MANILA, Philippines - Tobacco giant PMFTC Inc. has raised the prices of its cigarettes products, including Philip Morris and Marlboro, just a few days after it claimed it had not yet implemented a price hike.
PMFTC released the list of "suggested wholesale price" for cigarettes, which incorporates the sin tax, on Monday.
Last Friday, the company had issued a statement, saying it had not yet raised prices of its cigarette brands .
Based on PMFTC's new suggested wholesale price, a ream of Philip Morris 20's soft packs now costs P500, up from its previous price of P317.
A ream of Marlboro Red/Lights 20's (soft packs) now costs P500, while a ream of Marlboro Red/ Lights 10's (flip top) is now priced at P515 from the old price of P322.
On the other hand, the price of a ream of Marlboro Black 10's (flip top) went up to P525 from the previous price of P332.
A ream of Marlboro Black 20's (fliptop) is even more expensive now at P545 from the original price of P352.
Other PMFTC brands include Hope, Fortune and Champion.
The sin tax law, which imposes higher excise taxes on tobacco and alcohol products, took effect on January 1. For cigarettes packed by machine and with a net retail price per pack of P11.50 and below, the excise tax rate is P12 per pack.