Tuesday, February 20, 2018

DTI: No price control of prime commodities

Staff reporter
LAOAG CITY— Department of Trade and Industry (DTI) provincial director Benjamin Garcia clarified that there is no need to impose price controls of prime commodities following a hike in prices of manufactured goods due to the expected round of oil price increases.

In view of the implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) law, Mr. Garcia said the cost of basic and prime commodities are likely to increase by five percent on its distribution costs due to increase in fuel.

In Laoag City, the DTI is on top of monitoring price increases of basic and prime commodities but as of now, Mr. Garcia said there is no price increase yet.

He clarified that DTI gives “suggested retail prices” and if someone goes overboard without necessary justification, these erring individuals could be charge with profiteering.

“As of the moment, manufacturers are still reviewing how much to be charge. So, as far as basic commodities like coffee, milk and soap among others are concerned, there is no increase yet,” Mr. Garcia said.

The TRAIN law is the first package of the comprehensive tax reform program (CTRP) envisioned by the administration of President Duterte, which seeks to correct several deficiencies in the tax system to make it simpler, fairer, and more efficient.

No comments:

Post a Comment