Sin tax revenue earmarking set Monday
By Matikas Santos
Only the earmarking of the revenues from the sin tax bill is left to be discussed in the bicameral conference after its members concluded deliberations on tax rates Thursday night.
Only the earmarking of the revenues from the sin tax bill is left to be discussed in the bicameral conference after its members concluded deliberations on tax rates Thursday night.
External factors, such as inflows from overseas Filipino workers (OFW) and the Business Process Outsourcing (BPO) sector, were the reasons for the 7.1 percent economic growth of the country but the gains are unsustainable in the long term, a militant leftist group warned Thursday.
The third quarter growth of the economy by 7.1 percent was a good sign but it must be backed by adequate government policies to ensure the development and improvement of the people’s welfare, economist Solita Monsod said Thursday.
A senator suggests that telecommunications companies refund the overcharged amounts from subscribers totaling over P1 billion through special services and promos including free text messaging.
Senator Franklin Drilon said that he was confident the sin tax bill would be submitted to President Benigno Aquino III for his approval before the end of the year.
The sin tax bill was finally approved Tuesday evening after senators concluded their deliberations and amendments on the measure. Certified as urgent by President Aquino, the bill was passed on second and third readings on the same day.
Senator Ralph Recto on Tuesday proposed that more than half of the P40 billion additional revenue that is expected to be collected from increased “sin” taxes should be released directly to the Philippine Health Insurance Corp., or PhilHealth).
The sin tax bill, which could be passed within November, will fill a budget gap in the Department of Health (DOH), Senator Franklin Drilon said Monday.
Senator Edgardo Angara believes a P30 billion to P40 billion “sweet spot” for the Sin Tax Reform Bill will satisfy all sectors involved in the issue.
Senator Miriam Defensor Santiago has advised the government to borrow money locally instead of from other countries, saying that borrowing from foreign sources has a negative effect to Overseas Filipino Workers (OFWs).
Bureau of Customs Commissioner Rufino Biazon said that ivory products have long been in the Philippine market despite an international ban on ivory.
Philex Mining Corporation has not yet received any formal document from the Department of Environment and Natural Resources (DENR) ordering them to pay a fine because of a leakage in their mining facility in Benguet.
