FINANCE officials are not expecting any loss of jobs under the second package of the government’s new tax reform plan.
Cash grants, however, would be put into place as part of a contingency plan if “minimal” or “temporary” job losses will be reported.
“Wala po kaming nakikitang job losses,” Finance Undersecretary Karl Kendrick Chua said in a press briefing on the second package of the Tax Reform for Acceleration and Inclusion (TRAIN 2) at Malacañang on Wednesday.
“Kung may job loss, very minimal. Ang ginawa po ng TRABAHO Bill ay naglaan po sila ng isang adjustment fund to retool and provide cash grants to workers who may be affected,” Chua assured.
“’Yung fund is precautionary motive para sure tayo just in case. Wala pa tayong mine-measure na job loss.”
Likewise, Chua allayed the fears of members of the business sector that scrapping tax perks that are considered by the Department of Finance (DOF) as “unnecessary” would result into job loss.
“Meron po tayong napakaraming examples of reforms in the past wherein the initial fear of job loss proved to be very wrong. Halimbawa po, ‘yung ni-liberalize ang airline industry at telecomms industry,” Chua said.
“Ang sabi po ng PLDT and Philippine Airlines in the 90s, it will destroy many jobs, pero ang totoo po, mas lumaki ang kanilang mga korporasyon, mas maraming jobs na na-create in other industries,” he noted.
The Finance undersecretary also explained that there was a need to strike a balance for small and large businesses.