By Dominique Gabriel G. Bañaga
Senator Cynthia Villar endorsed the Department of Agriculture suggestion to impose a suggested retail price (SRP) on sugar, rice and other food products.
Villar said she has been pushing for an SRP on food commodities to reduce the impact of the Tax Reform Acceleration and Inclusion (TRAIN) Law, which the senator claims has increased inflation rates in country and driven consumer products upwards.
“Our problem is the existence of cartels that control prices of goods,” she said. “Even if there is no actual shortage of products, prices are still high.”
Villar said prices are competitive but “prices should be reasonable, especially food products.”
“It is unfair if we buy food at high prices and there is enough supply,” she said.
Meanwhile, she also welcomed the proposal to suspend the excise tax on fuel.
“Commodities are affected by prices of oil in the international market because of cost transportation,” she said.
We do not have our own oil which we need to buy from other countries, she added.
“Under the TRAIN law, if prices reach $80 per barrel, excise taxes can be suspended,” Villar explained./DGB, WDJ