Check Rappler's live blog on what went on during the crucial voting at the House. The bill will result in higher prices for most cigarette and alcohol brands, addressing a stigma that the cheapest sin products in the world are found in Philippines, no thanks to strong lobby from the politically-connected industry players.
It will also raise between P31 billion to 33 billion in taxes during its first year, boosting the fiscal health of the government so it could afford to provide more social services, among others.
When the sin tax reform bill becomes a law, alcohol and cigarettes--especially the lower-priced brands--will get more expensive for the average consumer. At its current version, cigarette packs that were more than P11.50 will cost an additional P30 in 2013. While a low-cost beer under P50.60 will cost an additional P13.75. Below is the difference between the current 4-tiered tax system and the HB 5727's two-tiered one:
Below are the HB5727's reforms for the specific liquor products:
Rates will be...