Train and the fetish for Coke
Finance Secretary Sonny Dominguez recently explained the impact of the landmark Tax Reform for Acceleration and Inclusion (Train) law. This after some artists attempted to tweak the real and equitable benefits that Filipinos will derive from Train.
It is sad that some quarters are muddling the positive impact of the new tax reform law, and funny that they make the increase of the price of Coca-Cola as their principal issue. The cola, just like cigarettes, is among the top causes of affliction and death of us Pinoys because of diabetes. (By the way those who are now dependent on drugs for their diabetes will see their prices plummet because the drugs will be tax free.)
In summary and in sum, those who earn P250,000 keep their P50,000 tax that they used to pay. Those in the upper bracket enjoy tax benefits too. We have to emphasize this as this is where the largest population of wage earners belong. Thousands of public school teachers will celebrate once they get hold of their take home pay.
Why make an issue about the luxury cars being taxed a little less? Just how many luxury cars can one have in his garage? But think about the other incentives if you are really hunting for a car. An environment friendly vehicle like an electric car is tax free and a hybrid variety has so little tax. Incentive is the key word.
In short, when the team of Secretary Dominguez crafted Train, they were not only looking for money to fund the massive infrastructure projects that we are so in dire need of, they are also looking after the health of the nation.
The revenue that Train will raise is primarily for infrastructure. Railways, roads and bridges, airports, seaports and irrigation among others. In addition to the billions of pesos that Train will raise are cheap loans from Japan and China. Never in our history do we have this availment of cheap money.
Infrastructure projects like roads, bridges and building would also be needing thousands of workers. And with an infrastructure network, expect productivity to rise above normal levels. This will generate, if not motivate people, to produce more as access to the markets will now be cheaper and their profits doubled.
The nation is celebrating the prospects and the dawning of the new era. The surveys say it all. An overwhelming number of Filipinos look up to 2018 and beyond with unprecedented optimism. This is only overshadowed by the results of the surveys that show an all time high trust and satisfaction ratings in President Duterte. The President is focused on his agenda, and his Cabinet members are on track. Even the players in the telecom industry which had been so laggard and so inept for decades and have become a national shame are now uneasy with the mere announcement of the entry of the third Telecom player.
Oh well, they thought they have the monopoly of and knowledge of the telecom technology and how to run it. Early in the Duterte presidency, one of them had the temerity of telling the president to leave telecom alone as this is an area where the duopoly has the sole expertise. To their surprise, this president is actually abreast with the times.
President Duterte cannot frustrate the trust and satisfaction of the entire nation on him. Certainly this is not about the fetish for Coke but is about life, livelihood and development.--