Senator Sherwin Gatchalian proposes an amendment to allocate a P3 billion budget for state universities and colleges (SUCs) and urges drug retailers to ensure VAT-exempt medicines are easily accessible to consumers as mandated by the CREATE Act. The FDA has recently updated the list of VAT-exempt medicines.
Senator Sherwin Gatchalian seeks to address the deficiency by introducing an amendment to include the budget of the different SUCs totaling P3 billion. Senator Sherwin Gatchalian is calling on drugstores and retailers to prioritize the availability of medicines exempt from value-added tax .
“Drugstores and retailers must ensure that the medicines covered by the VAT-free exemption are easily accessible to consumers as provided for by the Corporate Recovery and Tax Incentives for Enterprises or CREATE Act,” Gatchalian said.The Food and Drug Administration has recently endorsed to the Bureau of Internal Revenue 17 more medicines exempted from the 12-percent VAT — eight of which are for diabetes, four are for the treatment of cancer, and three for mental illness.
Under the BIR rules, the effectivity of the latest VAT exemption started last November 25. This is the 6th time this year that the FDA updated the list of VAT-exempted medicines. The BIR had included in the list 15 drugs, seven of which are for the treatment of cancer, five are for hypertension, two for mental illnesses, and one for high cholesterol.
Gatchalian emphasized that since many Filipinos are still reeling from the high prices of prime commodities, it is important for the government to provide support for those who are suffering from common illnesses such as diabetes and hypertension.
Senator Sherwin Gatchalian Budget Amendment Sucs VAT-Exempt Medicines CREATE Act FDA
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