February 26, 2017, 1:25 pm
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1 Philippine Peso = 0.07316 UAE Dirham
1 Philippine Peso = 2.54134 Albanian Lek
1 Philippine Peso = 0.03547 Neth Antilles Guilder
1 Philippine Peso = 0.30584 Argentine Peso
1 Philippine Peso = 0.02581 Australian Dollar
1 Philippine Peso = 0.03566 Aruba Florin
1 Philippine Peso = 0.03985 Barbados Dollar
1 Philippine Peso = 1.58916 Bangladesh Taka
1 Philippine Peso = 0.03686 Bulgarian Lev
1 Philippine Peso = 0.0075 Bahraini Dinar
1 Philippine Peso = 33.57502 Burundi Franc
1 Philippine Peso = 0.01992 Bermuda Dollar
1 Philippine Peso = 0.02801 Brunei Dollar
1 Philippine Peso = 0.13648 Bolivian Boliviano
1 Philippine Peso = 0.06094 Brazilian Real
1 Philippine Peso = 0.01992 Bahamian Dollar
1 Philippine Peso = 1.33493 Bhutan Ngultrum
1 Philippine Peso = 0.2068 Botswana Pula
1 Philippine Peso = 398.88425 Belarus Ruble
1 Philippine Peso = 0.0398 Belize Dollar
1 Philippine Peso = 0.0261 Canadian Dollar
1 Philippine Peso = 0.02005 Swiss Franc
1 Philippine Peso = 12.72046 Chilean Peso
1 Philippine Peso = 0.13672 Chinese Yuan
1 Philippine Peso = 57.13688 Colombian Peso
1 Philippine Peso = 11.05639 Costa Rica Colon
1 Philippine Peso = 0.01992 Cuban Peso
1 Philippine Peso = 2.07671 Cape Verde Escudo
1 Philippine Peso = 0.50888 Czech Koruna
1 Philippine Peso = 3.53457 Djibouti Franc
1 Philippine Peso = 0.14 Danish Krone
1 Philippine Peso = 0.93146 Dominican Peso
1 Philippine Peso = 2.19109 Algerian Dinar
1 Philippine Peso = 0.2946 Estonian Kroon
1 Philippine Peso = 0.31381 Egyptian Pound
1 Philippine Peso = 0.4485 Ethiopian Birr
1 Philippine Peso = 0.01883 Euro
1 Philippine Peso = 0.04109 Fiji Dollar
1 Philippine Peso = 0.01587 Falkland Islands Pound
1 Philippine Peso = 0.01587 British Pound
1 Philippine Peso = 0.08724 Ghanaian Cedi
1 Philippine Peso = 0.86631 Gambian Dalasi
1 Philippine Peso = 183.70194 Guinea Franc
1 Philippine Peso = 0.14674 Guatemala Quetzal
1 Philippine Peso = 4.07272 Guyana Dollar
1 Philippine Peso = 0.1546 Hong Kong Dollar
1 Philippine Peso = 0.46742 Honduras Lempira
1 Philippine Peso = 0.13926 Croatian Kuna
1 Philippine Peso = 1.29548 Haiti Gourde
1 Philippine Peso = 5.80753 Hungarian Forint
1 Philippine Peso = 265.9494 Indonesian Rupiah
1 Philippine Peso = 0.07359 Israeli Shekel
1 Philippine Peso = 1.32863 Indian Rupee
1 Philippine Peso = 23.53058 Iraqi Dinar
1 Philippine Peso = 645.38754 Iran Rial
1 Philippine Peso = 2.17673 Iceland Krona
1 Philippine Peso = 2.5527 Jamaican Dollar
1 Philippine Peso = 0.01409 Jordanian Dinar
1 Philippine Peso = 2.24469 Japanese Yen
1 Philippine Peso = 2.05918 Kenyan Shilling
1 Philippine Peso = 1.37643 Kyrgyzstan Som
1 Philippine Peso = 79.57561 Cambodia Riel
1 Philippine Peso = 9.1855 Comoros Franc
1 Philippine Peso = 17.93186 North Korean Won
1 Philippine Peso = 22.54632 Korean Won
1 Philippine Peso = 0.00607 Kuwaiti Dinar
1 Philippine Peso = 0.01634 Cayman Islands Dollar
1 Philippine Peso = 6.20761 Kazakhstan Tenge
1 Philippine Peso = 163.27555 Lao Kip
1 Philippine Peso = 29.96613 Lebanese Pound
1 Philippine Peso = 2.99761 Sri Lanka Rupee
1 Philippine Peso = 1.79319 Liberian Dollar
1 Philippine Peso = 0.25802 Lesotho Loti
1 Philippine Peso = 0.06074 Lithuanian Lita
1 Philippine Peso = 0.01236 Latvian Lat
1 Philippine Peso = 0.02836 Libyan Dinar
1 Philippine Peso = 0.20106 Moroccan Dirham
1 Philippine Peso = 0.39739 Moldovan Leu
1 Philippine Peso = 1.15302 Macedonian Denar
1 Philippine Peso = 26.97749 Myanmar Kyat
1 Philippine Peso = 49.15322 Mongolian Tugrik
1 Philippine Peso = 0.15924 Macau Pataca
1 Philippine Peso = 7.07312 Mauritania Ougulya
1 Philippine Peso = 0.70472 Mauritius Rupee
1 Philippine Peso = 0.30803 Maldives Rufiyaa
1 Philippine Peso = 14.28352 Malawi Kwacha
1 Philippine Peso = 0.3922 Mexican Peso
1 Philippine Peso = 0.0886 Malaysian Ringgit
1 Philippine Peso = 0.25623 Namibian Dollar
1 Philippine Peso = 6.27615 Nigerian Naira
1 Philippine Peso = 0.58478 Nicaragua Cordoba
1 Philippine Peso = 0.16617 Norwegian Krone
1 Philippine Peso = 2.16378 Nepalese Rupee
1 Philippine Peso = 0.02755 New Zealand Dollar
1 Philippine Peso = 0.00766 Omani Rial
1 Philippine Peso = 0.01992 Panama Balboa
1 Philippine Peso = 0.06452 Peruvian Nuevo Sol
1 Philippine Peso = 0.06317 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.08428 Pakistani Rupee
1 Philippine Peso = 0.08101 Polish Zloty
1 Philippine Peso = 113.69198 Paraguayan Guarani
1 Philippine Peso = 0.07254 Qatar Rial
1 Philippine Peso = 0.08479 Romanian New Leu
1 Philippine Peso = 1.15051 Russian Rouble
1 Philippine Peso = 16.24686 Rwanda Franc
1 Philippine Peso = 0.07471 Saudi Arabian Riyal
1 Philippine Peso = 0.155 Solomon Islands Dollar
1 Philippine Peso = 0.26894 Seychelles Rupee
1 Philippine Peso = 0.12751 Sudanese Pound
1 Philippine Peso = 0.17911 Swedish Krona
1 Philippine Peso = 0.02802 Singapore Dollar
1 Philippine Peso = 0.01587 St Helena Pound
1 Philippine Peso = 0.44244 Slovak Koruna
1 Philippine Peso = 147.37996 Sierra Leone Leone
1 Philippine Peso = 10.93843 Somali Shilling
1 Philippine Peso = 461.47041 Sao Tome Dobra
1 Philippine Peso = 0.17378 El Salvador Colon
1 Philippine Peso = 10.26061 Syrian Pound
1 Philippine Peso = 0.25623 Swaziland Lilageni
1 Philippine Peso = 0.69755 Thai Baht
1 Philippine Peso = 0.0455 Tunisian Dinar
1 Philippine Peso = 0.04518 Tongan paʻanga
1 Philippine Peso = 0.07108 Turkish Lira
1 Philippine Peso = 0.13368 Trinidad Tobago Dollar
1 Philippine Peso = 0.61008 Taiwan Dollar
1 Philippine Peso = 44.39131 Tanzanian Shilling
1 Philippine Peso = 0.54164 Ukraine Hryvnia
1 Philippine Peso = 71.22933 Ugandan Shilling
1 Philippine Peso = 0.01992 United States Dollar
1 Philippine Peso = 0.56326 Uruguayan New Peso
1 Philippine Peso = 66.74637 Uzbekistan Sum
1 Philippine Peso = 0.19873 Venezuelan Bolivar
1 Philippine Peso = 454.0546 Vietnam Dong
1 Philippine Peso = 2.10699 Vanuatu Vatu
1 Philippine Peso = 0.0506 Samoa Tala
1 Philippine Peso = 12.34369 CFA Franc (BEAC)
1 Philippine Peso = 0.0538 East Caribbean Dollar
1 Philippine Peso = 12.43714 CFA Franc (BCEAO)
1 Philippine Peso = 2.23132 Pacific Franc
1 Philippine Peso = 4.98008 Yemen Riyal
1 Philippine Peso = 0.25645 South African Rand
1 Philippine Peso = 103.39709 Zambian Kwacha
1 Philippine Peso = 7.2106 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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