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.
Comments
Post a Comment