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Saturday, February 04, 2006
Prices unchanged even with RVAT hike - DTI
Prices of basic commodities last Wednesday, the day the government implemented the two-percentage point increase in the reformed value-added tax (RVAT) rate, remained as they were a week ago.
But the prices of basic goods were, however, higher by P1 to P5 compared to a year ago, according to the price and supply monitoring report of the Department of Trade and Industry-Cebu Provincial Office (DTI-CPO).
Daily
DTI-CPO is now conducting its price and supply monitoring daily to keep unscrupulous traders from taking advantage of the increase in the RVAT rate to 12 percent, said DTI-CPO regulatory division chief Zayde Bation.
Basic commodities whose prices remained as is since last week include sardines, canned meat, corned beef, processed milk, evaporated filled and condensed milk, powdered milk, coffee refill, instant noodle, flour and sugar.
Supermarkets
The DTI-CPO monitored supermarkets, such as SM Supermarket, Gaisano Met-ro Colon, Gaisano Inc., Colonnade Supermarket, White Gold Club Inc., flour producer Ong Kin King and Goco Marketing.
Bation earlier warned traders of irrational increases in the prices of their products using the increase in the RVAT rate as an excuse.
She said the DTI would know exactly how much the prices of goods will increase due to the higher RVAT rate.
She said the DTI will immediately investigate establishments that increase the prices of their products by more than two percentage points.
If a company’s net profit is more than 10 percent, this is already a prima facie evidence of profiteering, Bation told Sun.Star Cebu.
With the increase in the RVAT rate this year, the government expects to raise over P35.12 billion. (JBN)
For Bisaya stories from Cebu. Click here. (February 4, 2006 issue)
Write letter to the editor.Click here.
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