MANILA, Philippines - President Benigno Aquino III on Thursday signed the the sin tax bill into law, which is seen to boost government coffers with additional P30 billion in revenues.
"Malinaw po ang batayang prinsipyo ng batas na ito: Hangad nating gawing abot-kamay para sa lahat ang benepisyong pangkalusuagn, mayaman man o mahirap, sagrado po kasi ang buhay ng Pilipino. Iaangat natin ang kalidad ng pampublikong kalusugan ng ating bansa: Ito ang susi sa isang sambayanang masiglang mapapakinabangan ang mga pagkakataong bumubukas ngayong umaangat na ang ekonomiya ng ating bayan," Aquino said in his speech.
In his speech, Aquino also assured tobacco farmers that they would share in the gains coming from the passage of the bill. Tobacco farmers and vendors had opposed the bill, saying it would kill their industry and cost them their source of income.
The Senate and the House of Representatives ratified the bicam report on the measure, which imposes higher taxes in alcohol and tobacco.
The passage of the sin tax bill is a measure that is expected to boost the Philippines' chances of getting an investment grade next year as it would improve tax collections.