February 21, 2017, 8:43 pm
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1 Philippine Peso = 0.07293 UAE Dirham
1 Philippine Peso = 2.52581 Albanian Lek
1 Philippine Peso = 0.03515 Neth Antilles Guilder
1 Philippine Peso = 0.30481 Argentine Peso
1 Philippine Peso = 0.02586 Australian Dollar
1 Philippine Peso = 0.03554 Aruba Florin
1 Philippine Peso = 0.03971 Barbados Dollar
1 Philippine Peso = 1.57506 Bangladesh Taka
1 Philippine Peso = 0.03647 Bulgarian Lev
1 Philippine Peso = 0.00748 Bahraini Dinar
1 Philippine Peso = 33.46168 Burundi Franc
1 Philippine Peso = 0.01986 Bermuda Dollar
1 Philippine Peso = 0.02815 Brunei Dollar
1 Philippine Peso = 0.13622 Bolivian Boliviano
1 Philippine Peso = 0.06162 Brazilian Real
1 Philippine Peso = 0.01986 Bahamian Dollar
1 Philippine Peso = 1.33042 Bhutan Ngultrum
1 Philippine Peso = 0.20696 Botswana Pula
1 Philippine Peso = 397.53772 Belarus Ruble
1 Philippine Peso = 0.03967 Belize Dollar
1 Philippine Peso = 0.02601 Canadian Dollar
1 Philippine Peso = 0.01991 Swiss Franc
1 Philippine Peso = 12.67752 Chilean Peso
1 Philippine Peso = 0.13655 Chinese Yuan
1 Philippine Peso = 57.2776 Colombian Peso
1 Philippine Peso = 10.95115 Costa Rica Colon
1 Philippine Peso = 0.01986 Cuban Peso
1 Philippine Peso = 2.06136 Cape Verde Escudo
1 Philippine Peso = 0.50503 Czech Koruna
1 Philippine Peso = 3.53197 Djibouti Franc
1 Philippine Peso = 0.13894 Danish Krone
1 Philippine Peso = 0.92534 Dominican Peso
1 Philippine Peso = 2.18034 Algerian Dinar
1 Philippine Peso = 0.29236 Estonian Kroon
1 Philippine Peso = 0.31315 Egyptian Pound
1 Philippine Peso = 0.44698 Ethiopian Birr
1 Philippine Peso = 0.01869 Euro
1 Philippine Peso = 0.04092 Fiji Dollar
1 Philippine Peso = 0.01598 Falkland Islands Pound
1 Philippine Peso = 0.01592 British Pound
1 Philippine Peso = 0.08694 Ghanaian Cedi
1 Philippine Peso = 0.86338 Gambian Dalasi
1 Philippine Peso = 184.72001 Guinea Franc
1 Philippine Peso = 0.14677 Guatemala Quetzal
1 Philippine Peso = 4.05262 Guyana Dollar
1 Philippine Peso = 0.15408 Hong Kong Dollar
1 Philippine Peso = 0.46652 Honduras Lempira
1 Philippine Peso = 0.13837 Croatian Kuna
1 Philippine Peso = 1.28535 Haiti Gourde
1 Philippine Peso = 5.75973 Hungarian Forint
1 Philippine Peso = 265.01191 Indonesian Rupiah
1 Philippine Peso = 0.07353 Israeli Shekel
1 Philippine Peso = 1.32923 Indian Rupee
1 Philippine Peso = 23.45115 Iraqi Dinar
1 Philippine Peso = 643.20888 Iran Rial
1 Philippine Peso = 2.18924 Iceland Krona
1 Philippine Peso = 2.54845 Jamaican Dollar
1 Philippine Peso = 0.01407 Jordanian Dinar
1 Philippine Peso = 2.24728 Japanese Yen
1 Philippine Peso = 2.05322 Kenyan Shilling
1 Philippine Peso = 1.37172 Kyrgyzstan Som
1 Philippine Peso = 79.01906 Cambodia Riel
1 Philippine Peso = 9.15965 Comoros Franc
1 Philippine Peso = 17.87133 North Korean Won
1 Philippine Peso = 22.76807 Korean Won
1 Philippine Peso = 0.00605 Kuwaiti Dinar
1 Philippine Peso = 0.01628 Cayman Islands Dollar
1 Philippine Peso = 6.33439 Kazakhstan Tenge
1 Philippine Peso = 162.45035 Lao Kip
1 Philippine Peso = 29.86497 Lebanese Pound
1 Philippine Peso = 2.98749 Sri Lanka Rupee
1 Philippine Peso = 1.78713 Liberian Dollar
1 Philippine Peso = 0.25715 Lesotho Loti
1 Philippine Peso = 0.06054 Lithuanian Lita
1 Philippine Peso = 0.01232 Latvian Lat
1 Philippine Peso = 0.02826 Libyan Dinar
1 Philippine Peso = 0.19979 Moroccan Dirham
1 Philippine Peso = 0.39525 Moldovan Leu
1 Philippine Peso = 1.14496 Macedonian Denar
1 Philippine Peso = 26.88642 Myanmar Kyat
1 Philippine Peso = 49.14615 Mongolian Tugrik
1 Philippine Peso = 0.15873 Macau Pataca
1 Philippine Peso = 7.05322 Mauritania Ougulya
1 Philippine Peso = 0.70234 Mauritius Rupee
1 Philippine Peso = 0.30421 Maldives Rufiyaa
1 Philippine Peso = 14.29706 Malawi Kwacha
1 Philippine Peso = 0.40758 Mexican Peso
1 Philippine Peso = 0.08849 Malaysian Ringgit
1 Philippine Peso = 0.26128 Namibian Dollar
1 Philippine Peso = 6.25496 Nigerian Naira
1 Philippine Peso = 0.58627 Nicaragua Cordoba
1 Philippine Peso = 0.16555 Norwegian Krone
1 Philippine Peso = 2.15647 Nepalese Rupee
1 Philippine Peso = 0.02763 New Zealand Dollar
1 Philippine Peso = 0.00764 Omani Rial
1 Philippine Peso = 0.01986 Panama Balboa
1 Philippine Peso = 0.06476 Peruvian Nuevo Sol
1 Philippine Peso = 0.06296 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.08122 Pakistani Rupee
1 Philippine Peso = 0.08074 Polish Zloty
1 Philippine Peso = 114.24742 Paraguayan Guarani
1 Philippine Peso = 0.07229 Qatar Rial
1 Philippine Peso = 0.08451 Romanian New Leu
1 Philippine Peso = 1.15249 Russian Rouble
1 Philippine Peso = 16.1811 Rwanda Franc
1 Philippine Peso = 0.07447 Saudi Arabian Riyal
1 Philippine Peso = 0.15448 Solomon Islands Dollar
1 Philippine Peso = 0.26803 Seychelles Rupee
1 Philippine Peso = 0.13238 Sudanese Pound
1 Philippine Peso = 0.17685 Swedish Krona
1 Philippine Peso = 0.02815 Singapore Dollar
1 Philippine Peso = 0.01598 St Helena Pound
1 Philippine Peso = 0.44095 Slovak Koruna
1 Philippine Peso = 145.88959 Sierra Leone Leone
1 Philippine Peso = 10.90151 Somali Shilling
1 Philippine Peso = 458.00835 Sao Tome Dobra
1 Philippine Peso = 0.1732 El Salvador Colon
1 Philippine Peso = 10.22597 Syrian Pound
1 Philippine Peso = 0.26146 Swaziland Lilageni
1 Philippine Peso = 0.69519 Thai Baht
1 Philippine Peso = 0.04538 Tunisian Dinar
1 Philippine Peso = 0.0447 Tongan paʻanga
1 Philippine Peso = 0.07189 Turkish Lira
1 Philippine Peso = 0.13343 Trinidad Tobago Dollar
1 Philippine Peso = 0.6112 Taiwan Dollar
1 Philippine Peso = 44.24146 Tanzanian Shilling
1 Philippine Peso = 0.53981 Ukraine Hryvnia
1 Philippine Peso = 71.20731 Ugandan Shilling
1 Philippine Peso = 0.01986 United States Dollar
1 Philippine Peso = 0.56195 Uruguayan New Peso
1 Philippine Peso = 65.62748 Uzbekistan Sum
1 Philippine Peso = 0.19806 Venezuelan Bolivar
1 Philippine Peso = 452.9984 Vietnam Dong
1 Philippine Peso = 2.10346 Vanuatu Vatu
1 Philippine Peso = 0.05044 Samoa Tala
1 Philippine Peso = 12.2498 CFA Franc (BEAC)
1 Philippine Peso = 0.05361 East Caribbean Dollar
1 Philippine Peso = 12.39515 CFA Franc (BCEAO)
1 Philippine Peso = 2.22379 Pacific Franc
1 Philippine Peso = 4.96823 Yemen Riyal
1 Philippine Peso = 0.26052 South African Rand
1 Philippine Peso = 103.04805 Zambian Kwacha
1 Philippine Peso = 7.18626 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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