January 24, 2017, 5:16 pm
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1 Philippine Peso = 0.07374 UAE Dirham
1 Philippine Peso = 2.57217 Albanian Lek
1 Philippine Peso = 0.03554 Neth Antilles Guilder
1 Philippine Peso = 0.31919 Argentine Peso
1 Philippine Peso = 0.02651 Australian Dollar
1 Philippine Peso = 0.03594 Aruba Florin
1 Philippine Peso = 0.04015 Barbados Dollar
1 Philippine Peso = 1.58542 Bangladesh Taka
1 Philippine Peso = 0.03693 Bulgarian Lev
1 Philippine Peso = 0.00757 Bahraini Dinar
1 Philippine Peso = 33.69364 Burundi Franc
1 Philippine Peso = 0.02008 Bermuda Dollar
1 Philippine Peso = 0.02846 Brunei Dollar
1 Philippine Peso = 0.13772 Bolivian Boliviano
1 Philippine Peso = 0.06361 Brazilian Real
1 Philippine Peso = 0.02008 Bahamian Dollar
1 Philippine Peso = 1.3682 Bhutan Ngultrum
1 Philippine Peso = 0.2119 Botswana Pula
1 Philippine Peso = 401.92732 Belarus Ruble
1 Philippine Peso = 0.03975 Belize Dollar
1 Philippine Peso = 0.02666 Canadian Dollar
1 Philippine Peso = 0.02004 Swiss Franc
1 Philippine Peso = 13.18591 Chilean Peso
1 Philippine Peso = 0.13751 Chinese Yuan
1 Philippine Peso = 58.60269 Colombian Peso
1 Philippine Peso = 10.94158 Costa Rica Colon
1 Philippine Peso = 0.02008 Cuban Peso
1 Philippine Peso = 2.05963 Cape Verde Escudo
1 Philippine Peso = 0.50475 Czech Koruna
1 Philippine Peso = 3.57217 Djibouti Franc
1 Philippine Peso = 0.13889 Danish Krone
1 Philippine Peso = 0.93074 Dominican Peso
1 Philippine Peso = 2.20331 Algerian Dinar
1 Philippine Peso = 0.29226 Estonian Kroon
1 Philippine Peso = 0.37543 Egyptian Pound
1 Philippine Peso = 0.44991 Ethiopian Birr
1 Philippine Peso = 0.01868 Euro
1 Philippine Peso = 0.04166 Fiji Dollar
1 Philippine Peso = 0.01616 Falkland Islands Pound
1 Philippine Peso = 0.01615 British Pound
1 Philippine Peso = 0.087 Ghanaian Cedi
1 Philippine Peso = 0.89038 Gambian Dalasi
1 Philippine Peso = 187.41216 Guinea Franc
1 Philippine Peso = 0.15124 Guatemala Quetzal
1 Philippine Peso = 4.06966 Guyana Dollar
1 Philippine Peso = 0.15574 Hong Kong Dollar
1 Philippine Peso = 0.4734 Honduras Lempira
1 Philippine Peso = 0.13971 Croatian Kuna
1 Philippine Peso = 1.32423 Haiti Gourde
1 Philippine Peso = 5.77896 Hungarian Forint
1 Philippine Peso = 267.71732 Indonesian Rupiah
1 Philippine Peso = 0.07614 Israeli Shekel
1 Philippine Peso = 1.36677 Indian Rupee
1 Philippine Peso = 23.7101 Iraqi Dinar
1 Philippine Peso = 649.66873 Iran Rial
1 Philippine Peso = 2.26902 Iceland Krona
1 Philippine Peso = 2.58201 Jamaican Dollar
1 Philippine Peso = 0.0142 Jordanian Dinar
1 Philippine Peso = 2.27496 Japanese Yen
1 Philippine Peso = 2.0789 Kenyan Shilling
1 Philippine Peso = 1.39476 Kyrgyzstan Som
1 Philippine Peso = 80.1064 Cambodia Riel
1 Philippine Peso = 9.27525 Comoros Franc
1 Philippine Peso = 18.06866 North Korean Won
1 Philippine Peso = 23.40052 Korean Won
1 Philippine Peso = 0.00612 Kuwaiti Dinar
1 Philippine Peso = 0.01646 Cayman Islands Dollar
1 Philippine Peso = 6.64124 Kazakhstan Tenge
1 Philippine Peso = 163.90283 Lao Kip
1 Philippine Peso = 30.19474 Lebanese Pound
1 Philippine Peso = 3.01245 Sri Lanka Rupee
1 Philippine Peso = 1.80687 Liberian Dollar
1 Philippine Peso = 0.27264 Lesotho Loti
1 Philippine Peso = 0.06121 Lithuanian Lita
1 Philippine Peso = 0.01246 Latvian Lat
1 Philippine Peso = 0.02857 Libyan Dinar
1 Philippine Peso = 0.20153 Moroccan Dirham
1 Philippine Peso = 0.40203 Moldovan Leu
1 Philippine Peso = 1.14595 Macedonian Denar
1 Philippine Peso = 27.24352 Myanmar Kyat
1 Philippine Peso = 49.7892 Mongolian Tugrik
1 Philippine Peso = 0.16041 Macau Pataca
1 Philippine Peso = 7.12508 Mauritania Ougulya
1 Philippine Peso = 0.71652 Mauritius Rupee
1 Philippine Peso = 0.30516 Maldives Rufiyaa
1 Philippine Peso = 14.35455 Malawi Kwacha
1 Philippine Peso = 0.43007 Mexican Peso
1 Philippine Peso = 0.08912 Malaysian Ringgit
1 Philippine Peso = 0.27073 Namibian Dollar
1 Philippine Peso = 6.32403 Nigerian Naira
1 Philippine Peso = 0.5903 Nicaragua Cordoba
1 Philippine Peso = 0.16818 Norwegian Krone
1 Philippine Peso = 2.18028 Nepalese Rupee
1 Philippine Peso = 0.02784 New Zealand Dollar
1 Philippine Peso = 0.00773 Omani Rial
1 Philippine Peso = 0.02008 Panama Balboa
1 Philippine Peso = 0.06614 Peruvian Nuevo Sol
1 Philippine Peso = 0.06368 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.10379 Pakistani Rupee
1 Philippine Peso = 0.08163 Polish Zloty
1 Philippine Peso = 116.05501 Paraguayan Guarani
1 Philippine Peso = 0.07309 Qatar Rial
1 Philippine Peso = 0.08384 Romanian New Leu
1 Philippine Peso = 1.19551 Russian Rouble
1 Philippine Peso = 16.31359 Rwanda Franc
1 Philippine Peso = 0.07529 Saudi Arabian Riyal
1 Philippine Peso = 0.1571 Solomon Islands Dollar
1 Philippine Peso = 0.26348 Seychelles Rupee
1 Philippine Peso = 0.12864 Sudanese Pound
1 Philippine Peso = 0.17761 Swedish Krona
1 Philippine Peso = 0.02847 Singapore Dollar
1 Philippine Peso = 0.01617 St Helena Pound
1 Philippine Peso = 0.44581 Slovak Koruna
1 Philippine Peso = 146.3963 Sierra Leone Leone
1 Philippine Peso = 10.98173 Somali Shilling
1 Philippine Peso = 457.63702 Sao Tome Dobra
1 Philippine Peso = 0.17511 El Salvador Colon
1 Philippine Peso = 10.33889 Syrian Pound
1 Philippine Peso = 0.27078 Swaziland Lilageni
1 Philippine Peso = 0.70749 Thai Baht
1 Philippine Peso = 0.04554 Tunisian Dinar
1 Philippine Peso = 0.046 Tonga Pa'ang
1 Philippine Peso = 0.07571 Turkish Lira
1 Philippine Peso = 0.1343 Trinidad Tobago Dollar
1 Philippine Peso = 0.6304 Taiwan Dollar
1 Philippine Peso = 45.23188 Tanzanian Shilling
1 Philippine Peso = 0.54889 Ukraine Hryvnia
1 Philippine Peso = 72.01365 Ugandan Shilling
1 Philippine Peso = 0.02008 United States Dollar
1 Philippine Peso = 0.57338 Uruguayan New Peso
1 Philippine Peso = 65.14756 Uzbekistan Sum
1 Philippine Peso = 0.20026 Venezuelan Bolivar
1 Philippine Peso = 452.70025 Vietnam Dong
1 Philippine Peso = 2.13833 Vanuatu Vatu
1 Philippine Peso = 0.05129 Samoa Tala
1 Philippine Peso = 12.24091 CFA Franc (BEAC)
1 Philippine Peso = 0.05421 East Caribbean Dollar
1 Philippine Peso = 12.44228 CFA Franc (BCEAO)
1 Philippine Peso = 2.2359 Pacific Franc
1 Philippine Peso = 5.01807 Yemen Riyal
1 Philippine Peso = 0.27076 South African Rand
1 Philippine Peso = 104.1859 Zambian Kwacha
1 Philippine Peso = 7.26561 Zimbabwe dollar

P145B lost due to static gas tax

The government is losing an estimated P145 billion in potential annual revenues, enough to fund two elevated railway systems or even the stalled Laguna Lakeshore expressway due to failure to increase excise tax on gasoline.

The amount is also equivalent to about one percent of the country’s gross domestic product (GDP). 

The Department of Finance said that gasoline excise taxes have remained the same in the last two decades and diesel products have been tax-free for the past 12 years. 

Karl Kendrick Chua, DOF undersecretary, said the government is now proposing to correct these flaws in the country’s tax system by adjusting fuel excise taxes and later indexing them to inflation, along with the proposals to lower personal income tax (PIT) rates and provide direct cash transfers to vulnerable sectors to offset the impact of the higher tax rates. 

At the same time, Chua said DOF is vigorously pursuing tax administration reforms at the Bureaus of Internal Revenue and of Customs to help raise sufficient funds primarily for the infrastructure buildup under the Duterte administration.

“But tax administration reforms are not enough to raise adequate funds to bankroll the Duterte administration’s agenda of high and inclusive growth, given the inherent flaws in the country’s tax system that require urgent correction, such as the non-indexation of tax rates to inflation,” Chua said.

He noted, for instance, the current gasoline excise tax rates have not changed for the last 20 years while diesel has been tax exempt for the last 12 years. 

Specifically, diesel and other products such as processed gas, denatured alcohol used for motive power, kerosene, liquefied petroleum gas, asphalts and bunker fuel oil are presently exempted from excise tax rate.

Regular gasoline and other products such as lubricating oils and greases, waxes and petrolatum, naphtha, leaded and unleaded premium gasoline, and aviation turbo jet fuel are imposed tax rates as high as P4.35 per liter.

“These rates, which have not been corrected to account for inflation, have led to a massive foregone revenue loss of about P145 billion (in 2016 prices), which represents over one percent of the GDP,” Chua said.

“Our proposal to adjust the fuel excise tax to around P6 per liter merely updates the rates to current levels as this represents the cumulative inflation since 1997,” he added.

Chua said even with the adjustments, the retail prices of gasoline and diesel will still be much lower than the rates during the oil price shocks of 2011 and 2012, as global oil prices are down and expected to remain low in the few years ahead.

Chua noted the taxpayers will also get a relief from the impact of the fuel excise adjustments because of the lower PIT rates the DOF is proposing under its Comprehensive Tax Reform Program (CTRP), which will more than offset the slightly higher transport, food and commuting costs.

For vulnerable sectors and low-income groups, Chua said DOF alsoproposed under the CTRP a targeted cash transfer program for the poorest 50 percent of households which includes cash transfer, the reintroduction of the PantawidPasada program that will provide fuel price discounts to public utility vehicles and a jeep modernization program to improve the engine efficiency of these vehicles.

“These proposed initiatives will cushion the impact of higher fuel excises on transportation, commuting and food costs for the poorest 50 percent,” Chua said.  

“With higher revenues from the oil excise tax reform, we can fund the massive public infrastructure program that is needed to reduce traffic congestion, improve connectivity and raise the economic productivity of Filipinos, especially those living in the countryside,” he added.

The DOF also said that the P145 billion can fully finance several PPP projects like, 1. LRT Line 1 Cavite Extension (P65 billion) , Cavite-Laguna Expressway (P35.43 billion)

And  NLEX-SLEX Connector Road (P23.2 billion). 

Chua said proceeds of the reform package will fund  the government’s big-ticket infrastructure projects 

Diokno said, though, that this unprecedented infrastructure spending can happen only if the government were to raise a lot more revenues to ensure the financial viability of such an ambitious program.

“This can only be done by implementing broad and deep reforms in tax policy and administration through the enactment of the Department of Finance (DOF)-proposed Comprehensive Tax Reform Program (CTRP) now pending in the Congress,” Diokno noted. 

Dominguez said tax reform is needed so that the government can invest P1 trillion more each year on top of the current P1.3 trillion it invests in the domestic economy. Of the additional P1 trillion, he said P402 billion will be invested in education, P138 billion in health, P147 billion in social protection for the poorest of the poor, P194 billion in urban infrastructure and P188 billion in rural infrastructure.”
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