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MANILA, Philippines – Both drug manufacturers and Filipino consumers will benefit from the value-added on medicines will lower prices and boost demand, BMI said.
In April, the Bureau of Internal Revenue issued a memorandum expanding the list of medicines exempt from the 12-percent VAT to 2,263 from 2,242 previously. These include treatments for serious and chronic illnesses, including cancer and diabetes.
READ: House bill seeks VAT exemption for all essential medicines
In a recent report, BMI, a unit of Fitch Solutions, noted that the move forms part of the government’s broader effort to reduce healthcare costs, particularly as Filipino households continue to shoulder a large portion of medical expenses.
