MANILA - Old inventory of sugar-sweetened drinks should not be sold with excise taxes that took effect at the start of the year, Trade Secretary Ramon Lopez said Wednesday.
Lopez said the trade department sought the help of softdrink manufacturers to distinguish old inventory from new ones that will be subject to the new duties -- P6 per liter on drinks that use caloric and non-caloric sweeteners and P12 per liter on those that use high fructose corn syrup.
"May transition team po tayo that will make sure na iyung existing inventory will be priced accordingly, iyung succeeding inventory na papatungan ng excise tax ang magkakaroon ng adjustment," Lopez told DZMM.
(We have transition teams that will make sure existing inventory will be priced accordingly, excise tax will be imposed on succeeding inventory, which will be subject to price adjustment.)
"Systematize natin para mabantayan mabuti ang presyo, pero down the road we all know that we will experience the impact noong mga pag adjust ng presyo," he added.
(We will systematize it to guard prices better, but down the road, we all know we will experience the impact of price adjustments.)
The government raised taxes on sugar-sweetened drinks, fuel and cars from Jan. 1 to offset a reduction in income tax rates under the first package of President Rodrigo Duterte's tax reform program.