THE Senate, working overtime Monday night, passed on third and final reading higher rates for so-called sin taxes on alcoholic beverages, heated tobacco products and vapor products to help bridge the funding gap for the implementation of the Universal Health Care (UHC) Law.
President Duterte earlier certified as urgent SB 1074, to allow lawmakers time to pass it within the last few days of sessions before Congress takes its holiday recess starting December 18.
The senators took the final 20-0 vote on third reading after closing the period of amendments on Senate Bill 1074, authored by Sen. Pia Cayetano, who chairs the Ways and Means committee.
Per Sen. Panfilo Lacson’s estimates, the bill once enacted could yield from “P22 billion or P23 billion” in additional revenue from the higher excise tax rates, “instead of the sponsor’s P43 (billion) and the DOF [Department of Finance] version of P32 billion and against the HOR’s [House of Representatives] P16 billion.”
Before adjourning the late-night session, senators confirmed the composition of the Senate panel in the bicameral conference committee that the Senate and the House of Representatives will convene to reconcile conflicting provisions in their versions of the amended Sin Tax Law.
To be chaired by Senator Cayetano, the bicameral panel will also have as senator-members: Senate President Pro Tempore Ralph Recto, Minority Leader Franklin Drilon, and Senators Imee Marcos, Joel Villanueva and Francis Tolentino.