By ROY C. MABASA
President Rodrigo Duterte yesterday signed into law the Tax Reform for Acceleration and Inclusion (TRAIN) which will generate about P130 billion in revenues and the General Appropriations Act of 2018, two laws aimed to accelerate infrastructure projects in the country under the “Build, Build, Build” program of the administration.
“Two laws that I signed today are the fulfillment of my campaign promise to institute genuine fiscal reform that will be felt by every Filipino,” the President said in his speech at the signing of the TRAIN and the General Appropriations Act of 2018 in Malacañang.
Duterte noted that thru the bold and decisive efforts of the administration’s economic managers, “we were able to design and craft a spending and tax plan embodied by the 2018 General Appropriations Act and the Tax Reform for Acceleration and Inclusion Act or TRAIN.”
The implementation of these two laws, he said, “will serve as our national, initial step towards cutting the poverty rate to 14 percent and making the Philippines an upper middle class by 2022.”
Duterte commended the DBM for its timely submission of the draft and budget and the determination of the leadership of both houses of Congress, especially the Appropriations and Finance committee for ensuring the careful scrutiny and prompt approval of the budget.
He pointed out that the 2018 GAA amounting to R3.767 Trillion, which is 12 percent higher than last year’s budget, will primarily support infrastructure development and free education in state universities and colleges, universal health care, free irrigation, and the maintenance of peace and order across the country.
“This will also fulfill my campaign promise of doubling the basic pay of our soldiers and police officers, which will take effect on the very first day of 2018,” he said.
Duterte emphasized that the budget “is a credible budget,” as he assured that it will be supported by the comprehensive tax reform program embodied by the TRAIN, subject to several line vetoes, which he will discuss separately in his veto message.
“The timely passage of TRAIN is indeed a milestone for the Department of Finance and our congressional leadership, especially the Ways and Means committees of both houses, who gave their full support for this measure after numerous hearings and hundreds of public consultation nationwide,” he said.
