March 26, 2017, 3:35 am
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1 Philippine Peso = 0.07295 UAE Dirham
1 Philippine Peso = 2.48788 Albanian Lek
1 Philippine Peso = 0.03556 Neth Antilles Guilder
1 Philippine Peso = 0.3095 Argentine Peso
1 Philippine Peso = 0.02607 Australian Dollar
1 Philippine Peso = 0.03556 Aruba Florin
1 Philippine Peso = 0.03973 Barbados Dollar
1 Philippine Peso = 1.59217 Bangladesh Taka
1 Philippine Peso = 0.03602 Bulgarian Lev
1 Philippine Peso = 0.00747 Bahraini Dinar
1 Philippine Peso = 33.62574 Burundi Franc
1 Philippine Peso = 0.01986 Bermuda Dollar
1 Philippine Peso = 0.02782 Brunei Dollar
1 Philippine Peso = 0.13667 Bolivian Boliviano
1 Philippine Peso = 0.06237 Brazilian Real
1 Philippine Peso = 0.01986 Bahamian Dollar
1 Philippine Peso = 1.30066 Bhutan Ngultrum
1 Philippine Peso = 0.20198 Botswana Pula
1 Philippine Peso = 397.69567 Belarus Ruble
1 Philippine Peso = 0.03968 Belize Dollar
1 Philippine Peso = 0.02656 Canadian Dollar
1 Philippine Peso = 0.01978 Swiss Franc
1 Philippine Peso = 13.15634 Chilean Peso
1 Philippine Peso = 0.13692 Chinese Yuan
1 Philippine Peso = 57.86254 Colombian Peso
1 Philippine Peso = 10.93802 Costa Rica Colon
1 Philippine Peso = 0.01986 Cuban Peso
1 Philippine Peso = 2.03496 Cape Verde Escudo
1 Philippine Peso = 0.49851 Czech Koruna
1 Philippine Peso = 3.5151 Djibouti Franc
1 Philippine Peso = 0.13724 Danish Krone
1 Philippine Peso = 0.93127 Dominican Peso
1 Philippine Peso = 2.1644 Algerian Dinar
1 Philippine Peso = 0.28863 Estonian Kroon
1 Philippine Peso = 0.35856 Egyptian Pound
1 Philippine Peso = 0.45093 Ethiopian Birr
1 Philippine Peso = 0.01845 Euro
1 Philippine Peso = 0.04108 Fiji Dollar
1 Philippine Peso = 0.01589 Falkland Islands Pound
1 Philippine Peso = 0.01592 British Pound
1 Philippine Peso = 0.08837 Ghanaian Cedi
1 Philippine Peso = 0.86869 Gambian Dalasi
1 Philippine Peso = 183.55185 Guinea Franc
1 Philippine Peso = 0.1458 Guatemala Quetzal
1 Philippine Peso = 4.10191 Guyana Dollar
1 Philippine Peso = 0.1543 Hong Kong Dollar
1 Philippine Peso = 0.46583 Honduras Lempira
1 Philippine Peso = 0.13612 Croatian Kuna
1 Philippine Peso = 1.34644 Haiti Gourde
1 Philippine Peso = 5.70143 Hungarian Forint
1 Philippine Peso = 264.73977 Indonesian Rupiah
1 Philippine Peso = 0.07242 Israeli Shekel
1 Philippine Peso = 1.29991 Indian Rupee
1 Philippine Peso = 23.46047 Iraqi Dinar
1 Philippine Peso = 644.02066 Iran Rial
1 Philippine Peso = 2.20501 Iceland Krona
1 Philippine Peso = 2.54927 Jamaican Dollar
1 Philippine Peso = 0.01405 Jordanian Dinar
1 Philippine Peso = 2.21154 Japanese Yen
1 Philippine Peso = 2.04112 Kenyan Shilling
1 Philippine Peso = 1.37288 Kyrgyzstan Som
1 Philippine Peso = 78.68693 Cambodia Riel
1 Philippine Peso = 9.14978 Comoros Franc
1 Philippine Peso = 17.87843 North Korean Won
1 Philippine Peso = 22.29479 Korean Won
1 Philippine Peso = 0.00604 Kuwaiti Dinar
1 Philippine Peso = 0.01629 Cayman Islands Dollar
1 Philippine Peso = 6.28526 Kazakhstan Tenge
1 Philippine Peso = 163.01152 Lao Kip
1 Philippine Peso = 29.90465 Lebanese Pound
1 Philippine Peso = 3.01549 Sri Lanka Rupee
1 Philippine Peso = 1.78784 Liberian Dollar
1 Philippine Peso = 0.24851 Lesotho Loti
1 Philippine Peso = 0.06056 Lithuanian Lita
1 Philippine Peso = 0.01233 Latvian Lat
1 Philippine Peso = 0.02811 Libyan Dinar
1 Philippine Peso = 0.19785 Moroccan Dirham
1 Philippine Peso = 0.38468 Moldovan Leu
1 Philippine Peso = 1.12515 Macedonian Denar
1 Philippine Peso = 27.19507 Myanmar Kyat
1 Philippine Peso = 48.70878 Mongolian Tugrik
1 Philippine Peso = 0.15892 Macau Pataca
1 Philippine Peso = 7.09178 Mauritania Ougulya
1 Philippine Peso = 0.69785 Mauritius Rupee
1 Philippine Peso = 0.30671 Maldives Rufiyaa
1 Philippine Peso = 14.24096 Malawi Kwacha
1 Philippine Peso = 0.3761 Mexican Peso
1 Philippine Peso = 0.08802 Malaysian Ringgit
1 Philippine Peso = 0.24708 Namibian Dollar
1 Philippine Peso = 6.25745 Nigerian Naira
1 Philippine Peso = 0.58244 Nicaragua Cordoba
1 Philippine Peso = 0.16898 Norwegian Krone
1 Philippine Peso = 2.0729 Nepalese Rupee
1 Philippine Peso = 0.02831 New Zealand Dollar
1 Philippine Peso = 0.00765 Omani Rial
1 Philippine Peso = 0.01986 Panama Balboa
1 Philippine Peso = 0.06437 Peruvian Nuevo Sol
1 Philippine Peso = 0.06286 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.08244 Pakistani Rupee
1 Philippine Peso = 0.0787 Polish Zloty
1 Philippine Peso = 111.14024 Paraguayan Guarani
1 Philippine Peso = 0.07233 Qatar Rial
1 Philippine Peso = 0.08402 Romanian New Leu
1 Philippine Peso = 1.13951 Russian Rouble
1 Philippine Peso = 16.2352 Rwanda Franc
1 Philippine Peso = 0.07449 Saudi Arabian Riyal
1 Philippine Peso = 0.15454 Solomon Islands Dollar
1 Philippine Peso = 0.26917 Seychelles Rupee
1 Philippine Peso = 0.13244 Sudanese Pound
1 Philippine Peso = 0.17566 Swedish Krona
1 Philippine Peso = 0.02783 Singapore Dollar
1 Philippine Peso = 0.0159 St Helena Pound
1 Philippine Peso = 0.44112 Slovak Koruna
1 Philippine Peso = 142.70957 Sierra Leone Leone
1 Philippine Peso = 10.90584 Somali Shilling
1 Philippine Peso = 452.14739 Sao Tome Dobra
1 Philippine Peso = 0.17327 El Salvador Colon
1 Philippine Peso = 10.23004 Syrian Pound
1 Philippine Peso = 0.24791 Swaziland Lilageni
1 Philippine Peso = 0.68872 Thai Baht
1 Philippine Peso = 0.04503 Tunisian Dinar
1 Philippine Peso = 0.04577 Tongan paʻanga
1 Philippine Peso = 0.0722 Turkish Lira
1 Philippine Peso = 0.13328 Trinidad Tobago Dollar
1 Philippine Peso = 0.60552 Taiwan Dollar
1 Philippine Peso = 44.25904 Tanzanian Shilling
1 Philippine Peso = 0.53754 Ukraine Hryvnia
1 Philippine Peso = 71.25546 Ugandan Shilling
1 Philippine Peso = 0.01986 United States Dollar
1 Philippine Peso = 0.55781 Uruguayan New Peso
1 Philippine Peso = 70.42114 Uzbekistan Sum
1 Philippine Peso = 0.19815 Venezuelan Bolivar
1 Philippine Peso = 451.90703 Vietnam Dong
1 Philippine Peso = 2.11462 Vanuatu Vatu
1 Philippine Peso = 0.05075 Samoa Tala
1 Philippine Peso = 12.09416 CFA Franc (BEAC)
1 Philippine Peso = 0.05364 East Caribbean Dollar
1 Philippine Peso = 12.176 CFA Franc (BCEAO)
1 Philippine Peso = 2.18852 Pacific Franc
1 Philippine Peso = 4.96524 Yemen Riyal
1 Philippine Peso = 0.24804 South African Rand
1 Philippine Peso = 103.08899 Zambian Kwacha
1 Philippine Peso = 7.18911 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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