The Food and Drug Administration (FDA) endorses to the Bureau of Internal Revenue (BIR) the updated list of VAT-Exempt Medicines (as of March 2022) under RA 11354, otherwise known as the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.
The Executive Order (EO) No. 155, “Further Improving Access to Healthcare Through the Regulation of Prices in the Retail of Drugs and Medicines,” which was issued by President Rodrigo R. Duterte on 07 December 2021, subjected 34 drug molecules or 71 drug formulas under price regulation through Maximum Wholesale Price (MWP) and Maximum Retail Price (MRP). The implementation shall begin on 23 March 2022.