Aquino signs sin tax bill into law after 15 years

After a 15 year battle to reform the Philippines’ excise tax system, President Benigno Aquino signed the sin tax bill into law on Thursday, Dec. 20.  “Today, we sign, finally, a law that serves as an early Christmas gift to millions of Filipinos who will be covered by the universal health care program, who will benefit from new public clinics and hospitals that will be built, and who will be discouraged from smoking and drinking.” Aquino said.  The law sets higher taxes on sin products, overcoming a strong industry lobby that kept prices in the Philippines among the cheapest in the world.  It will generate additional revenues of about P34 billion (nearly US$830 million) slated for a universal health care program and tobacco farmers’ livelihood. 

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