MANILA — Senator Juan Miguel Zubiri on Thursday said that he is set to file a resolution next week urging a probe into alleged profiteering by unscrupulous firms amid the impact of the Tax Reform for Acceleration and Inclusion (TRAIN) law.
“In the next couple of weeks we’ll include in the agenda of the Trade, Commerce, and Entrepreneurship Committee to look into illegal profiteering that transpired due to the passage of TRAIN,” Zubiri, committee chair, said in a Kapihan press conference.
Zubiri said that by Monday (January 22), he will be filing a resolution instructing his committee to look into the issue and will be meeting Department of Trade and Industry (DTI) Secretary Ramon Lopez.
He also said that he will be inviting Lopez in the hearing to assure the public that no illegal profiteering has taken place or will take place.
According to Zubiri, his office had received reports that there are some sectors that have increased the prices of commodities despite the fact that TRAIN guidelines on new or additional excise taxes have yet to be released.
“We have received a report that there are sectors that take advantage of the TRAIN. In other words, engage in illegal profiteering wherein they increase the prices of commodities even before the DOF has issued guidelines on how much the increase will be but they went ahead and started collected profits,” Zubiri said.
Zubiri, meanwhile, urged unscrupulous firms to respect the standard retail prices approved by the DTI and other sectors.
He warned that firms engaged in illegal profiteering can be given shutdown orders by the DTI.