Nearly half of expected revenues next year from a proposed increase in oil taxes will be used for cash transfers and other social mitigation measures, a Finance official said.

In a statement on Friday, Finance Undersecretary Karl Kendrick Chua said that if the proposed Tax Reform for Acceleration and Inclusion Act (Train) was passed by Congress, almost P30 billion would be allocated for targeted subsidies given an expected short-term rise in prices.

Premium + Digital Edition

Ad-free access


P 80 per month
(billed annually at P 960)
  • Unlimited ad-free access to website articles
  • Limited offer: Subscribe today and get digital edition access for free (accessible with up to 3 devices)

TRY FREE FOR 14 DAYS
See details
See details