Senate President Vicento Sotto III filed Senate Bill 1906 or the proposed second package of the Tax Reform for Acceleration and Inclusion or TRAIN 2.
The Senate version of the controversial TRAIN 2 includes the deduction of corporate income tax and revising the tax incentives of business owners or big companies.
Sotto is confident that he will get the majority of the Senators’ support as soon as the Department of Finance will be able to explain carefully the benefits included in the said package.
Sotto made specific mention to TRAIN 2’s inclusion of providing aid to small scale businesses.
Meanwhile, at the House of Representatives, newly elected Speaker of the House, Pampanga Rep. Gloria Macapagal-Arroyo said that the TRAIN 2 bill will be at the top priority of the lower house.
In fact, Macapagal-Arroyo already had a meeting with President Rodrigo Duterte’s economic managers regarding the country’s inflation and what causes it to continue to spike up.
The former President is also an economist.