February 20, 2018, 12:10 pm
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1 Philippine Peso = 0.07035 UAE Dirham
1 Philippine Peso = 2.03736 Albanian Lek
1 Philippine Peso = 0.0341 Neth Antilles Guilder
1 Philippine Peso = 0.37852 Argentine Peso
1 Philippine Peso = 0.02417 Australian Dollar
1 Philippine Peso = 0.0341 Aruba Florin
1 Philippine Peso = 0.03831 Barbados Dollar
1 Philippine Peso = 1.58755 Bangladesh Taka
1 Philippine Peso = 0.03006 Bulgarian Lev
1 Philippine Peso = 0.00722 Bahraini Dinar
1 Philippine Peso = 33.54368 Burundi Franc
1 Philippine Peso = 0.01916 Bermuda Dollar
1 Philippine Peso = 0.02532 Brunei Dollar
1 Philippine Peso = 0.13142 Bolivian Boliviano
1 Philippine Peso = 0.06189 Brazilian Real
1 Philippine Peso = 0.01916 Bahamian Dollar
1 Philippine Peso = 1.22893 Bhutan Ngultrum
1 Philippine Peso = 0.18046 Botswana Pula
1 Philippine Peso = 383.5249 Belarus Ruble
1 Philippine Peso = 0.03827 Belize Dollar
1 Philippine Peso = 0.02404 Canadian Dollar
1 Philippine Peso = 0.01774 Swiss Franc
1 Philippine Peso = 11.3659 Chilean Peso
1 Philippine Peso = 0.12153 Chinese Yuan
1 Philippine Peso = 54.27203 Colombian Peso
1 Philippine Peso = 10.83966 Costa Rica Colon
1 Philippine Peso = 0.01916 Cuban Peso
1 Philippine Peso = 1.70268 Cape Verde Escudo
1 Philippine Peso = 0.39128 Czech Koruna
1 Philippine Peso = 3.38755 Djibouti Franc
1 Philippine Peso = 0.115 Danish Krone
1 Philippine Peso = 0.93544 Dominican Peso
1 Philippine Peso = 2.16856 Algerian Dinar
1 Philippine Peso = 0.24138 Estonian Kroon
1 Philippine Peso = 0.33716 Egyptian Pound
1 Philippine Peso = 0.52165 Ethiopian Birr
1 Philippine Peso = 0.01543 Euro
1 Philippine Peso = 0.03813 Fiji Dollar
1 Philippine Peso = 0.01366 Falkland Islands Pound
1 Philippine Peso = 0.01366 British Pound
1 Philippine Peso = 0.08656 Ghanaian Cedi
1 Philippine Peso = 0.89866 Gambian Dalasi
1 Philippine Peso = 172.37548 Guinea Franc
1 Philippine Peso = 0.14054 Guatemala Quetzal
1 Philippine Peso = 3.9364 Guyana Dollar
1 Philippine Peso = 0.14982 Hong Kong Dollar
1 Philippine Peso = 0.45019 Honduras Lempira
1 Philippine Peso = 0.11447 Croatian Kuna
1 Philippine Peso = 1.21437 Haiti Gourde
1 Philippine Peso = 4.80326 Hungarian Forint
1 Philippine Peso = 259.67432 Indonesian Rupiah
1 Philippine Peso = 0.06787 Israeli Shekel
1 Philippine Peso = 1.23063 Indian Rupee
1 Philippine Peso = 22.68199 Iraqi Dinar
1 Philippine Peso = 709.84673 Iran Rial
1 Philippine Peso = 1.91667 Iceland Krona
1 Philippine Peso = 2.39444 Jamaican Dollar
1 Philippine Peso = 0.01355 Jordanian Dinar
1 Philippine Peso = 2.03307 Japanese Yen
1 Philippine Peso = 1.93774 Kenyan Shilling
1 Philippine Peso = 1.30544 Kyrgyzstan Som
1 Philippine Peso = 76.53257 Cambodia Riel
1 Philippine Peso = 7.57567 Comoros Franc
1 Philippine Peso = 17.24138 North Korean Won
1 Philippine Peso = 20.41552 Korean Won
1 Philippine Peso = 0.00573 Kuwaiti Dinar
1 Philippine Peso = 0.01571 Cayman Islands Dollar
1 Philippine Peso = 6.12088 Kazakhstan Tenge
1 Philippine Peso = 158.62069 Lao Kip
1 Philippine Peso = 28.83908 Lebanese Pound
1 Philippine Peso = 2.97165 Sri Lanka Rupee
1 Philippine Peso = 2.44272 Liberian Dollar
1 Philippine Peso = 0.22308 Lesotho Loti
1 Philippine Peso = 0.0584 Lithuanian Lita
1 Philippine Peso = 0.01189 Latvian Lat
1 Philippine Peso = 0.02534 Libyan Dinar
1 Philippine Peso = 0.17539 Moroccan Dirham
1 Philippine Peso = 0.31734 Moldovan Leu
1 Philippine Peso = 0.9454 Macedonian Denar
1 Philippine Peso = 25.42146 Myanmar Kyat
1 Philippine Peso = 45.82375 Mongolian Tugrik
1 Philippine Peso = 0.15425 Macau Pataca
1 Philippine Peso = 6.68582 Mauritania Ougulya
1 Philippine Peso = 0.61303 Mauritius Rupee
1 Philippine Peso = 0.29828 Maldives Rufiyaa
1 Philippine Peso = 13.66743 Malawi Kwacha
1 Philippine Peso = 0.35467 Mexican Peso
1 Philippine Peso = 0.07454 Malaysian Ringgit
1 Philippine Peso = 0.22274 Namibian Dollar
1 Philippine Peso = 6.87739 Nigerian Naira
1 Philippine Peso = 0.59195 Nicaragua Cordoba
1 Philippine Peso = 0.14901 Norwegian Krone
1 Philippine Peso = 1.96697 Nepalese Rupee
1 Philippine Peso = 0.02593 New Zealand Dollar
1 Philippine Peso = 0.00737 Omani Rial
1 Philippine Peso = 0.01916 Panama Balboa
1 Philippine Peso = 0.06225 Peruvian Nuevo Sol
1 Philippine Peso = 0.06025 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.11398 Pakistani Rupee
1 Philippine Peso = 0.0642 Polish Zloty
1 Philippine Peso = 106.68774 Paraguayan Guarani
1 Philippine Peso = 0.06973 Qatar Rial
1 Philippine Peso = 0.07198 Romanian New Leu
1 Philippine Peso = 1.08044 Russian Rouble
1 Philippine Peso = 16.10153 Rwanda Franc
1 Philippine Peso = 0.07184 Saudi Arabian Riyal
1 Philippine Peso = 0.14875 Solomon Islands Dollar
1 Philippine Peso = 0.25546 Seychelles Rupee
1 Philippine Peso = 0.34393 Sudanese Pound
1 Philippine Peso = 0.15255 Swedish Krona
1 Philippine Peso = 0.02511 Singapore Dollar
1 Philippine Peso = 0.01367 St Helena Pound
1 Philippine Peso = 0.4254 Slovak Koruna
1 Philippine Peso = 146.16858 Sierra Leone Leone
1 Philippine Peso = 10.76628 Somali Shilling
1 Philippine Peso = 378.35439 Sao Tome Dobra
1 Philippine Peso = 0.16762 El Salvador Colon
1 Philippine Peso = 9.86552 Syrian Pound
1 Philippine Peso = 0.22276 Swaziland Lilageni
1 Philippine Peso = 0.59923 Thai Baht
1 Philippine Peso = 0.04546 Tunisian Dinar
1 Philippine Peso = 0.04238 Tongan paʻanga
1 Philippine Peso = 0.07167 Turkish Lira
1 Philippine Peso = 0.12904 Trinidad Tobago Dollar
1 Philippine Peso = 0.55669 Taiwan Dollar
1 Philippine Peso = 43.02682 Tanzanian Shilling
1 Philippine Peso = 0.51715 Ukraine Hryvnia
1 Philippine Peso = 69.38697 Ugandan Shilling
1 Philippine Peso = 0.01916 United States Dollar
1 Philippine Peso = 0.54521 Uruguayan New Peso
1 Philippine Peso = 156.47509 Uzbekistan Sum
1 Philippine Peso = 477.73945 Venezuelan Bolivar
1 Philippine Peso = 434.75095 Vietnam Dong
1 Philippine Peso = 2.01916 Vanuatu Vatu
1 Philippine Peso = 0.04802 Samoa Tala
1 Philippine Peso = 10.11303 CFA Franc (BEAC)
1 Philippine Peso = 0.05172 East Caribbean Dollar
1 Philippine Peso = 10.11303 CFA Franc (BCEAO)
1 Philippine Peso = 1.81628 Pacific Franc
1 Philippine Peso = 4.78831 Yemen Riyal
1 Philippine Peso = 0.22279 South African Rand
1 Philippine Peso = 99.41571 Zambian Kwacha
1 Philippine Peso = 6.93295 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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