April 24, 2017, 3:49 am
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1 Philippine Peso = 0.07374 UAE Dirham
1 Philippine Peso = 2.52309 Albanian Lek
1 Philippine Peso = 0.03569 Neth Antilles Guilder
1 Philippine Peso = 0.30873 Argentine Peso
1 Philippine Peso = 0.02664 Australian Dollar
1 Philippine Peso = 0.03594 Aruba Florin
1 Philippine Peso = 0.04016 Barbados Dollar
1 Philippine Peso = 1.60442 Bangladesh Taka
1 Philippine Peso = 0.03655 Bulgarian Lev
1 Philippine Peso = 0.00757 Bahraini Dinar
1 Philippine Peso = 34.11145 Burundi Franc
1 Philippine Peso = 0.02008 Bermuda Dollar
1 Philippine Peso = 0.02805 Brunei Dollar
1 Philippine Peso = 0.13815 Bolivian Boliviano
1 Philippine Peso = 0.0632 Brazilian Real
1 Philippine Peso = 0.02008 Bahamian Dollar
1 Philippine Peso = 1.29719 Bhutan Ngultrum
1 Philippine Peso = 0.20863 Botswana Pula
1 Philippine Peso = 402.00804 Belarus Ruble
1 Philippine Peso = 0.04011 Belize Dollar
1 Philippine Peso = 0.02704 Canadian Dollar
1 Philippine Peso = 0.02006 Swiss Franc
1 Philippine Peso = 13.04137 Chilean Peso
1 Philippine Peso = 0.13822 Chinese Yuan
1 Philippine Peso = 57.18876 Colombian Peso
1 Philippine Peso = 11.03896 Costa Rica Colon
1 Philippine Peso = 0.02008 Cuban Peso
1 Philippine Peso = 2.06888 Cape Verde Escudo
1 Philippine Peso = 0.5051 Czech Koruna
1 Philippine Peso = 3.56627 Djibouti Franc
1 Philippine Peso = 0.13952 Danish Krone
1 Philippine Peso = 0.94478 Dominican Peso
1 Philippine Peso = 2.206 Algerian Dinar
1 Philippine Peso = 0.29345 Estonian Kroon
1 Philippine Peso = 0.36245 Egyptian Pound
1 Philippine Peso = 0.45582 Ethiopian Birr
1 Philippine Peso = 0.01876 Euro
1 Philippine Peso = 0.04196 Fiji Dollar
1 Philippine Peso = 0.01568 Falkland Islands Pound
1 Philippine Peso = 0.01569 British Pound
1 Philippine Peso = 0.0829 Ghanaian Cedi
1 Philippine Peso = 0.87952 Gambian Dalasi
1 Philippine Peso = 184.91968 Guinea Franc
1 Philippine Peso = 0.14719 Guatemala Quetzal
1 Philippine Peso = 4.09759 Guyana Dollar
1 Philippine Peso = 0.15613 Hong Kong Dollar
1 Philippine Peso = 0.47028 Honduras Lempira
1 Philippine Peso = 0.1391 Croatian Kuna
1 Philippine Peso = 1.33133 Haiti Gourde
1 Philippine Peso = 5.8753 Hungarian Forint
1 Philippine Peso = 267.48997 Indonesian Rupiah
1 Philippine Peso = 0.07385 Israeli Shekel
1 Philippine Peso = 1.29783 Indian Rupee
1 Philippine Peso = 23.71486 Iraqi Dinar
1 Philippine Peso = 651.40564 Iran Rial
1 Philippine Peso = 2.20783 Iceland Krona
1 Philippine Peso = 2.5753 Jamaican Dollar
1 Philippine Peso = 0.01423 Jordanian Dinar
1 Philippine Peso = 2.19129 Japanese Yen
1 Philippine Peso = 2.07028 Kenyan Shilling
1 Philippine Peso = 1.36084 Kyrgyzstan Som
1 Philippine Peso = 79.66466 Cambodia Riel
1 Philippine Peso = 9.2757 Comoros Franc
1 Philippine Peso = 18.07229 North Korean Won
1 Philippine Peso = 22.78434 Korean Won
1 Philippine Peso = 0.00611 Kuwaiti Dinar
1 Philippine Peso = 0.01647 Cayman Islands Dollar
1 Philippine Peso = 6.28574 Kazakhstan Tenge
1 Philippine Peso = 164.75904 Lao Kip
1 Philippine Peso = 30.24498 Lebanese Pound
1 Philippine Peso = 3.0512 Sri Lanka Rupee
1 Philippine Peso = 1.80723 Liberian Dollar
1 Philippine Peso = 0.26365 Lesotho Loti
1 Philippine Peso = 0.06122 Lithuanian Lita
1 Philippine Peso = 0.01246 Latvian Lat
1 Philippine Peso = 0.02835 Libyan Dinar
1 Philippine Peso = 0.20071 Moroccan Dirham
1 Philippine Peso = 0.38625 Moldovan Leu
1 Philippine Peso = 1.14859 Macedonian Denar
1 Philippine Peso = 27.08835 Myanmar Kyat
1 Philippine Peso = 48.45382 Mongolian Tugrik
1 Philippine Peso = 0.16082 Macau Pataca
1 Philippine Peso = 7.16546 Mauritania Ougulya
1 Philippine Peso = 0.70542 Mauritius Rupee
1 Philippine Peso = 0.30622 Maldives Rufiyaa
1 Philippine Peso = 14.41325 Malawi Kwacha
1 Philippine Peso = 0.37828 Mexican Peso
1 Philippine Peso = 0.08831 Malaysian Ringgit
1 Philippine Peso = 0.26428 Namibian Dollar
1 Philippine Peso = 6.3253 Nigerian Naira
1 Philippine Peso = 0.59764 Nicaragua Cordoba
1 Philippine Peso = 0.1732 Norwegian Krone
1 Philippine Peso = 2.07129 Nepalese Rupee
1 Philippine Peso = 0.02864 New Zealand Dollar
1 Philippine Peso = 0.00773 Omani Rial
1 Philippine Peso = 0.02008 Panama Balboa
1 Philippine Peso = 0.06511 Peruvian Nuevo Sol
1 Philippine Peso = 0.0638 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.10482 Pakistani Rupee
1 Philippine Peso = 0.08003 Polish Zloty
1 Philippine Peso = 111.06627 Paraguayan Guarani
1 Philippine Peso = 0.07311 Qatar Rial
1 Philippine Peso = 0.08518 Romanian New Leu
1 Philippine Peso = 1.12932 Russian Rouble
1 Philippine Peso = 16.43855 Rwanda Franc
1 Philippine Peso = 0.0753 Saudi Arabian Riyal
1 Philippine Peso = 0.15732 Solomon Islands Dollar
1 Philippine Peso = 0.26412 Seychelles Rupee
1 Philippine Peso = 0.13373 Sudanese Pound
1 Philippine Peso = 0.18063 Swedish Krona
1 Philippine Peso = 0.02806 Singapore Dollar
1 Philippine Peso = 0.01568 St Helena Pound
1 Philippine Peso = 0.4459 Slovak Koruna
1 Philippine Peso = 149.5984 Sierra Leone Leone
1 Philippine Peso = 10.98394 Somali Shilling
1 Philippine Peso = 459.6968 Sao Tome Dobra
1 Philippine Peso = 0.17514 El Salvador Colon
1 Philippine Peso = 10.34096 Syrian Pound
1 Philippine Peso = 0.26384 Swaziland Lilageni
1 Philippine Peso = 0.69016 Thai Baht
1 Philippine Peso = 0.04869 Tunisian Dinar
1 Philippine Peso = 0.046 Tongan paʻanga
1 Philippine Peso = 0.0732 Turkish Lira
1 Philippine Peso = 0.13453 Trinidad Tobago Dollar
1 Philippine Peso = 0.6093 Taiwan Dollar
1 Philippine Peso = 44.75904 Tanzanian Shilling
1 Philippine Peso = 0.53956 Ukraine Hryvnia
1 Philippine Peso = 72.36948 Ugandan Shilling
1 Philippine Peso = 0.02008 United States Dollar
1 Philippine Peso = 0.57048 Uruguayan New Peso
1 Philippine Peso = 73.69478 Uzbekistan Sum
1 Philippine Peso = 0.20029 Venezuelan Bolivar
1 Philippine Peso = 456.12451 Vietnam Dong
1 Philippine Peso = 2.15361 Vanuatu Vatu
1 Philippine Peso = 0.05189 Samoa Tala
1 Philippine Peso = 12.29578 CFA Franc (BEAC)
1 Philippine Peso = 0.05422 East Caribbean Dollar
1 Philippine Peso = 12.20321 CFA Franc (BCEAO)
1 Philippine Peso = 2.22711 Pacific Franc
1 Philippine Peso = 5.01908 Yemen Riyal
1 Philippine Peso = 0.26447 South African Rand
1 Philippine Peso = 104.20683 Zambian Kwacha
1 Philippine Peso = 7.26707 Zimbabwe dollar

DOF sees quick rebound for cars after higher tax

While there may be an initial slowdown in car sales if the proposed increase in  car excise taxes is imppassed into law, the Department of Finance (DOF) is confident of a quick recovery.

The DOF said the industry would continue to grow at a robust pace  as it did in the past two years, when car sales went up by 25 percent.

Finance Secretary Carlos Dominguez III said the industry will continue its “healthy” growth rate even with the proposed adjustments in taxes, given that the manageable price hikes in mass-market vehicles would be readily absorbed by buyers who will, in effect, increase their take-home pay by way of substantially lower personal income taxes.

Dominguez said buyers would also hardly feel the effects of the price adjustments on  mass market cars such as the Toyota Vios and the Mitsubishi Mirage from the proposed excise tax increase because of the flexible financing schemes offered by car dealers that stretches to as long as seven years for some models, which will become even more affordable amid the country’s low interest-rate regime.

“Sales will continue to grow at a healthy rate.  With the increasing incomes of people, the drop in the income taxes, you know, (the car industry) can hit very well another 20 percent a year,” Dominguez said.

“I don’t think (excise tax increase) will kill the industry, it might slow down the sales, but the sales growth is still going to be very healthy,” he added.

Dominguez said  the entire comprehensive tax reform package (CTRP) once passed  will reduce  income taxes.

“Somebody earning half a million pesos (annually) will get to increase his purchasing power by about P27,000. At that time, he can decide: is he going to buy a car, will he put his kid in a better school?” Dominguez said.

Middle-income taxpayers, or those earning between P21,000 and P60,000 a month will get tax relief ranging from P21,800 to P48,000 per year based on DOF computations.

DOF computations also show that the government stands to gain some P31.4 billion in additional revenues from the automobile excise tax adjustments, according to Finance Undersecretary Karl Kendrick Chua.

 The first package of the DOF-proposed tax reform plan is contained in House Bill No. 4774 that was filed last January by Rep. Dakila Carlo Cua, who chairs the House ways and means committee panel. 

HB 4774 consists of a significant reduction in personal income tax (PIT) rates plus a corresponding set of revenue-compensating measures, which include lowering the rates for estate and donor’s taxes, expanding the value-added tax (VAT) base but retaining exemptions for senior citizens and persons with disabilities, and adjusting automobile and fuel excise taxes.

Chua pointed out for instance, that a Mitsubishi Mirage would be taxed an additional P12,000, but the average car buyer who can afford to purchase this car model would get a tax relief of some P20,000 a year under the tax reform plan.

“In terms of the overall impact, those buying Vios or Innova are also the same people who will benefit significantly from the personal income tax (reductions),” Chua said.

“In summary, once we have seen and taken this excise on automobiles as a package together with the personal income tax, once we consider that there are also many other factors that affect decisions to buy cars, we see that this tax can actually be very progressive, can be affordable and can actually contribute to the (prosperity of our country),” he added. 

 Chua said the currently vibrant car sales will not be adversely affected by the tax reform plan, as proven by historical data, contrary to the concerns aired by certain players of the local automotive industry.

Chua said incremental revenues from the higher car excises, which have not been adjusted for the last 13 years, will be softly earmarked to improve traffic management solutions and fund climate change-resilient infrastructure.

“The effect of low interest rates and a very strong economy can more than offset any increase in prices caused by higher fuel rates and higher car prices resulting from higher taxes,” Chua said. 

“Moreover, the higher take-home pay from lower personal income taxes will also increase purchasing power even as auto and fuel excise taxes are increased progressively,” he added.

As part of the House-revised tax reform package, automobile excise taxes will also be adjusted from 2 percent to 4 percent for cars with a net manufacturing or importation price of up to P600,000.

Vehicles priced P600,000 and above apiece will be taxed higher, with those over P2.1 million to be charged P1,224,000 plus 200 percent in excess of P2.1 million, under HB 4774.

 Exceptions to the excise tax still include buses, trucks, cargo vans, jeepneys, vehicles with single cab chassis, and special purpose vehicles, as the DOF had originally proposed, Chua said.
 
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