LIST: Price increases since TRAIN

by Rosette Adel (philstar.com) – Jan 18, 2018

MANILA, Philippines — Prices of basic commodities and goods are expected to increase this year after the Tax Reform for Acceleration and Inclusion Law was enacted last December 19.

The first package of tax reforms took effect on January 1. Among the provisions of the law are a P6 per liter hike on drinks with caloric and non-caloric sweeteners while drinks with high fructose corn syrup will be taxed an extra P12 per liter.

Some establishments implemented price adjustments over the New Year festivities and a number jeepney operators and taxi operators, as well as Transport Network Company Grab Philippines, have announced that they would ask for fare increase due to the tax reform law. Fare adjustments are not expected until March.

Trade and Industry chief Ramon Lopez however said price movements should not take effect immediately since distributors are still selling old stocks of products.

TRAIN aims to generate fund for the government’s infrastructure, military modernization programs and social services.

The law increases the take-home pay for most wage earners. But will seek more revenue through excise taxes on fuel, cars and sugar-sweetened beverages, among others.

Philstar.com is collecting the list of product and services which adjusted prices due to TRAIN.

The list will be updated regularly.

Updated Jan. 17, 2018; 5:59 p.m.

S&R discontinues unlimited soda.

Sari-sari store in San Juan now sells Coke Mismo at P15, from P13 prior to the implementation of TRAIN. The suggested retail price for the product is pegged at only P11.

Several netizens reported P2 to P6-price hike on carbonated beverages being sold in groceries and movie concession stands.

Hairstylist’s Menu at Mercato Centrale in Bonifacio Global City now sells fruit juices at P65, P10-increase from the previous price.

Shang Cineplex soda prices increased by P5.

WaiYing Restaurant in Binondo, Manila now sells dimsum at P80, P5 to P10 increase from its previous prices. Rice meals are now being sold at P150 to P160.

Bank of the Philippine Islands adjusted the final withholding tax on interest income on FCDU deposits from 7.5 percent to 15 percent effective Jan. 1, 2018.

Honda increased the suggested retail price of vehicles in January 2018. Most models of vehicles had a P12,000 increase. The current increase is only applicable until Jan. 31, 2018.

Banco De Oro increased withholding tax on interest for FCDU Accounts (USD/Third Currency Savings & Time Deposit). The new tax rate is 15 percent.

BDO increased Documentary Stamp Tax – Debt Instrument (Peso Time Deposit, etc). The new tax rate is P1.50 per P200

BDO increased tax rate for checkbook. The new tax rate is P3.00 per check.

BDO increased tax rate for Outward Foreign Telegraphic Transfer. The new tax rate is P0.60 per P200 transfer.

BDO increased tax rate for Inward Foreign Telegraphic Transfer. The new tax rate is P0.60 per P200 transfer.

BDO increased tax rate for Outward Foreign Currency Check Clearing. The new tax rate is P0.60 per P200 transfer.

BDO increased checkbook type. New cost for personal checkbook is P250 while commercial checkbook now costs P500.

Philippine Health Insurance Corporation or PhilHealth raised the monthly premium contributions at 2.75 percent rate computed based on the monthly basic salary, with a salary floor of P10,000 and ceiling of P40,000.