Sen. Bam to hit the brakes on TRAIN Law

Senator Bam Aquino will file a measure that will restore his earlier proposal to stop the Tax Reform for Acceleration and Inclusion (TRAIN) Law once the inflation rate breaches "target range."

"Importanteng may mga safeguards ang TRAIN para mai-preno ang pagpataw buwis kapag sumobra ang pagtaas ng presyo ng bilihin," said Sen. Bam during the hearing of the Committee on Economic Affairs on TRAIN Law.

"We pushed for these safeguards even before the TRAIN Law was passed, but they were disregarded. Siguro ngayong nakikita nilang nahihirapan na ang taumbayan, susuportahan na nila ang amyenda kong ito," said Sen. Bam, one of four senators who voted against the ratification of the TRAIN Law.

During the TRAIN deliberations, the Senate approved Sen. Bam's amendment to include a safeguard where the implementation of TRAIN Law will be stopped once it breached the "target range."

However, Sen. Bam said the provision was not included in the bicameral conference committee and the approved version of the measure.

"Kung hindi inalis ang safeguard na ito, napatigil na sana natin ang TRAIN Law ngayong napakataas na ng presyo ng mga bilihin," said Sen. Bam.

Earlier, Sen. Bam warned the country's economic managers, led by the Department of Finance (DOF), that will country's inflation rate will surpass the four-percent mark due to the TRAIN Law.

"Noon pa tayo nagbabala sa pamahalaan na ang mahihirap ang masasagasaan ng TRAIN, kaya tayo kumontra sa pagpasa nito. Kailangan nating banggain ang mga repormang lalong nagpapahirap sa taumbayan," said Sen. Bam.