MANILA, Philippines — Prices of basic commodities and goods are expected to increase this year after the Tax Reform for Acceleration and Inclusion Law was enacted last December 19.
The first package of tax reforms took effect on January 1. Among the provisions of the law are a P6 per liter hike on drinks with caloric and non-caloric sweeteners while drinks with high fructose corn syrup will be taxed an extra P12 per liter.
Some establishments implemented price adjustments over the New Year festivities and a number jeepney operators and taxi operators, as well as Transport Network Company Grab Philippines, have announced that they would ask for fare increase due to the tax reform law. Fare adjustments are not expected until March.
Trade and Industry chief Ramon Lopez however said price movements should not take effect immediately since distributors are still selling old stocks of products.
TRAIN aims to generate fund for the government’s infrastructure, military modernization programs and social services.
The law increases the take-home pay for most wage earners. But will seek more revenue through excise taxes on fuel, cars and sugar-sweetened beverages, among others.
Philstar.com is collecting the list of product and services which adjusted prices due to TRAIN.
The list will be updated regularly.