Sin Tax Law to Raise Money for Health Care

President Aquino signed the sin tax reform bill into law, paving the way for higher cigarette and liquor prices in the coming weeks, reports The measure is expected to generate additional government revenues worth P33.96 billion ($825 million), of which P23.4 billion ($568 million) will come from cigarettes, P6.06 billion ($146 million) from distilled spirits and P4.5 billion ($109 million) from fermented liquors. Eighty percent of the incremental revenues, minus support for tobacco farmers, will be set aside for universal health care under the National Health Insurance Program, and 20 percent will be for nationwide medical assistance and health enhancement facilities.