Business and Economy
Drilon: Sin Tax Law continues to boost revenue collection
” width=”960″ height=”600″ /> Senate President Franklin Drilon. Photo courtesy of Drilon’s official Facebook page.
MANILA — The Sin Tax Law has been effective in increasing revenue collection from tobacco and alcohol products for the first year of its implementation, said Senate President Franklin Drilon on Wednesday in an interview.
“Malaki ang naipasok na buwis ang Sin Tax Law ng nakaraang taon. Tinatayang P50 billion ang nadagdag sa kaban ng bayan, specifically sa ating sector na pangkalusugan o health sector,” he said.
The Senate President, being the principal author of the bill, also said that the revenue of sin products is beneficial to more people because of healthcare programs which enable Filipinos to avail themselves of new or improved clinics and hospitals.
“Dahilan po sa ating mas malaking collection, mas malawak po ang ating mabibigyan ng libreng PhilHealth card. Ang mga ospital sa buong bayan, yung mga district hospitals, natutulungan po niyang Sin Tax, na nagdadagdag ng buwis sa sigarilyo at alak,” he noted.
President Benigno Aquino III signed the Sin Tax Reform Act in December 2012 to restructure excise tax system which took effect on January 1, 2013.
The Sin Tax Law aims to elevate the quality of public health in the country in such way to eliminate vices of smoking and drinking.
At the same time, this was successful as a financial goal to collect high taxes which could be used for improving healthcare programs and facilities.
