SENATOR Paolo Benigno Aquino IV, saying the transport sector was already crying out for support amid the increase in fuel prices, renewed his call to suspend the excise tax on fuel under the government’s tax reform program.
“For the drivers, operators and passengers, the TRAIN should be stopped to ease their burden,” said Aquino, referring to the Tax Reform for Acceleration and Inclusion Law.
He said the mechanism should be returned to suspend the excise tax due to inflation to reduce the burden of drivers, operators and commuters.
Aquino, one of the four senators who voted against the ratification of the TRAIN Law, made the pronouncement after several jeepney operators filed a petition asking for a P2 fare increase and the possible surge pricing during rush hours due to the recent increase in prices of petroleum products.
He submitted Senate Bill No. 1798, seeking to stop the collection of excise tax on fuel under TRAIN once the inflation rate breaches “target range.”
Under Aquino’s measure, the collection of excise tax will be suspended once the average inflation rate surpasses the annual inflation target over a three-month period.
The opposition senator introduced that specific provision during the TRAIN’s deliberation and was approved by fellow senators.
However, the provision was not included in the bicameral conference committee and the approved version of the measure.
Meanwhile, Aquino said the measure that sought to empower and encourage Filipino innovators and entrepreneurs to build better solutions for the nation was approved by the Senate on third and final reading.
Via an overwhelming 18-0 vote, Senate Bill 1532 or the Innovative Startup Act was approved by the Senate, bringing it closer to becoming a law.
“This is great news for our innovators and entrepreneurs. We’re one step closer to giving them the support they deserve,” said Aquino, chairman of the Committee on Science and Technology.
“It isn’t easy building a successful start-up, specially in the Philippines. Still, they find ways to bring better solutions to problems in transportation, healthcare, agriculture, and other industries,” also added Aquino, principal author and sponsor of the measure.
If enacted into law, he said the measure would provide support to innovative and tech start-ups, which pertain to businesses that provide unique and relevant solutions to pressing problems, such as transportation, financing, agriculture and healthcare.