Press Release
May 9, 2018

Win transcript inflationary effects of the TRAIN law opening statement


Good Morning and Welcome to the Public Hearing of the Committee on Economic Affairs. Today, we will hear jointly with the Committee on Ways and Means, Senate Resolution No. 696. In aid of legislation, we are conducting this inquiry on two critical issues brought about by the implementation of Package 1 of the TRAIN Law.

First, we will discuss the inflationary effects of TRAIN 1, especially on its impact on the prices of basic necessities and prime commodities, and probe into the available remedies that can dampen inflationary pressure.

Second, we will push for a faster, sufficient, and more effective implementation of the social mitigating measures under the said law, to provide relief to the poor Filipino - especially the bottom 30% - as they bear the costs of a fiscal reform whose intent, in the first place, is to promote sustainable and inclusive growth.

Only ten weeks have passed since our preliminary inquiry last February 26. Yet we are here again - as the rising numbers in front of us become more telling, that a more responsive intervention from government has now become urgent and necessary - to better manage the TRAIN's implementation; to accelerate the provision of the safety nets and protection of the poor and the vulnerable have been promised; and to learn our humble lessons before we embark on the next stages of this comprehensive tax reform package.

Thank you and may this inquiry enable us to come up with solutions.

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