President Benigno Aquino III. INQUIRER FILE PHOTO
MANILA, Philippines — President Beniigno Aquino III has certified as urgent the Sin Tax Reform Bill that recently passed the House of Representatives’ committee on ways and means.
In a radio interview in Malacañang, Mr. Aquino said he recently signed the bill’s certification as urgent.
“When this tax is raised, this will result in an additional P33 billion that will be shared by all tobacco-growing areas,” the President said.
“This will go to health-related activities and also to support for the livelihood of tobacco farmers,” he added.
Aquino said the present tax system discouraged new players from joining the tobacco industry.
With the reform measure, Aquino said new players could provide competition and even raise the price of tobacco sold by farmers.
Aquino indicated that the price of tobacco bought from farmers was now being dictated by one company.