Senator Bam Aquino has opposed moves to remove the earmarking provision of the Tax Reform for Acceleration and Inclusion, which is aimed to help the country’s poor cope with the expected increase in prices of goods and services brought about by the government’s proposed tax measure.
He pointed out that this tax measure will hit the poorest of our countrymen the hardest.
“It’s necessary on our part to have the earmarking and an effective cash transfer program para sa ating mahihirap na kababayan during the period of amendments for TRAIN,” Aquino said.
He said earmarking allots parts of revenues generated from the tax measure to several priority programs, including financial assistance to the country’s poor through an unconditional cash transfer program to help them cope with the expected price increase once the measure is enacted into law.
Based on computation, he said the country’s poor will be given a P300 monthly financial assistance for a certain period of time to help cover the increase in prices of basic goods due to additional tax on sugar beverages and petroleum.
He said it should be guaranteed that the poor families can get monthly help from the government to balance the increase in prices.
“If we will do that, Aquino warned, we will be passing a measure which will hit our poorest countrymen the worst.”
He said the Department of Finance itself presented the cash transfer program as the best solution to help the country’s poor cope with the increase in prices.
During the period of amendments, Aquino committed to present proposals on how to ensure that the welfare of the country’s poor will be protected under this tax reform program.
“We have to think of the welfare of our poor countrymen who will be hit by the increase in the prices of commodies,” he said.