1st Bicameral Conference Committee meeting on the Sin Tax Bills (SB No. 3299 & HB No. 5727) on Dec. 6, 2010 at the House of Representatives, Quezon City
Objections from Sen. Ferdinand “Bongbong” R. Marcos, Jr. as well as his warning that excessive tax on tobacco would kill the industry, were drowned out as the majority of the members of the bicameral conference committee on the Sin Tax Bill adopted a tax burden-sharing scheme of 69-31 between tobacco and alcohol products respectively, starting in 2013 and tapering slightly until 2017 when a unitary tax rate takes effect. Senator Marcos kept insisting that a more reasonable burden sharing is the 60-40 ratio agreed upon in the Senate version of the measure. The bicameral panel pegged the total incremental revenue for both tobacco and alcohol products for the 5-year period at P248.49 billion.
Before concluding the grueling 7-hour meeting, the bicameral panel decided to defer consideration of the proposed allocation of the incremental revenues for its next session.