Bayan Muna seeks repeal of TRAIN law amid looming oil price hikes
Now is the best time to repeal the Tax Reform for Acceleration and Inclusion (TRAIN) law as oil price hikes loom following the attacks on Saudi oil refinery, Bayan Muna chairman Neri Colmenares and Bayan Muna Rep. Carlos Isagani Zarate said on Wednesday.
“Some sectors are saying that there would be around P3 per liter increase on oil prices because of the attacks and the resulting drop on oil supply would also push the prices of other goods to skyrocket. So it is imperative that the TRAIN law is now repealed,” said Colmenares.
“Because of the TRAIN law, excise taxes on diesel and crude went up to P4.50 this year, and P6.00 in 2020. The excise tax on gasoline also increased to P7.00 in 2018, and to P9.00 this year and P10.00 in 2020,” said the Makabayan chairman
Zarate noted that the Makabayan bloc already filed House Bill 243 to repeal the TRAIN Law, “and we hope that the House leadership would prioritize this bill,”
“We are also calling on the Supreme Court to decide on our petition to junk the TRAIN law so as to shield consumers from another wave of price shocks,” he said.