DTI intensifies price monitoring
Almost two weeks after the implementation of the Expanded Value Added Tax (EVAT) the Department of Trade and Industry (DTI) Iloilo noted that prices of basic commodities remain stable.
DTI led by provincial director Diosdado Cadena, Jr. conducts regular monitoring of commercial establishments to know if retailers take advantage of the EVAT. The inspection however is concentrated on products under the jurisdiction of DTI.
Last Friday, Cadena along with representatives from the Iloilo City Treasurer's Office Anti-Fraud Task Force conducted on the spot inspections at the Central Market, Gaisano Guanco and the Iloilo Terminal Market.
Cadena told The News Today that based on their inspection in said establishments there was no drastic or unreasonable increases in the prices of basic commodities like sardines, noodles, coffee, sugar, corned beef and meat loaf. In fact, he said, prices of some goods have lowered.
Cadena however said the daily monitoring of prices started since January 20, almost two weeks before the implementation of the EVAT on February 1.
Cadena admitted that they expect prices of EVAT covered goods to increase soon as a result of the new law but only to a reasonable extent.
EVAT increases value added tax on certain goods from 10 to 12 per cent. It exempts fresh agricultural produce.
Cadena said their office also has not received any complaint related to price increases resulting from the EVAT.
Though prices of goods remain stable, DTI noted violations on the Price Tag Law especially among traders in the Iloilo Central Market and the Iloilo Terminal Market.
Cadena thus warned stall owners to put price tags on the goods they are selling.
Cadena also noted that prices of goods in the wet markets are slightly higher compared to that in grocery stores. This is because the goods they sell mostly come from the grocery stores.
Cadena also called on the public to be vigilant against unscrupulous traders who would take advantage of the EVAT. He said EVAT should not affect prices of fish, meat, eggs, rice and vegetables as they are not covered by the new law.
In line with the DTI's campaign to protect consumers, Cadena said, they will be putting up a Price Watch Bulletin in the city's major markets in coordination with the city government. The Price Watch Bulletin will indicate the prices of basic commodities to guide the consumers. It will first be installed in the Central Market, Iloilo Terminal Market and the La Paz Public Market.