That would be the very same TRAIN law that was passed by a substantial majority of both houses of Congress – including affirmative votes from two of the three senators now complaining about it – not quite five months ago. “The economic managers should seriously review the Train law given the upward trend in the numbers,” he explained. Senator Bam Aquino 4th, who voted against the law, expressed a similar sentiment. He pointed to a recent survey that showed 86 percent of Filipinos have been “strongly affected” by tax-induced price increases. As I wrote in the middle of last month, the fastest path to making serious mistakes in managing the tax reform program is to jump to conclusions before it has had a statistically-significant amount of time – probably a year – to spread its effects fully throughout the economy.

Source: Manila Times May 09, 2018 16:41 UTC