TACLOBAN CITY — Prices of basic commodities remained stable in Eastern Visayas despite implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) Law, the Department of Trade and Industry (DTI) regional office here has reported.
Citing weekly monitoring reports for about 100 prime and basic commodities available in the region’s major shops, DTI Regional Director Cynthia Nierras said there had been no movement of prices since early January.
“The commitment of manufacturers is not to adjust prices because they can absorb the fuel cost adjustment due to excise tax. The impact of oil price hike is insignificant since expense for gasoline only accounts 5 percent of the production cost,” Nierras told the Philippine News Agency (PNA) on Wednesday.
DTI continuously monitored prices in major shops located in capital cities and towns to ensure that any increase would be nominal and within the suggested retail price, she added.
The products that DTI monitors are canned sardines; processed milk; coffee; detergent and laundry soaps; bread; instant noodles; canned products like luncheon meat, meat loaf, and, corned beef; toilet soap; and cement.
In Leyte province, the DTI noted a very minimal increase in the retail price of a brand of canned sardines, processed milk, coffee, instant noodles, and bar soap.
Prices of many basic products have increased in Biliran after tropical storm Urduja due to logistical hurdles, but this has nothing to do with TRAIN Law, according to Nierras.
“The situation in Biliran is understandable because of the damaged bridges that entail additional transportation cost, but we continue to monitor to ensure that prices are justified,” he added.
President Rodrigo R. Duterte signed into law on Dec. 19, 2017 Republic Act No. 10963 or the TRAIN Law, the first package of the comprehensive tax reform program.
The TRAIN will provide hefty income tax cuts for majority of Filipino taxpayers while raising additional taxes to help support the government’s accelerated spending on its “Build, Build, Build” and social services programs. (PNA)
