Taylor Swift’s last leg of...

Lifestyle1 month ago

Nobody Wants This…IRL (In Real Life)

Just like everyone else who’s binged on Netflix series, “Nobody Wants This” — a romcom about a newly single rabbi...

Lifestyle2 months ago

Family Estrangement: Why It’s Okay

Family estrangement is the absence of a previously long-standing relationship between family members via emotional or physical distancing to the...

Lifestyle3 months ago

Becoming Your Best Version

By Matter Laurel-Zalko As a woman, I’m constantly evolving. I’m constantly changing towards my better version each year. Actually, I’m...

Lifestyle3 months ago

The True Power of Manifestation

I truly believe in the power of our imagination and that what we believe in our lives is an actual...

Maria in Vancouver4 months ago

DECORATE YOUR HOME 101

By Matte Laurel-Zalko Our home interiors are an insight into our brains and our hearts. It is our own collaboration...

Maria in Vancouver5 months ago

Guide to Planning a Wedding in 2 Months

By Matte Laurel-Zalko Are you recently engaged and find yourself in a bit of a pickle because you and your...

Maria in Vancouver5 months ago

Staying Cool and Stylish this Summer

By Matte Laurel-Zalko I couldn’t agree more when the great late Ella Fitzgerald sang “Summertime and the livin’ is easy.”...

Maria in Vancouver6 months ago

Ageing Gratefully and Joyfully

My 56th trip around the sun is just around the corner! Whew. Wow. Admittedly, I used to be afraid of...