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[av_heading heading=’Impact of tax reform to be felt by WV consumers this Jan. 15 ‘ tag=’h3′ style=’blockquote modern-quote’ size=” subheading_active=’subheading_below’ subheading_size=’15’ padding=’10’ color=” custom_font=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”]
By Rhick Lars Vladimer Albay
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An Ilonggo customer is seen walking past a stall outside the Iloilo Central Market along Aldegeur Street, Iloilo City Proper.
DTI-6 closely monitoring
prices as TRAIN rolls out
ILOILO City – The Department of Trade and Industry (DTI) Region 6 is girding for the full impact of the Tax Reform for Acceleration and Inclusion (TRAIN) Law, as it closely monitors the prices of prime commodities in Western Visayas.
“[DTI] secretary [Ramon Lopez] is warning all of us to look and closely monitor the suggested retail prices (SRP) of products and services in the region, because as of this time wala pa dapat price increases,” related DTI OIC-regional director Rebecca Rascon on Friday.
Rascon further explained that the higher excise taxes under TRAIN should only be implemented on basic and prime commodities produced and acquired from Jan. 1, 2018 onwards – hence old buffer stocks should not be subject to price hikes.
“Ang amun instruction from the head office is to closely monitor basic and prime commodities and their SRPs in the outlets, be it supermarkets or grocery stores,” explained the Trade official.
“Sa subong may mga inventories pa, so what we see in the outlets and shelves of supermarkets and grocery stores are old stock, [because] usually may buffer ang dealers and distributors, even ang manufacturers, [so as of now] dapat wala pa effect ang TRAIN on prices.”
However, Rascon sees that Western Visayas consumers may begin to experience the full impact of TRAIN’s higher excise taxes on Jan. 15 – as the old stock from last year starts to be depleted.
DTI secretary Lopez earlier dismissed fears of consumers on the impact of TRAIN on prices of basic goods.
Lopez said in a press conference Thursday that the new tax law imposing excise taxes has minimal effect on prices of basic commodities. He said that based on computation of economists and even the DTI, the excise tax on fuel will hike prices of goods by less than one percent.
From DTI’s computation, the new law only translates 0.4 percent increase in prices of goods.
According to a table of adjusted prices released by DTI, a 50-gram pouch of instant coffee is set to increase only by P0.08 – from P39.40 to P39.48. Meanwhile, 150-gram powdered milk will see a hike from P50 to P50.10, as instant noodles go up from P7.30 to P7.33./PN IAN PAUL CORDERO/PN
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