“I DON’T know if it is time to actually consider TRAIN 2,” Senator Grace Poe said on Wednesday, noting that the people are still hurting from the effects of the Tax Reform for Acceleration and Inclusion law (TRAIN 1).
TRAIN 2 or the Tax Reform for Attracting Better and High-quality Opportunities (TRABAHO) is the second tranche of the Duterte administration’s comprehensive tax reform program.
“But right now, especially with what’s happening with inflation and they’re saying and attributing some fault to TRAIN 1 and also certain social mitigating measures were not rolled, I don’t know if it’s time for us to actually consider TRAIN 2. There are so many things going on that we need to prioritize before this,” Poe said at the sidelines of the Arangkada Forum yesterday.
With most Senators worried about the implementation of TRAIN 2, Poe said the provisions of the tax reform law must be carefully considered.
“A lot of my fellow senators are actually quite apprehensive about it, especially at this time. But I think it’s our job to really read the provisions and if we have to, introduce amendments or object to it, but definitely with one thing in mind, will it actually help the economy or will it worsen the current situation?” Poe said.
The senator also admitted that she has yet to read the TRABAHO bill approved by the House of Representatives.
“There are certain things that we know will be a part of the provisions, but the actual one that they submitted in the House, I have yet to go through it,” she said.
On September 10, the House of Representatives approved the TRABAHO Bill on third and final reading. It aims, among others, to boost fiscal incentives for foreign and local businesses.