TRAIN taxes throwing fisherfolks into 'debt trap'
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As various business segments feel like they are being spun in a whirlpool because of consumer-cost cataclysm out of the Tax Reform for Acceleration and Inclusion (TRAIN) Act, the country’s fisher folks are adding to the voice of dissent on fears that high fuel excise taxes could throw them into a debt trap. The fisher folks reportedly raised their concern with the oil companies that are undertaking information, education, and communication (IEC) campaign on the cost impacts of the TRAIN Law. One of the leading oil firms of the country indicated that the fishermen are among those “most worried getting into a debt trap because from P500 cost per trip that they had before, that will now go up to R600, an increase of about 20-percent per trip in their costs.”
Velasco, M. M. (2018, January 14). TRAIN taxes throwing fisherfolks into 'debt trap'. Manila Bulletin, p. B-3.
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- Manila Bulletin