DFA Conducts Briefing on TRAIN Law

13 February 2018 — The Human Resources Management Office, in partnership with the Department of Finance (DOF), conducted a briefing for DFA personnel on Republic Act 10963 or otherwise known as Tax Reform for Acceleration and Inclusion (TRAIN) Law at the Bulwagang Elpidio Quirino on 07 February.

The seminar’s resource speaker, Mr. Mark David Ablang, Director of Strategy, Economics and Results Group of DOF, enlightened the personnel on the key provisions of TRAIN Law on personal income, basic commodities, sweetened beverages, auto excise tax, estate and donor’s tax, value added tax, coal excise tax, simplified tax system, and oil excise rates. The effects on inflation and impact on electricity were also explained.

He also highlighted the vision of the Law for the Philippines that, by the year 2020, poverty rate will be reduced and Gross National Income (GNI) will be increased from US$ 3,500 to 5,000. By the year 2040, extreme poverty shall be eradicated and GNI shall be increased to at least US$ 11,000. He emphasized the ways of achieving the vision by attaining a 7-10% investment-led growth rate and raising Php 366B per year between 2016 and 2022. END