December 13, 2017, 3:34 pm
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1 Philippine Peso = 0.07286 UAE Dirham
1 Philippine Peso = 2.2371 Albanian Lek
1 Philippine Peso = 0.03532 Neth Antilles Guilder
1 Philippine Peso = 0.34185 Argentine Peso
1 Philippine Peso = 0.02619 Australian Dollar
1 Philippine Peso = 0.03532 Aruba Florin
1 Philippine Peso = 0.03968 Barbados Dollar
1 Philippine Peso = 1.64127 Bangladesh Taka
1 Philippine Peso = 0.0329 Bulgarian Lev
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1 Philippine Peso = 34.73174 Burundi Franc
1 Philippine Peso = 0.01984 Bermuda Dollar
1 Philippine Peso = 0.0268 Brunei Dollar
1 Philippine Peso = 0.13611 Bolivian Boliviano
1 Philippine Peso = 0.06556 Brazilian Real
1 Philippine Peso = 0.01984 Bahamian Dollar
1 Philippine Peso = 1.27679 Bhutan Ngultrum
1 Philippine Peso = 0.20509 Botswana Pula
1 Philippine Peso = 397.22221 Belarus Ruble
1 Philippine Peso = 0.03964 Belize Dollar
1 Philippine Peso = 0.02545 Canadian Dollar
1 Philippine Peso = 0.01965 Swiss Franc
1 Philippine Peso = 13.01091 Chilean Peso
1 Philippine Peso = 0.13129 Chinese Yuan
1 Philippine Peso = 59.76786 Colombian Peso
1 Philippine Peso = 11.15079 Costa Rica Colon
1 Philippine Peso = 0.01984 Cuban Peso
1 Philippine Peso = 1.85774 Cape Verde Escudo
1 Philippine Peso = 0.43159 Czech Koruna
1 Philippine Peso = 3.50853 Djibouti Franc
1 Philippine Peso = 0.12539 Danish Krone
1 Philippine Peso = 0.95833 Dominican Peso
1 Philippine Peso = 2.2829 Algerian Dinar
1 Philippine Peso = 0.26354 Estonian Kroon
1 Philippine Peso = 0.35337 Egyptian Pound
1 Philippine Peso = 0.53936 Ethiopian Birr
1 Philippine Peso = 0.01684 Euro
1 Philippine Peso = 0.04169 Fiji Dollar
1 Philippine Peso = 0.01486 Falkland Islands Pound
1 Philippine Peso = 0.01487 British Pound
1 Philippine Peso = 0.08926 Ghanaian Cedi
1 Philippine Peso = 0.93552 Gambian Dalasi
1 Philippine Peso = 178.63095 Guinea Franc
1 Philippine Peso = 0.14558 Guatemala Quetzal
1 Philippine Peso = 4.02202 Guyana Dollar
1 Philippine Peso = 0.1549 Hong Kong Dollar
1 Philippine Peso = 0.46552 Honduras Lempira
1 Philippine Peso = 0.12694 Croatian Kuna
1 Philippine Peso = 1.24167 Haiti Gourde
1 Philippine Peso = 5.29563 Hungarian Forint
1 Philippine Peso = 269.1865 Indonesian Rupiah
1 Philippine Peso = 0.07009 Israeli Shekel
1 Philippine Peso = 1.27806 Indian Rupee
1 Philippine Peso = 23.49306 Iraqi Dinar
1 Philippine Peso = 705.13886 Iran Rial
1 Philippine Peso = 2.06944 Iceland Krona
1 Philippine Peso = 2.47282 Jamaican Dollar
1 Philippine Peso = 0.01405 Jordanian Dinar
1 Philippine Peso = 2.25091 Japanese Yen
1 Philippine Peso = 2.04067 Kenyan Shilling
1 Philippine Peso = 1.38333 Kyrgyzstan Som
1 Philippine Peso = 79.98016 Cambodia Riel
1 Philippine Peso = 8.15476 Comoros Franc
1 Philippine Peso = 17.85714 North Korean Won
1 Philippine Peso = 21.5879 Korean Won
1 Philippine Peso = 0.00599 Kuwaiti Dinar
1 Philippine Peso = 0.01627 Cayman Islands Dollar
1 Philippine Peso = 6.64028 Kazakhstan Tenge
1 Philippine Peso = 164.68253 Lao Kip
1 Philippine Peso = 29.98016 Lebanese Pound
1 Philippine Peso = 3.0371 Sri Lanka Rupee
1 Philippine Peso = 2.48373 Liberian Dollar
1 Philippine Peso = 0.26984 Lesotho Loti
1 Philippine Peso = 0.06049 Lithuanian Lita
1 Philippine Peso = 0.01231 Latvian Lat
1 Philippine Peso = 0.02708 Libyan Dinar
1 Philippine Peso = 0.18758 Moroccan Dirham
1 Philippine Peso = 0.34038 Moldovan Leu
1 Philippine Peso = 1.03175 Macedonian Denar
1 Philippine Peso = 27.00397 Myanmar Kyat
1 Philippine Peso = 48.25754 Mongolian Tugrik
1 Philippine Peso = 0.15954 Macau Pataca
1 Philippine Peso = 6.97619 Mauritania Ougulya
1 Philippine Peso = 0.67083 Mauritius Rupee
1 Philippine Peso = 0.30893 Maldives Rufiyaa
1 Philippine Peso = 14.20853 Malawi Kwacha
1 Philippine Peso = 0.37825 Mexican Peso
1 Philippine Peso = 0.08082 Malaysian Ringgit
1 Philippine Peso = 0.26978 Namibian Dollar
1 Philippine Peso = 7.06349 Nigerian Naira
1 Philippine Peso = 0.60937 Nicaragua Cordoba
1 Philippine Peso = 0.16524 Norwegian Krone
1 Philippine Peso = 2.0454 Nepalese Rupee
1 Philippine Peso = 0.02854 New Zealand Dollar
1 Philippine Peso = 0.00763 Omani Rial
1 Philippine Peso = 0.01984 Panama Balboa
1 Philippine Peso = 0.06416 Peruvian Nuevo Sol
1 Philippine Peso = 0.06375 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.16171 Pakistani Rupee
1 Philippine Peso = 0.07086 Polish Zloty
1 Philippine Peso = 111.49603 Paraguayan Guarani
1 Philippine Peso = 0.07223 Qatar Rial
1 Philippine Peso = 0.07805 Romanian New Leu
1 Philippine Peso = 1.16704 Russian Rouble
1 Philippine Peso = 16.57698 Rwanda Franc
1 Philippine Peso = 0.0744 Saudi Arabian Riyal
1 Philippine Peso = 0.15376 Solomon Islands Dollar
1 Philippine Peso = 0.26488 Seychelles Rupee
1 Philippine Peso = 0.13228 Sudanese Pound
1 Philippine Peso = 0.16689 Swedish Krona
1 Philippine Peso = 0.02681 Singapore Dollar
1 Philippine Peso = 0.01487 St Helena Pound
1 Philippine Peso = 0.4406 Slovak Koruna
1 Philippine Peso = 151.38888 Sierra Leone Leone
1 Philippine Peso = 11.05159 Somali Shilling
1 Philippine Peso = 412.7976 Sao Tome Dobra
1 Philippine Peso = 0.17361 El Salvador Colon
1 Philippine Peso = 10.21786 Syrian Pound
1 Philippine Peso = 0.26978 Swaziland Lilageni
1 Philippine Peso = 0.64663 Thai Baht
1 Philippine Peso = 0.0499 Tunisian Dinar
1 Philippine Peso = 0.04555 Tongan paʻanga
1 Philippine Peso = 0.07593 Turkish Lira
1 Philippine Peso = 0.13154 Trinidad Tobago Dollar
1 Philippine Peso = 0.59567 Taiwan Dollar
1 Philippine Peso = 44.30555 Tanzanian Shilling
1 Philippine Peso = 0.53914 Ukraine Hryvnia
1 Philippine Peso = 71.66666 Ugandan Shilling
1 Philippine Peso = 0.01984 United States Dollar
1 Philippine Peso = 0.57401 Uruguayan New Peso
1 Philippine Peso = 160.53571 Uzbekistan Sum
1 Philippine Peso = 0.19792 Venezuelan Bolivar
1 Philippine Peso = 450.57538 Vietnam Dong
1 Philippine Peso = 2.11786 Vanuatu Vatu
1 Philippine Peso = 0.05142 Samoa Tala
1 Philippine Peso = 11.04186 CFA Franc (BEAC)
1 Philippine Peso = 0.05357 East Caribbean Dollar
1 Philippine Peso = 11.51528 CFA Franc (BCEAO)
1 Philippine Peso = 1.99881 Pacific Franc
1 Philippine Peso = 4.95933 Yemen Riyal
1 Philippine Peso = 0.26986 South African Rand
1 Philippine Peso = 102.96627 Zambian Kwacha
1 Philippine Peso = 7.18056 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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