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Tuesday, November 01, 2005

from vat to worse

As if we didn't have enough problems, now Filipinos have to brace for even harder times as the controversial expanded value-added tax took effect today.

I don't know if the government has a macabre sense of humor, but it's ironic that this is taking effect on the Day of the Dead. Maybe because they want to tax Filipinos to death?

Here's an excerpt from the Philippine Daily Inquirer article which is the current INQ7.net banner story:

Beginning at 12:01 a.m. today, unleaded gasoline will retail at an average of P38.42 a liter, regular gasoline at P36.37 a liter, diesel at P33.17 a liter, and kerosene at P34.91 a liter, according to initial computations by the Department of Energy.

Cooking gas prices should range between P486.17 and P492.77 per 11-kilogram cylinder. Gasoline, diesel and kerosene would have cost more had oil firms not cut prices today by 60 centavos a liter. The price of cooking gas was cut by P1 a kilogram. The decrease came in the wake of softening crude oil prices in the international market.

Electricity rates in the franchise area of Manila Electric Co. (Meralco) will go up by an average of 58 centavos per kilowatt-hour based on the September rate of P7.30 per kWh, the company earlier said.

Because petroleum products and electricity are major inputs in many industries, the prices of other basic commodities and services are also expected to rise.

Actually, if you did your groceries yesterday, you'd already have noticed that prices have gone up significantly.

Is there any light at the end of this tunnel? And no, I don't mean Gloria talking about how the Philippines will be a first world country in 20 years.

Read the full story.

Posted by Joey Alarilla :: 2:11 PM :: 0 Comments:

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