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Bacolod City, Philippines Saturday, January 20, 2018
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Guv tells bizmen: Don't make
TRAIN excuse for profiteering

Negros Occidental Gov. Alfredo Marañon Jr. yesterday appealed to businessmen not to use the Tax Reform for Acceleration and Inclusion (TRAIN) Law as an excuse for illegal profiteering.

Reports received by some government offices indicate that consumers have been complaining over the increase in the prices of some commodities, he said

Many readily assume that it is already the consequence of the TRAIN Law but the Department of Finance has yet to issue the guidelines on its implementation, and the Department of Trade and Industry to issue standards that spell out the ceiling/cap on price increases, the governor said.

“It is, therefore, clear that those unnecessarily increasing prices not in conformity with the DOF and DTI rules, are engaged in illegal profiteering. In the light of this development, I am appealing to local businesses to refrain from such moves as outright increases on the prices of goods,” Marañon added.

He said that, as disclosed by Sen. Juan Miguel Zubiri, chairman of the Senate Committee on Trade and Industry, establishments found violating provisions of the TRAIN Law may be issued a shutdown order by the DTI.

Zubiri on Thursday said he is filing a resolution next week urging a probe into alleged profiteering by unscrupulous firms anticipating the impact of the TRAIN law.

The senator said his office had received reports that there are some sectors that have increased the prices of commodities despite the fact that TRAIN guidelines on new or additional excise taxes have yet to be released.

Zubiri urged unscrupulous firms to respect the standard retail prices approved by the DTI and other sectors.*CPG




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