Department of Trade and Industry Secretary Ramon Lopez has warned retailers against using the Tax Reform for Acceleration and Inclusion Act to gain unfair profit.
“To those who will take advantage and will increase prices beyond our projected amount, we will ask them to explain and as to the penalty, the amount is from PHP20,000 to PHP1 million per store,” Lopez said during a Bangon Marawi press conference in Malacañang on Friday.
Lopez explained that while oil products and soft drinks are directly affected by a new excise tax, “the percentage increase is very small.”
He added the impact of TRAIN on other products is very negligible, like in canned goods, which should increase by only five centavos.
“It’s hard to imagine because the impact is only five cents on canned goods,” he added.
Contrary to the reported four-peso fare hike being asked by some transport groups, Lopez said the increase should not even reach one peso.
“Based on my computation, it should be only 80 cents, but of course, it’s the LTFRB (Land Transportation Franchising and Regulatory Board) that will decide on the petition,” he said.
Lopez added that the actual impact of the TRAIN should be more of positive, since wage earners with PHP21,000 and below monthly salary will no longer be deducted with personal income tax.
“Imagine, they will no longer pay P6,000 tax because they are exempted already. That’s additional budget or possible saving for them,” he said.
Lopez said the DTI is accelerating its campaign to explain to the public the positive impact of the TRAIN on the majority of Filipinos. (PNA)
