New tax regime signed into law

President Benigno Aquino of the Philippines yesterday signed into law a new tobacco and alcohol tax regime that is expected to raise an additional P33.96 billion during the first year of its implementation, according to a story in The Manila Times.

Of the total additional revenue, P23.40 billion is set to come from cigarettes and P10.56 from alcohol.

In speaking about the new regime, the president sought to reassure nervous tobacco farmers who believe that many growers will be put out of work by the new regime.

Aquino said the new law was an early Christmas gift for Filipinos because its revenues would be used to expand the government’s healthcare program and to provide additional funding for a farmers’ livelihood support program.