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[av_heading heading=’‘Don’t panic,’ says DTI exec’ 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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January 19, 2018
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‘No movement’ yet in WV prices despite TRAIN
ILOILO City – As consumers gird for the full impact of the Tax Reform for Acceleration and Inclusion (TRAIN) Act on the prices of prime commodities, a Department of Trade and Industry (DTI) official is urging the public to be vigilant.
DTI-6 OIC-regional director Rebecca Rascon assured Panay News on Wednesday that their agency is closely monitoring the prices of prime commodities in outlets and markets all over the region, noting that no sudden price hikes have been reported as of Jan. 17.
“In our price monitoring for basic and prime commodities, in general, wala pa sing movement all over the region, that’s why ang akun ginapanugyan sa mga konsumindor is not to panic,” Rascon told Panay News in an interview.
The DTI-6 official also said that her office is still waiting for the Implementing Rules and Regulations (IRR) of the tax reform law. In the meantime, Rascon is urging consumers to be vigilant and report any perceived irregularities or profiteering to the DTI.
The newly approved TRAIN law seeks to lower personal income taxes, increase excise tax on fuel products, and impose tax on sweetened beverages, among others.
For diesel, a P2.50 tax per liter will be imposed this year, while there will be increases of P1.00 for LPG and P7 for LPG.
Sweetened beverages such as juice drinks, sweetened tea, all-carbonated beverages, flavored water, energy and sports drinks, cereal and grain beverages, and other nonalcoholic drinks that use caloric or non-caloric sweeteners will be taxed P6 per liter. Meanwhile, P12 per liter will be taxed for those that contain high fructose corn syrup (HFCS).
To report cases of suspected irregularity of prices and incidents of profiteering, Rascon is urging consumers to report to the DTI-6 regional director office by calling 335-0548, or contacting the national DTI Direct hotline 751-3330 or sending a text message through 0917-8343330.
Business establishments that will commit illegal acts of price manipulation, specifically profiteering, shall be imposed a fine of not less than P5,000.00 nor more than P2 million, and imprisonment for 5 to 15 years./PN
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