Rice & Gas Price Increases As Consequence Of TRAIN Law

Rice & Gas Price Increases As Consequence Of TRAIN Law

The price of rice and gas both increased due to the alleged consequence of the Tax Reform for Acceleration and Inclusion (TRAIN) law.

The Philippine Statistics Authority (PSA) noticed the nationwide increase of rice price based on their price monitoring.

The price of rice has increased P1 per kilo of regular well-milled rice, special and premium rice, while P2 increase per kilo of premium well-milled rice.

PSA also reported the P3 per kilo increase of well-milled rice in Kidapawan City and P2 per kilo increase in Naga City and National Capital Region (NCR).

The Kilusang Magbubukid ng Pilipinas (KMP) cited PSA report of P.50 to P3 per kilo of regular milled rice were observed in six regional centers nationwide.

KMP also noted the increase if other food agricultural product including beef, meat and pork lean meat of P10 per kilo and P2 to P20 of dressed chicken. While the prices of fish and vegetables in the market also increase.

KMP said that the price hikes are allegedly the result of TRAIN law, which causes the cumulative increase of petroleum prices.

“These price hikes are the result of the cumulative hike in petroleum prices since Jan. 1, when TRAIN became effective. This week, oil prices will once again increase according to oil companies,” KMP said quoted by Philstar.

TRAIN law imposes higher tax on gasoline from P4.35 per liter to P7 liter while the new tax rates will add P3 per liter on kerosene and P2.50 per liter on auto liquefied petroleum gas (LPG).

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