More than 100 medicines for diabetes, high cholesterol and hypertension have become cheaper, thanks to the exemption from the 12-percent value-added tax (VAT) these now enjoy under the Tax Reform for Acceleration and Inclusion (TRAIN) Act, the Department of Finance (DOF) said on Sunday.
In a statement, the DOF noted that the Food and Drug Administration’s (FDA) list of VAT-exempt medicines included those most commonly prescribed by doctors, including Metformin for diabetes, Simvastatin for high cholesterol, as well as Amlodipine for hypertension.
The FDA, however, informed the DOF that some products which were no longer sold here might still be on the list because these had valid certificates of product registration.
Finance Assistant Secretary Antonio Joselito Lambino II said in a text message that the FDA list could be accessed through the website dpw.doh.gov.ph.
Finance Secretary Carlos Dominguez III and Health Secretary Francisco Duque III earlier said that the VAT exemption was part of the government’s efforts to widen the people’s access to affordable medicines and promote better healthcare so they could contribute to society.