15 days after EVAT implementation, prices remain stable - DTI

2005/11/16

15 days after EVAT implementation, prices remain stable - DTI

by T. Villavert

Iloilo City (16 November) -- Fifteen days after the implementation of the Expanded Value Added Tax, the prices of basic and prime commodities still remained stable.

"We are pleased to report to the public that after the EVAT implementation this is the finding of our team which regularly monitors major outlets in Iloilo City," Director Diosdado Cadena of the Department of Trade and Industry-Iloilo Office said in a telephone interview with the Philippine Information Agency.

Director Cadena cited one reason as to why the prices of the products under the DTI jurisdiction have remained stable was due to the fact that " these manufactured products had already been covered by the VAT law".

"The other reason," Cadena said, "these manufactured products have already been inventoried, and our records show that the inventory of these products from Manila ranged from 2 weeks to two months, which means that they had been acquired at the old acquisition cost".

"Another reason is that there is a substantial competition among these manufactured consumer products," Cadena said without further elaboration.

Cadena said that in agricultural/fishery products, their prices will depend on the availability of supply. "For example, fish, if we have a stormy weather or in one occasion when the catch is low, then there will be some price adjustments but these are very circumstantial to happen with regard to the agricultural/fishery products," Cadena said.

Consumer vigilance and awareness also count in our price monitoring, "We encourage the public and the local government officials to take active role in price monitoring so that consumers will be protected from those intending to take undue advantage of the situation," Cadena said.

Also, the DTI assured the public that they maintain their telephone lines open to readily attend to the welfare and promotion of consumer protection. These numbers are: 335-0l-49; 337-03-92 and 509-99-42. (PIA)


Diosdado Cadena Jr.