Press Release
February 9, 2018

Sen. Bam repeats call for immediate financial assistance for Filipinos amid rapid rise in prices

Alarmed by the rapid increase in prices of goods and services due to the Tax Reform Acceleration and Inclusion (TRAIN) Law, Sen. Bam Aquino renewed his push for the immediate implementation of financial assistance to poor Filipinos.

"This is the reason I keep pushing for the immediate implementation of financial assistance. Alam na namin ang kahihinatnan ng tax reform ng nagbotohan, kaya ako kumontra sa TRAIN," said Sen. Bam.

Sen. Bam's pronouncement came after the country's inflation rate reached four percent, the highest in four years, due to the effects of the TRAIN Law.

Republic Act No. 10963 mandates financial assistance to 10 million poor Filipinos to counter the expected increase in prices of goods. In 2018, they will receive P200 monthly followed by a P300 monthly cash subsidy in 2019 and 2010.

During the measure's period of amendments in the Senate, Sen. Bam pushed for the immediate implementation of the financial assistance program to help poor Filipinos absorb the expected increase in the prices of goods and services. However, Sen. Bam's proposal was not accepted.

"The government is failing the Filipino people, especially the impoverished. We must implement a sufficient financial assistance program immediately to cushion the blow of TRAIN and the price increases," Sen. Bam said.

Recently, Sen. Bam filed Senate Resolution No. 597, urging the appropriate Senate committee to scrutinize the implementation of the unconditional cash transfer to ensure that it is sufficient to cover the increase in prices of goods and other services.

Sen. Bam is also calling on the National Economic Development Authority (NEDA) to check if household incomes are enough to absorb these rising costs.

"Gusto rin natin alamin kung sapat na ang 200 pesos kada buwan na cash transfer, lalo na ngayong tumataas na rin ang presyo ng kuryente at bigas," said Sen. Bam.

Sen. Bam is the former chairman of the Senate Committee on Trade, Commerce and Entrepreneurship and passed several measures to provide livelihood by supporting small, local businesses in the country. He is also the principal sponsor of the free college law passed last year.

Sen. Bam voted no to the ratification of the Tax Reform Acceleration and Inclusion (TRAIN) Law.

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