June 20, 2018, 7:37 am
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1 Philippine Peso = 0.06897 UAE Dirham
1 Philippine Peso = 2.04526 Albanian Lek
1 Philippine Peso = 0.03404 Neth Antilles Guilder
1 Philippine Peso = 0.52113 Argentine Peso
1 Philippine Peso = 0.02544 Australian Dollar
1 Philippine Peso = 0.03343 Aruba Florin
1 Philippine Peso = 0.03756 Barbados Dollar
1 Philippine Peso = 1.57728 Bangladesh Taka
1 Philippine Peso = 0.03184 Bulgarian Lev
1 Philippine Peso = 0.00709 Bahraini Dinar
1 Philippine Peso = 32.88225 Burundi Franc
1 Philippine Peso = 0.01878 Bermuda Dollar
1 Philippine Peso = 0.02522 Brunei Dollar
1 Philippine Peso = 0.12883 Bolivian Boliviano
1 Philippine Peso = 0.07009 Brazilian Real
1 Philippine Peso = 0.01878 Bahamian Dollar
1 Philippine Peso = 1.277 Bhutan Ngultrum
1 Philippine Peso = 0.19573 Botswana Pula
1 Philippine Peso = 375.96244 Belarus Ruble
1 Philippine Peso = 0.03752 Belize Dollar
1 Philippine Peso = 0.02494 Canadian Dollar
1 Philippine Peso = 0.01868 Swiss Franc
1 Philippine Peso = 12.01146 Chilean Peso
1 Philippine Peso = 0.12169 Chinese Yuan
1 Philippine Peso = 54.86948 Colombian Peso
1 Philippine Peso = 10.59718 Costa Rica Colon
1 Philippine Peso = 0.01878 Cuban Peso
1 Philippine Peso = 1.78854 Cape Verde Escudo
1 Philippine Peso = 0.41869 Czech Koruna
1 Philippine Peso = 3.33333 Djibouti Franc
1 Philippine Peso = 0.12088 Danish Krone
1 Philippine Peso = 0.93052 Dominican Peso
1 Philippine Peso = 2.20053 Algerian Dinar
1 Philippine Peso = 0.25367 Estonian Kroon
1 Philippine Peso = 0.33502 Egyptian Pound
1 Philippine Peso = 0.51117 Ethiopian Birr
1 Philippine Peso = 0.01621 Euro
1 Philippine Peso = 0.03897 Fiji Dollar
1 Philippine Peso = 0.01426 Falkland Islands Pound
1 Philippine Peso = 0.01425 British Pound
1 Philippine Peso = 0.08833 Ghanaian Cedi
1 Philippine Peso = 0.87962 Gambian Dalasi
1 Philippine Peso = 169.05164 Guinea Franc
1 Philippine Peso = 0.14052 Guatemala Quetzal
1 Philippine Peso = 3.88526 Guyana Dollar
1 Philippine Peso = 0.14739 Hong Kong Dollar
1 Philippine Peso = 0.44866 Honduras Lempira
1 Philippine Peso = 0.1197 Croatian Kuna
1 Philippine Peso = 1.23812 Haiti Gourde
1 Philippine Peso = 5.22103 Hungarian Forint
1 Philippine Peso = 261.46479 Indonesian Rupiah
1 Philippine Peso = 0.06819 Israeli Shekel
1 Philippine Peso = 1.27817 Indian Rupee
1 Philippine Peso = 22.23474 Iraqi Dinar
1 Philippine Peso = 796.99531 Iran Rial
1 Philippine Peso = 2.05333 Iceland Krona
1 Philippine Peso = 2.4507 Jamaican Dollar
1 Philippine Peso = 0.01331 Jordanian Dinar
1 Philippine Peso = 2.06607 Japanese Yen
1 Philippine Peso = 1.89577 Kenyan Shilling
1 Philippine Peso = 1.28255 Kyrgyzstan Som
1 Philippine Peso = 75.84601 Cambodia Riel
1 Philippine Peso = 7.92488 Comoros Franc
1 Philippine Peso = 16.90141 North Korean Won
1 Philippine Peso = 20.8492 Korean Won
1 Philippine Peso = 0.00568 Kuwaiti Dinar
1 Philippine Peso = 0.0154 Cayman Islands Dollar
1 Philippine Peso = 6.40488 Kazakhstan Tenge
1 Philippine Peso = 157.33333 Lao Kip
1 Philippine Peso = 28.26291 Lebanese Pound
1 Philippine Peso = 3.00282 Sri Lanka Rupee
1 Philippine Peso = 2.66254 Liberian Dollar
1 Philippine Peso = 0.2584 Lesotho Loti
1 Philippine Peso = 0.05725 Lithuanian Lita
1 Philippine Peso = 0.01165 Latvian Lat
1 Philippine Peso = 0.02546 Libyan Dinar
1 Philippine Peso = 0.17921 Moroccan Dirham
1 Philippine Peso = 0.31576 Moldovan Leu
1 Philippine Peso = 0.99324 Macedonian Denar
1 Philippine Peso = 25.69014 Myanmar Kyat
1 Philippine Peso = 45.33333 Mongolian Tugrik
1 Philippine Peso = 0.15181 Macau Pataca
1 Philippine Peso = 6.66667 Mauritania Ougulya
1 Philippine Peso = 0.65765 Mauritius Rupee
1 Philippine Peso = 0.29239 Maldives Rufiyaa
1 Philippine Peso = 13.39812 Malawi Kwacha
1 Philippine Peso = 0.3853 Mexican Peso
1 Philippine Peso = 0.07515 Malaysian Ringgit
1 Philippine Peso = 0.25797 Namibian Dollar
1 Philippine Peso = 6.74178 Nigerian Naira
1 Philippine Peso = 0.59151 Nicaragua Cordoba
1 Philippine Peso = 0.15379 Norwegian Krone
1 Philippine Peso = 2.0385 Nepalese Rupee
1 Philippine Peso = 0.0272 New Zealand Dollar
1 Philippine Peso = 0.00723 Omani Rial
1 Philippine Peso = 0.01878 Panama Balboa
1 Philippine Peso = 0.06164 Peruvian Nuevo Sol
1 Philippine Peso = 0.06142 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.28545 Pakistani Rupee
1 Philippine Peso = 0.06993 Polish Zloty
1 Philippine Peso = 106.70047 Paraguayan Guarani
1 Philippine Peso = 0.06835 Qatar Rial
1 Philippine Peso = 0.07565 Romanian New Leu
1 Philippine Peso = 1.1966 Russian Rouble
1 Philippine Peso = 15.95174 Rwanda Franc
1 Philippine Peso = 0.07042 Saudi Arabian Riyal
1 Philippine Peso = 0.14841 Solomon Islands Dollar
1 Philippine Peso = 0.25277 Seychelles Rupee
1 Philippine Peso = 0.33719 Sudanese Pound
1 Philippine Peso = 0.16718 Swedish Krona
1 Philippine Peso = 0.02548 Singapore Dollar
1 Philippine Peso = 0.01426 St Helena Pound
1 Philippine Peso = 0.41701 Slovak Koruna
1 Philippine Peso = 149.29577 Sierra Leone Leone
1 Philippine Peso = 10.57277 Somali Shilling
1 Philippine Peso = 397.4216 Sao Tome Dobra
1 Philippine Peso = 0.16432 El Salvador Colon
1 Philippine Peso = 9.67099 Syrian Pound
1 Philippine Peso = 0.25817 Swaziland Lilageni
1 Philippine Peso = 0.61446 Thai Baht
1 Philippine Peso = 0.04845 Tunisian Dinar
1 Philippine Peso = 0.04326 Tongan paʻanga
1 Philippine Peso = 0.08905 Turkish Lira
1 Philippine Peso = 0.12487 Trinidad Tobago Dollar
1 Philippine Peso = 0.56648 Taiwan Dollar
1 Philippine Peso = 42.59155 Tanzanian Shilling
1 Philippine Peso = 0.49596 Ukraine Hryvnia
1 Philippine Peso = 72.33803 Ugandan Shilling
1 Philippine Peso = 0.01878 United States Dollar
1 Philippine Peso = 0.59211 Uruguayan New Peso
1 Philippine Peso = 147.69953 Uzbekistan Sum
1 Philippine Peso = 1498.59155 Venezuelan Bolivar
1 Philippine Peso = 429.12676 Vietnam Dong
1 Philippine Peso = 2.02911 Vanuatu Vatu
1 Philippine Peso = 0.04869 Samoa Tala
1 Philippine Peso = 10.62592 CFA Franc (BEAC)
1 Philippine Peso = 0.0507 East Caribbean Dollar
1 Philippine Peso = 10.62592 CFA Franc (BCEAO)
1 Philippine Peso = 1.92432 Pacific Franc
1 Philippine Peso = 4.69202 Yemen Riyal
1 Philippine Peso = 0.25823 South African Rand
1 Philippine Peso = 97.4554 Zambian Kwacha
1 Philippine Peso = 6.79624 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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