September 25, 2017, 5:54 pm
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1 Philippine Peso = 0.07264 UAE Dirham
1 Philippine Peso = 2.21717 Albanian Lek
1 Philippine Peso = 0.03501 Neth Antilles Guilder
1 Philippine Peso = 0.34187 Argentine Peso
1 Philippine Peso = 0.02482 Australian Dollar
1 Philippine Peso = 0.03536 Aruba Florin
1 Philippine Peso = 0.03956 Barbados Dollar
1 Philippine Peso = 1.5979 Bangladesh Taka
1 Philippine Peso = 0.03249 Bulgarian Lev
1 Philippine Peso = 0.00745 Bahraini Dinar
1 Philippine Peso = 34.31665 Burundi Franc
1 Philippine Peso = 0.01978 Bermuda Dollar
1 Philippine Peso = 0.02662 Brunei Dollar
1 Philippine Peso = 0.13627 Bolivian Boliviano
1 Philippine Peso = 0.0618 Brazilian Real
1 Philippine Peso = 0.01978 Bahamian Dollar
1 Philippine Peso = 1.27967 Bhutan Ngultrum
1 Philippine Peso = 0.20131 Botswana Pula
1 Philippine Peso = 395.96518 Belarus Ruble
1 Philippine Peso = 0.03951 Belize Dollar
1 Philippine Peso = 0.02438 Canadian Dollar
1 Philippine Peso = 0.01919 Swiss Franc
1 Philippine Peso = 12.36155 Chilean Peso
1 Philippine Peso = 0.13059 Chinese Yuan
1 Philippine Peso = 57.37935 Colombian Peso
1 Philippine Peso = 11.30439 Costa Rica Colon
1 Philippine Peso = 0.01978 Cuban Peso
1 Philippine Peso = 1.82753 Cape Verde Escudo
1 Philippine Peso = 0.43125 Czech Koruna
1 Philippine Peso = 3.51325 Djibouti Franc
1 Philippine Peso = 0.1233 Danish Krone
1 Philippine Peso = 0.94106 Dominican Peso
1 Philippine Peso = 2.21553 Algerian Dinar
1 Philippine Peso = 0.25924 Estonian Kroon
1 Philippine Peso = 0.3485 Egyptian Pound
1 Philippine Peso = 0.46183 Ethiopian Birr
1 Philippine Peso = 0.01657 Euro
1 Philippine Peso = 0.03986 Fiji Dollar
1 Philippine Peso = 0.01461 Falkland Islands Pound
1 Philippine Peso = 0.0146 British Pound
1 Philippine Peso = 0.08739 Ghanaian Cedi
1 Philippine Peso = 0.88588 Gambian Dalasi
1 Philippine Peso = 176.45964 Guinea Franc
1 Philippine Peso = 0.14445 Guatemala Quetzal
1 Philippine Peso = 4.08406 Guyana Dollar
1 Philippine Peso = 0.15453 Hong Kong Dollar
1 Philippine Peso = 0.46127 Honduras Lempira
1 Philippine Peso = 0.12375 Croatian Kuna
1 Philippine Peso = 1.23398 Haiti Gourde
1 Philippine Peso = 5.13074 Hungarian Forint
1 Philippine Peso = 263.05379 Indonesian Rupiah
1 Philippine Peso = 0.06919 Israeli Shekel
1 Philippine Peso = 1.28145 Indian Rupee
1 Philippine Peso = 23.08149 Iraqi Dinar
1 Philippine Peso = 663.96359 Iran Rial
1 Philippine Peso = 2.1252 Iceland Krona
1 Philippine Peso = 2.5623 Jamaican Dollar
1 Philippine Peso = 0.01399 Jordanian Dinar
1 Philippine Peso = 2.21833 Japanese Yen
1 Philippine Peso = 2.03738 Kenyan Shilling
1 Philippine Peso = 1.35362 Kyrgyzstan Som
1 Philippine Peso = 80.07516 Cambodia Riel
1 Philippine Peso = 8.12164 Comoros Franc
1 Philippine Peso = 17.80063 North Korean Won
1 Philippine Peso = 22.34177 Korean Won
1 Philippine Peso = 0.00596 Kuwaiti Dinar
1 Philippine Peso = 0.01622 Cayman Islands Dollar
1 Philippine Peso = 6.74387 Kazakhstan Tenge
1 Philippine Peso = 163.94383 Lao Kip
1 Philippine Peso = 29.77848 Lebanese Pound
1 Philippine Peso = 3.02017 Sri Lanka Rupee
1 Philippine Peso = 2.31408 Liberian Dollar
1 Philippine Peso = 0.26167 Lesotho Loti
1 Philippine Peso = 0.0603 Lithuanian Lita
1 Philippine Peso = 0.01227 Latvian Lat
1 Philippine Peso = 0.02675 Libyan Dinar
1 Philippine Peso = 0.18458 Moroccan Dirham
1 Philippine Peso = 0.34721 Moldovan Leu
1 Philippine Peso = 1.01345 Macedonian Denar
1 Philippine Peso = 26.91851 Myanmar Kyat
1 Philippine Peso = 48.53639 Mongolian Tugrik
1 Philippine Peso = 0.15916 Macau Pataca
1 Philippine Peso = 7.1521 Mauritania Ougulya
1 Philippine Peso = 0.66021 Mauritius Rupee
1 Philippine Peso = 0.30696 Maldives Rufiyaa
1 Philippine Peso = 14.16792 Malawi Kwacha
1 Philippine Peso = 0.35121 Mexican Peso
1 Philippine Peso = 0.08291 Malaysian Ringgit
1 Philippine Peso = 0.26183 Namibian Dollar
1 Philippine Peso = 6.9818 Nigerian Naira
1 Philippine Peso = 0.59118 Nicaragua Cordoba
1 Philippine Peso = 0.15441 Norwegian Krone
1 Philippine Peso = 2.05301 Nepalese Rupee
1 Philippine Peso = 0.02722 New Zealand Dollar
1 Philippine Peso = 0.00761 Omani Rial
1 Philippine Peso = 0.01978 Panama Balboa
1 Philippine Peso = 0.06415 Peruvian Nuevo Sol
1 Philippine Peso = 0.06309 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.08386 Pakistani Rupee
1 Philippine Peso = 0.07081 Polish Zloty
1 Philippine Peso = 111.78797 Paraguayan Guarani
1 Philippine Peso = 0.07201 Qatar Rial
1 Philippine Peso = 0.07606 Romanian New Leu
1 Philippine Peso = 1.14001 Russian Rouble
1 Philippine Peso = 16.39142 Rwanda Franc
1 Philippine Peso = 0.07417 Saudi Arabian Riyal
1 Philippine Peso = 0.15268 Solomon Islands Dollar
1 Philippine Peso = 0.26236 Seychelles Rupee
1 Philippine Peso = 0.13172 Sudanese Pound
1 Philippine Peso = 0.15792 Swedish Krona
1 Philippine Peso = 0.02662 Singapore Dollar
1 Philippine Peso = 0.01462 St Helena Pound
1 Philippine Peso = 0.4392 Slovak Koruna
1 Philippine Peso = 148.3386 Sierra Leone Leone
1 Philippine Peso = 11.05617 Somali Shilling
1 Philippine Peso = 406.07593 Sao Tome Dobra
1 Philippine Peso = 0.17306 El Salvador Colon
1 Philippine Peso = 10.18552 Syrian Pound
1 Philippine Peso = 0.26179 Swaziland Lilageni
1 Philippine Peso = 0.65427 Thai Baht
1 Philippine Peso = 0.04862 Tunisian Dinar
1 Philippine Peso = 0.04355 Tongan paʻanga
1 Philippine Peso = 0.06922 Turkish Lira
1 Philippine Peso = 0.13382 Trinidad Tobago Dollar
1 Philippine Peso = 0.5966 Taiwan Dollar
1 Philippine Peso = 44.24446 Tanzanian Shilling
1 Philippine Peso = 0.51938 Ukraine Hryvnia
1 Philippine Peso = 71.10364 Ugandan Shilling
1 Philippine Peso = 0.01978 United States Dollar
1 Philippine Peso = 0.57041 Uruguayan New Peso
1 Philippine Peso = 159.61234 Uzbekistan Sum
1 Philippine Peso = 0.19728 Venezuelan Bolivar
1 Philippine Peso = 449.66376 Vietnam Dong
1 Philippine Peso = 2.04153 Vanuatu Vatu
1 Philippine Peso = 0.04947 Samoa Tala
1 Philippine Peso = 10.86234 CFA Franc (BEAC)
1 Philippine Peso = 0.0534 East Caribbean Dollar
1 Philippine Peso = 10.74723 CFA Franc (BCEAO)
1 Philippine Peso = 1.96618 Pacific Franc
1 Philippine Peso = 4.94363 Yemen Riyal
1 Philippine Peso = 0.26193 South African Rand
1 Philippine Peso = 102.64043 Zambian Kwacha
1 Philippine Peso = 7.15783 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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