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. (SQM/PNA)
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