Stable Prices of Prime Commodities in the Philippines Despite VAT Hike

The Department of Trade and Industry (DTI) has reported that prices of prime commodities in the Philippines have remained stable since January, except for two detergent brands. According to DTI's monitoring sections, prices of processed basic necessities and prime commodities, such as canned fish, luncheon meat, meat loaf, corned beef, beef loaf, processed milk, instant noodles, coffee, iodized salt, patis, vinegar, soy sauce, toilet and laundry soap, and detergent bars have remained stable. The only price increase observed was in two detergent brands, which rose by 50 centavos to one peso.

Key Takeaways:

• The prices of prime commodities in the Philippines have remained stable since January, except for two detergent brands, which increased by 50 centavos to one peso.
• The two percent increase in the value-added tax (VAT) on manufactured goods has had a minimal impact on prices, with businesses absorbing the impact rather than passing it on to consumers.
• Trade Undersecretary Zenaida Cuison Maglaya attributes the stable prices to competition and low demand in the market, emphasizing the importance of consumers exercising their right to choose and being critically aware of product prices and standards.
• The DTI continues to closely monitor product quality and safety, assuring consumers of compliance to product standards, proper labeling, and the price tag law.
• Consumers are urged to report unusual price increases or non-compliance to quality standards to the DTI Consumer Assistance Hotline (751-3330) or via text message to 2920 for Globe and Smart subscribers.

Statistics:

• 30+ brands of canned sardines available in the market, giving consumers a wide array of choices.
• 2 percent increase in the value-added tax (VAT) on manufactured goods.
• 2 detergent brands observed to have increased their prices by 50 centavos to one peso.

Sources:

• Department of Trade and Industry (DTI)
• Asia Pulse
• Philippine News Agency (PNA)