March 1, 2017, 12:58 am
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1 Philippine Peso = 0.07302 UAE Dirham
1 Philippine Peso = 2.5353 Albanian Lek
1 Philippine Peso = 0.03534 Neth Antilles Guilder
1 Philippine Peso = 0.3076 Argentine Peso
1 Philippine Peso = 0.02588 Australian Dollar
1 Philippine Peso = 0.0356 Aruba Florin
1 Philippine Peso = 0.03977 Barbados Dollar
1 Philippine Peso = 1.58262 Bangladesh Taka
1 Philippine Peso = 0.03666 Bulgarian Lev
1 Philippine Peso = 0.00749 Bahraini Dinar
1 Philippine Peso = 33.55379 Burundi Franc
1 Philippine Peso = 0.01988 Bermuda Dollar
1 Philippine Peso = 0.02795 Brunei Dollar
1 Philippine Peso = 0.13641 Bolivian Boliviano
1 Philippine Peso = 0.06184 Brazilian Real
1 Philippine Peso = 0.01988 Bahamian Dollar
1 Philippine Peso = 1.33078 Bhutan Ngultrum
1 Philippine Peso = 0.20639 Botswana Pula
1 Philippine Peso = 398.09106 Belarus Ruble
1 Philippine Peso = 0.03972 Belize Dollar
1 Philippine Peso = 0.02608 Canadian Dollar
1 Philippine Peso = 0.02002 Swiss Franc
1 Philippine Peso = 12.85544 Chilean Peso
1 Philippine Peso = 0.13672 Chinese Yuan
1 Philippine Peso = 57.30961 Colombian Peso
1 Philippine Peso = 10.96639 Costa Rica Colon
1 Philippine Peso = 0.01988 Cuban Peso
1 Philippine Peso = 2.07198 Cape Verde Escudo
1 Philippine Peso = 0.50768 Czech Koruna
1 Philippine Peso = 3.53768 Djibouti Franc
1 Philippine Peso = 0.13966 Danish Krone
1 Philippine Peso = 0.93219 Dominican Peso
1 Philippine Peso = 2.18288 Algerian Dinar
1 Philippine Peso = 0.29392 Estonian Kroon
1 Philippine Peso = 0.31219 Egyptian Pound
1 Philippine Peso = 0.44959 Ethiopian Birr
1 Philippine Peso = 0.01879 Euro
1 Philippine Peso = 0.04095 Fiji Dollar
1 Philippine Peso = 0.01599 Falkland Islands Pound
1 Philippine Peso = 0.016 British Pound
1 Philippine Peso = 0.09045 Ghanaian Cedi
1 Philippine Peso = 0.86677 Gambian Dalasi
1 Philippine Peso = 184.88765 Guinea Franc
1 Philippine Peso = 0.14616 Guatemala Quetzal
1 Philippine Peso = 4.06463 Guyana Dollar
1 Philippine Peso = 0.15432 Hong Kong Dollar
1 Philippine Peso = 0.4659 Honduras Lempira
1 Philippine Peso = 0.13889 Croatian Kuna
1 Philippine Peso = 1.2929 Haiti Gourde
1 Philippine Peso = 5.78047 Hungarian Forint
1 Philippine Peso = 265.12229 Indonesian Rupiah
1 Philippine Peso = 0.07314 Israeli Shekel
1 Philippine Peso = 1.32675 Indian Rupee
1 Philippine Peso = 23.48379 Iraqi Dinar
1 Philippine Peso = 644.3428 Iran Rial
1 Philippine Peso = 2.15749 Iceland Krona
1 Philippine Peso = 2.552 Jamaican Dollar
1 Philippine Peso = 0.01406 Jordanian Dinar
1 Philippine Peso = 2.23205 Japanese Yen
1 Philippine Peso = 2.0511 Kenyan Shilling
1 Philippine Peso = 1.37413 Kyrgyzstan Som
1 Philippine Peso = 79.08332 Cambodia Riel
1 Philippine Peso = 9.16683 Comoros Franc
1 Philippine Peso = 17.8962 North Korean Won
1 Philippine Peso = 22.55518 Korean Won
1 Philippine Peso = 0.00606 Kuwaiti Dinar
1 Philippine Peso = 0.01631 Cayman Islands Dollar
1 Philippine Peso = 6.20879 Kazakhstan Tenge
1 Philippine Peso = 162.75601 Lao Kip
1 Philippine Peso = 29.97017 Lebanese Pound
1 Philippine Peso = 3.02386 Sri Lanka Rupee
1 Philippine Peso = 1.78962 Liberian Dollar
1 Philippine Peso = 0.25731 Lesotho Loti
1 Philippine Peso = 0.06062 Lithuanian Lita
1 Philippine Peso = 0.01234 Latvian Lat
1 Philippine Peso = 0.02836 Libyan Dinar
1 Philippine Peso = 0.2006 Moroccan Dirham
1 Philippine Peso = 0.39501 Moldovan Leu
1 Philippine Peso = 1.15033 Macedonian Denar
1 Philippine Peso = 27.18234 Myanmar Kyat
1 Philippine Peso = 49.05548 Mongolian Tugrik
1 Philippine Peso = 0.15894 Macau Pataca
1 Philippine Peso = 7.06443 Mauritania Ougulya
1 Philippine Peso = 0.70292 Mauritius Rupee
1 Philippine Peso = 0.30722 Maldives Rufiyaa
1 Philippine Peso = 14.25532 Malawi Kwacha
1 Philippine Peso = 0.39484 Mexican Peso
1 Philippine Peso = 0.08833 Malaysian Ringgit
1 Philippine Peso = 0.25788 Namibian Dollar
1 Philippine Peso = 6.26367 Nigerian Naira
1 Philippine Peso = 0.58764 Nicaragua Cordoba
1 Philippine Peso = 0.16612 Norwegian Krone
1 Philippine Peso = 2.15947 Nepalese Rupee
1 Philippine Peso = 0.02762 New Zealand Dollar
1 Philippine Peso = 0.00765 Omani Rial
1 Philippine Peso = 0.01988 Panama Balboa
1 Philippine Peso = 0.06467 Peruvian Nuevo Sol
1 Philippine Peso = 0.06313 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.08471 Pakistani Rupee
1 Philippine Peso = 0.08098 Polish Zloty
1 Philippine Peso = 111.13342 Paraguayan Guarani
1 Philippine Peso = 0.0724 Qatar Rial
1 Philippine Peso = 0.08469 Romanian New Leu
1 Philippine Peso = 1.14806 Russian Rouble
1 Philippine Peso = 16.21754 Rwanda Franc
1 Philippine Peso = 0.07456 Saudi Arabian Riyal
1 Philippine Peso = 0.15464 Solomon Islands Dollar
1 Philippine Peso = 0.26809 Seychelles Rupee
1 Philippine Peso = 0.12726 Sudanese Pound
1 Philippine Peso = 0.17945 Swedish Krona
1 Philippine Peso = 0.02797 Singapore Dollar
1 Philippine Peso = 0.016 St Helena Pound
1 Philippine Peso = 0.44156 Slovak Koruna
1 Philippine Peso = 147.08689 Sierra Leone Leone
1 Philippine Peso = 10.83714 Somali Shilling
1 Philippine Peso = 460.37979 Sao Tome Dobra
1 Philippine Peso = 0.17344 El Salvador Colon
1 Philippine Peso = 10.24021 Syrian Pound
1 Philippine Peso = 0.2572 Swaziland Lilageni
1 Philippine Peso = 0.69258 Thai Baht
1 Philippine Peso = 0.04549 Tunisian Dinar
1 Philippine Peso = 0.04466 Tongan paʻanga
1 Philippine Peso = 0.07141 Turkish Lira
1 Philippine Peso = 0.13322 Trinidad Tobago Dollar
1 Philippine Peso = 0.61127 Taiwan Dollar
1 Philippine Peso = 44.28316 Tanzanian Shilling
1 Philippine Peso = 0.53748 Ukraine Hryvnia
1 Philippine Peso = 71.12746 Ugandan Shilling
1 Philippine Peso = 0.01988 United States Dollar
1 Philippine Peso = 0.56154 Uruguayan New Peso
1 Philippine Peso = 66.61364 Uzbekistan Sum
1 Philippine Peso = 0.19835 Venezuelan Bolivar
1 Philippine Peso = 452.89321 Vietnam Dong
1 Philippine Peso = 2.10698 Vanuatu Vatu
1 Philippine Peso = 0.05043 Samoa Tala
1 Philippine Peso = 12.31318 CFA Franc (BEAC)
1 Philippine Peso = 0.05369 East Caribbean Dollar
1 Philippine Peso = 12.37423 CFA Franc (BCEAO)
1 Philippine Peso = 2.23026 Pacific Franc
1 Philippine Peso = 4.97017 Yemen Riyal
1 Philippine Peso = 0.25727 South African Rand
1 Philippine Peso = 103.19149 Zambian Kwacha
1 Philippine Peso = 7.19626 Zimbabwe dollar

P145B lost due to static gas tax

The government is losing an estimated P145 billion in potential annual revenues, enough to fund two elevated railway systems or even the stalled Laguna Lakeshore expressway due to failure to increase excise tax on gasoline.

The amount is also equivalent to about one percent of the country’s gross domestic product (GDP). 

The Department of Finance said that gasoline excise taxes have remained the same in the last two decades and diesel products have been tax-free for the past 12 years. 

Karl Kendrick Chua, DOF undersecretary, said the government is now proposing to correct these flaws in the country’s tax system by adjusting fuel excise taxes and later indexing them to inflation, along with the proposals to lower personal income tax (PIT) rates and provide direct cash transfers to vulnerable sectors to offset the impact of the higher tax rates. 

At the same time, Chua said DOF is vigorously pursuing tax administration reforms at the Bureaus of Internal Revenue and of Customs to help raise sufficient funds primarily for the infrastructure buildup under the Duterte administration.

“But tax administration reforms are not enough to raise adequate funds to bankroll the Duterte administration’s agenda of high and inclusive growth, given the inherent flaws in the country’s tax system that require urgent correction, such as the non-indexation of tax rates to inflation,” Chua said.

He noted, for instance, the current gasoline excise tax rates have not changed for the last 20 years while diesel has been tax exempt for the last 12 years. 

Specifically, diesel and other products such as processed gas, denatured alcohol used for motive power, kerosene, liquefied petroleum gas, asphalts and bunker fuel oil are presently exempted from excise tax rate.

Regular gasoline and other products such as lubricating oils and greases, waxes and petrolatum, naphtha, leaded and unleaded premium gasoline, and aviation turbo jet fuel are imposed tax rates as high as P4.35 per liter.

“These rates, which have not been corrected to account for inflation, have led to a massive foregone revenue loss of about P145 billion (in 2016 prices), which represents over one percent of the GDP,” Chua said.

“Our proposal to adjust the fuel excise tax to around P6 per liter merely updates the rates to current levels as this represents the cumulative inflation since 1997,” he added.

Chua said even with the adjustments, the retail prices of gasoline and diesel will still be much lower than the rates during the oil price shocks of 2011 and 2012, as global oil prices are down and expected to remain low in the few years ahead.

Chua noted the taxpayers will also get a relief from the impact of the fuel excise adjustments because of the lower PIT rates the DOF is proposing under its Comprehensive Tax Reform Program (CTRP), which will more than offset the slightly higher transport, food and commuting costs.

For vulnerable sectors and low-income groups, Chua said DOF alsoproposed under the CTRP a targeted cash transfer program for the poorest 50 percent of households which includes cash transfer, the reintroduction of the PantawidPasada program that will provide fuel price discounts to public utility vehicles and a jeep modernization program to improve the engine efficiency of these vehicles.

“These proposed initiatives will cushion the impact of higher fuel excises on transportation, commuting and food costs for the poorest 50 percent,” Chua said.  

“With higher revenues from the oil excise tax reform, we can fund the massive public infrastructure program that is needed to reduce traffic congestion, improve connectivity and raise the economic productivity of Filipinos, especially those living in the countryside,” he added.

The DOF also said that the P145 billion can fully finance several PPP projects like, 1. LRT Line 1 Cavite Extension (P65 billion) , Cavite-Laguna Expressway (P35.43 billion)

And  NLEX-SLEX Connector Road (P23.2 billion). 

Chua said proceeds of the reform package will fund  the government’s big-ticket infrastructure projects 

Diokno said, though, that this unprecedented infrastructure spending can happen only if the government were to raise a lot more revenues to ensure the financial viability of such an ambitious program.

“This can only be done by implementing broad and deep reforms in tax policy and administration through the enactment of the Department of Finance (DOF)-proposed Comprehensive Tax Reform Program (CTRP) now pending in the Congress,” Diokno noted. 

Dominguez said tax reform is needed so that the government can invest P1 trillion more each year on top of the current P1.3 trillion it invests in the domestic economy. Of the additional P1 trillion, he said P402 billion will be invested in education, P138 billion in health, P147 billion in social protection for the poorest of the poor, P194 billion in urban infrastructure and P188 billion in rural infrastructure.”
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