February 22, 2018, 3:21 pm
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1 Philippine Peso = 0.07045 UAE Dirham
1 Philippine Peso = 2.04297 Albanian Lek
1 Philippine Peso = 0.03415 Neth Antilles Guilder
1 Philippine Peso = 0.38059 Argentine Peso
1 Philippine Peso = 0.02443 Australian Dollar
1 Philippine Peso = 0.03415 Aruba Florin
1 Philippine Peso = 0.03837 Barbados Dollar
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1 Philippine Peso = 33.58872 Burundi Franc
1 Philippine Peso = 0.01918 Bermuda Dollar
1 Philippine Peso = 0.02533 Brunei Dollar
1 Philippine Peso = 0.13159 Bolivian Boliviano
1 Philippine Peso = 0.06235 Brazilian Real
1 Philippine Peso = 0.01918 Bahamian Dollar
1 Philippine Peso = 1.2325 Bhutan Ngultrum
1 Philippine Peso = 0.18295 Botswana Pula
1 Philippine Peso = 384.03989 Belarus Ruble
1 Philippine Peso = 0.03832 Belize Dollar
1 Philippine Peso = 0.02429 Canadian Dollar
1 Philippine Peso = 0.018 Swiss Franc
1 Philippine Peso = 11.42605 Chilean Peso
1 Philippine Peso = 0.12152 Chinese Yuan
1 Philippine Peso = 54.88202 Colombian Peso
1 Philippine Peso = 10.87186 Costa Rica Colon
1 Philippine Peso = 0.01918 Cuban Peso
1 Philippine Peso = 1.71801 Cape Verde Escudo
1 Philippine Peso = 0.39493 Czech Koruna
1 Philippine Peso = 3.3921 Djibouti Franc
1 Philippine Peso = 0.11601 Danish Krone
1 Philippine Peso = 0.94226 Dominican Peso
1 Philippine Peso = 2.17652 Algerian Dinar
1 Philippine Peso = 0.24369 Estonian Kroon
1 Philippine Peso = 0.33858 Egyptian Pound
1 Philippine Peso = 0.52177 Ethiopian Birr
1 Philippine Peso = 0.01557 Euro
1 Philippine Peso = 0.03825 Fiji Dollar
1 Philippine Peso = 0.01371 Falkland Islands Pound
1 Philippine Peso = 0.01377 British Pound
1 Philippine Peso = 0.08533 Ghanaian Cedi
1 Philippine Peso = 0.89967 Gambian Dalasi
1 Philippine Peso = 172.74122 Guinea Franc
1 Philippine Peso = 0.14073 Guatemala Quetzal
1 Philippine Peso = 3.9296 Guyana Dollar
1 Philippine Peso = 0.15011 Hong Kong Dollar
1 Philippine Peso = 0.45024 Honduras Lempira
1 Philippine Peso = 0.11584 Croatian Kuna
1 Philippine Peso = 1.216 Haiti Gourde
1 Philippine Peso = 4.85824 Hungarian Forint
1 Philippine Peso = 261.23153 Indonesian Rupiah
1 Philippine Peso = 0.06714 Israeli Shekel
1 Philippine Peso = 1.24329 Indian Rupee
1 Philippine Peso = 22.71245 Iraqi Dinar
1 Philippine Peso = 713.12103 Iran Rial
1 Philippine Peso = 1.9248 Iceland Krona
1 Philippine Peso = 2.40936 Jamaican Dollar
1 Philippine Peso = 0.01359 Jordanian Dinar
1 Philippine Peso = 2.0619 Japanese Yen
1 Philippine Peso = 1.9413 Kenyan Shilling
1 Philippine Peso = 1.3061 Kyrgyzstan Som
1 Philippine Peso = 77.09572 Cambodia Riel
1 Philippine Peso = 7.62709 Comoros Franc
1 Philippine Peso = 17.26453 North Korean Won
1 Philippine Peso = 20.55496 Korean Won
1 Philippine Peso = 0.00575 Kuwaiti Dinar
1 Philippine Peso = 0.01573 Cayman Islands Dollar
1 Philippine Peso = 6.12565 Kazakhstan Tenge
1 Philippine Peso = 158.52676 Lao Kip
1 Philippine Peso = 28.96605 Lebanese Pound
1 Philippine Peso = 2.97621 Sri Lanka Rupee
1 Philippine Peso = 2.45904 Liberian Dollar
1 Philippine Peso = 0.22463 Lesotho Loti
1 Philippine Peso = 0.05848 Lithuanian Lita
1 Philippine Peso = 0.0119 Latvian Lat
1 Philippine Peso = 0.02544 Libyan Dinar
1 Philippine Peso = 0.17647 Moroccan Dirham
1 Philippine Peso = 0.31853 Moldovan Leu
1 Philippine Peso = 0.95396 Macedonian Denar
1 Philippine Peso = 25.47477 Myanmar Kyat
1 Philippine Peso = 45.90946 Mongolian Tugrik
1 Philippine Peso = 0.15451 Macau Pataca
1 Philippine Peso = 6.71398 Mauritania Ougulya
1 Philippine Peso = 0.62536 Mauritius Rupee
1 Philippine Peso = 0.29868 Maldives Rufiyaa
1 Philippine Peso = 13.76098 Malawi Kwacha
1 Philippine Peso = 0.35911 Mexican Peso
1 Philippine Peso = 0.07494 Malaysian Ringgit
1 Philippine Peso = 0.22327 Namibian Dollar
1 Philippine Peso = 6.88663 Nigerian Naira
1 Philippine Peso = 0.59477 Nicaragua Cordoba
1 Philippine Peso = 0.15035 Norwegian Krone
1 Philippine Peso = 1.98703 Nepalese Rupee
1 Philippine Peso = 0.02611 New Zealand Dollar
1 Philippine Peso = 0.00738 Omani Rial
1 Philippine Peso = 0.01918 Panama Balboa
1 Philippine Peso = 0.06229 Peruvian Nuevo Sol
1 Philippine Peso = 0.0629 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.11989 Pakistani Rupee
1 Philippine Peso = 0.06472 Polish Zloty
1 Philippine Peso = 106.82716 Paraguayan Guarani
1 Philippine Peso = 0.06982 Qatar Rial
1 Philippine Peso = 0.07256 Romanian New Leu
1 Philippine Peso = 1.0862 Russian Rouble
1 Philippine Peso = 16.12737 Rwanda Franc
1 Philippine Peso = 0.07193 Saudi Arabian Riyal
1 Philippine Peso = 0.14866 Solomon Islands Dollar
1 Philippine Peso = 0.2582 Seychelles Rupee
1 Philippine Peso = 0.34501 Sudanese Pound
1 Philippine Peso = 0.15536 Swedish Krona
1 Philippine Peso = 0.02534 Singapore Dollar
1 Philippine Peso = 0.01372 St Helena Pound
1 Philippine Peso = 0.42597 Slovak Koruna
1 Philippine Peso = 146.36485 Sierra Leone Leone
1 Philippine Peso = 10.78074 Somali Shilling
1 Philippine Peso = 381.75523 Sao Tome Dobra
1 Philippine Peso = 0.16785 El Salvador Colon
1 Philippine Peso = 9.87876 Syrian Pound
1 Philippine Peso = 0.22325 Swaziland Lilageni
1 Philippine Peso = 0.60368 Thai Baht
1 Philippine Peso = 0.04586 Tunisian Dinar
1 Philippine Peso = 0.0428 Tongan paʻanga
1 Philippine Peso = 0.07262 Turkish Lira
1 Philippine Peso = 0.12717 Trinidad Tobago Dollar
1 Philippine Peso = 0.55966 Taiwan Dollar
1 Philippine Peso = 43.06541 Tanzanian Shilling
1 Philippine Peso = 0.51746 Ukraine Hryvnia
1 Philippine Peso = 69.67197 Ugandan Shilling
1 Philippine Peso = 0.01918 United States Dollar
1 Philippine Peso = 0.54556 Uruguayan New Peso
1 Philippine Peso = 156.62766 Uzbekistan Sum
1 Philippine Peso = 478.3426 Venezuelan Bolivar
1 Philippine Peso = 435.71839 Vietnam Dong
1 Philippine Peso = 1.98465 Vanuatu Vatu
1 Philippine Peso = 0.04817 Samoa Tala
1 Philippine Peso = 10.20986 CFA Franc (BEAC)
1 Philippine Peso = 0.05179 East Caribbean Dollar
1 Philippine Peso = 10.20986 CFA Franc (BCEAO)
1 Philippine Peso = 1.85248 Pacific Franc
1 Philippine Peso = 4.79474 Yemen Riyal
1 Philippine Peso = 0.22325 South African Rand
1 Philippine Peso = 99.5492 Zambian Kwacha
1 Philippine Peso = 6.94226 Zimbabwe dollar

Last-minute concerns hound TRAIN bill

Last-minute concerns over the final outcome of the Tax Reform for Acceleration and Inclusion (TRAIN) continue to mount even as the bicameral conference committee said it is 90 percent done with its effort to harmonize the disagreeing provisions of the  Senate and the House versions of the measure.

Sen. Sonny Angara, chairman of the Senate ways and means committee, said among those that remain unsolved are the proposed  tax on coal and cosmetic products.

But one important feature of the measure that the bicameral conference committee had agreed on is something that ordinary workers would  be happy about.

Higher cap

Members  of the  committee agreed on to increase the tax exemption cap of 13th month pay and other bonuses to P90,000.

Under current law or Republic Act (RA)  10653, the 13th month pay and other benefits, including productivity incentives and Christmas bonuses, are exempted from tax if they do not exceed P82,000.

Before RA 10653 was signed into law in 2015, only bonuses not exceeding P30,000 were tax-exempt.

The Senate version of the TRAIN retained the P82,000 tax-free cap while the approved version of the House of Representatives raised it to P100,000.

As compromise, members of the bicam, who are tasked to reconcile the differences of the two versions, have agreed to raise the tax-exempt ceiling to P90,000 effective starting 2018.

Bicam members have also agreed to exempt P250,000 annual taxable income of all individual income taxpayers.

The House contingent said they would not allow the Senate “insertions” as they maintained that all tax measures must emanate from the House of Representatives.

The House version did not impose tax on coal and cosmetics procedures and surgeries.

Angara said congressmen  insisted that higher tax rates for imported coal, as well as coal sourced from Semirara, will eventually affect power rates, as the country is heavily relying on coal-fired power plants.

The Senate approved a 3,000-percent increase in coal taxes to be collected in three tranches until 2020, which means the current P10 excise tax will be raised to P100 in 2018, P200 in 2019 and P300 by 2010.

The Senate also adopted a 10-percent excise tax on cosmetic procedures for aesthetic purposes. 

Senators also voted to double excise taxes on minerals and mineral products and quarry resources that proponents said was intended to promote “responsible mining and environmental protection.”

Coal tax

Over at the House of Representatives, Speaker Pantaleon Alvarez said the chamber will not allow the inclusion of the coal tax in the TRAIN bill as it would surely increase the price of electricity.

“Let us look at this objectively from the point of view of the consumers. If you impose additional taxes on coal-powered plants, the industry players may not complain because they’ll just pass it on to consumers,” he told  radio dzRH.

The Senate approved a 3,000-percent increase in coal taxes to be collected in three tranches until 2020, which means the current P10 excise tax will be raised to P100 in 2018, P200 in 2019 and P300 by 2020.

Alvarez said the Senate’s insertion of the tax coal tax in the TRAIN “runs counter to the constitutional mandate that all revenue measures must originate exclusively from the House of Representatives.”

He said it is clearly spelled out in the Constitution that tax measures should emanate from the House and the Senate ‘may (only) propose amendments or concur (with).”

“They (senators) can propose amendments if we will allow it,” said Alvarez, noting that aside from the expected hike in electricity rates, the coal tax would also hinder the growth of the country’s manufacturing sector.

In a two-page position paper to the House committee on appropriations chaired by Rep. Karlo Nograles (PDP-Laban, Davao City), the consumer group Alyansa ng mga Grupong Haligi ng Agham at Teknolohiya para sa Mamamayan, Inc. (AGHAM) also opposed the provision, saying this would the price of electricity “affects all persons in every household and every business.”

“Aside from being a basic necessity, affordable electricity is an important key to national development, economic growth and social progress. Additionally, all the members of AGHAM are consumers of electricity and will be directly affected financially by the passage of Senate Bill No. 1592 and House Bill No. 5636,” said AGHAM which was represented by former Rep. Angelo Palmones in the 16th Congress.

AGHAM said proposal imposing a nearly 3,000 percent hike on coal in three tranches “is overtly excessive and appears to be imposed as an environmental measure to prevent coal from being used as a fossil fuel by generating, manufacturing, and other large plants that require efficient and stable source of heat to produce an end-product.”

“In order to be a valid environmental measure, it should not be grossly discriminatory and excessive in nature. Otherwise, while we also support the reduction of the effects of greenhouse gases to alleviate climate change, the drastic increase in the excise tax on coal will gravely affect consumers – both industrial and manufacturing industries, whose competitiveness in the global market may be curtailed, as well as end-users who will ultimately shoulder this tax measure’s impact of increased prices for basic commodities – possibly even worse than the benefits our nation stands to gain by the proposed tax measure,” it said.

Auto tax

Ramon Lopez, secretary of the Department of Trade and Industry (DTI) supports a lower increase in the excise tax on motor vehicles to cushion the impact on models entered under the Comprehensive Automotive Resurgence Strategy (CARS).

Lopez said a lower excise tax should apply to vehicles worth P1 million and below  but is particularly important for CARS models since these are locally-manufactured.

A higher volume of sales for these vehicles would mean more assembly that would translate to jobs and economic activity for other industries like parts manufacturing.

The House version slaps a 3 percent tax on vehicles with a net manufacturer’s selling price or importer’s price of P600,000 and below on the first year and 4 percent on the second.

The Senate  version, however slaps 4 percent on the first year.

Under the House version, vehicles worth P600,000 to P1.1 million will be taxed P18,000 plus 30 percent in excess of the value of the P600,000 while in the Senate version, vehicles over P600,000 to P1.1 million will pay P24,000 plus 35 percent of excess of P600,000, 

“I am for the House version because the increase in the excise tax on those valued at P600,000 is smaller… this is where the CARS models are. We could live with the Senate version, but that means the increase would be 10 (percent) instead of 6. This means the small cars within the P1 million range would be a little more expensive than in the House version,” Lopez said.

CARS models include the Vios of Toyota Motor Philippines Corp. and Mirage of Mitsubishi Motor Philippines Corp.    
    
“This is happening fast… Our TRAIN (Tax Reform for Acceleration and Inclusion). But I will go to (the version) which is more favorable to the concerned industry,” Lopez added.


He said a slowdown in the growth of the industry could result from a “super big” increase in tax.

But he nevertheless urged Congress to pass TRAIN to generate the necessary revenues to fund the Build, Build Build program of the government. -- J. Lopez, W. Vigilia, I. Isip



 
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