Press Release – Action for Economic Reforms – 24 July 2012
In his third and much-applauded State of the Nation Address (SONA) on Monday, President Aquino highlighted the critical need for sin tax reforms.
Aquino stated that the bill, which is expected to generate an additional 32 billion upon its enactment, will provide much-needed funds for the administration’s universal health care program. He also stressed that the reforms will effectively discourage the youth from smoking and drinking.
“We are very pleased that the President is pushing for the urgent passage of the sin tax bill in the Upper House,” affirmed Davao City Rep. Isidro Ungab, who sponsored the bill in the House of Representatives.
He also added that the bill’s reforms of high taxes, indexation to inflation, simplified tax structure and removal of the price classification freeze are essential to its legislation, saying, “These reforms are crucial to the bill’s effectiveness once signed into law.”
“The fact that President Aquino is endorsing the bill’s swift passage should already be a signal for our Upper House legislators,” maintained Ungab. “This isn’t simply a revenue measure. Ultimately, this bill will benefit every Filipino.”