Aquino to sign sin tax bill into law this week

MANILA, Philippines - Sen. Franklin Drilon said on Tuesday that the approved version of the sin tax bill would be submitted before President Benigno Aquino III for signing within the week.

Drilon, Senate Finance Committee Chairman, said he is confident that members of the Bicameral Conference Committee would ratify the proposed measure today.

"We hope to have it ratified this afternoon and have enrolled copies printed and send it to the President within the week,"Drilon said.

He said that six of the nine congressmen, Neptali Gonzales II, Henedina Abad, Jocelyn Limkaichong, Eric Singson, Luis Villafuerte, Arnulfo Fuentebella, who are members of the committee have already signed the report.

"On the part of the Senate, we have three but I am going to see Senator Serge now. He is in the hearing. There should be no problem. We have more than majority in the Senate," he said.

Drilon added that he expects no more hitches in the ratification of the bill.

"Usually, bicam report is no longer subject to debate. But I do not discount that questions to be raised for an explanation on the floor and we are ready to explain," he said.

The senator said the sin tax law will benefit 5.2 million Filipino families.

"In 2012, we have the first quintile, the lowest 20 percent. The taxes that will be collected for next year will cover another 5.2 million Filipino families, the second tier of the poorest sector of society. For this year, 5.2 million Filipino families. Under the GAA (General Appropriations Act) for 2013, there will be another 5.2 million Filipino families and another 5.2 million Filipino families that will come from the sin tax," he said.

"In 2014, then, the entire budget of about P25 billion for Philhealth premiums in 2014 to cover 10.4 million families will now come from the sin tax. I think also in 2015, that there will be an increase in the premium so that there can be more benefits," Drilon added.