2nd Bicameral Conference Committee meeting on the Sin Tax Bills (SB NO. 3299 & HB No. 5727) on December 10, 2012 at Sofitel Hotel
Senator Ferdinand “Bongbong” R. Marcos, Jr. again signified his opposition to the lopsided tax burden in the Sin Tax bill for tobacco and alcohol products, saying millions of people dependent on the tobacco industry will lose their jobs.
During the meeting, the lawmakers agreed that after deducting the allocations under Republic Act 7171 (Promoting the development of farmers in Virginia Tobacco-producing provinces) and Republic Act 8240 (National Internal Revenue Code), 80 percent of the remaining balance of the incremental revenue shall be allocated for universal healthcare under the National Health Insurance Program, the attainment of the Millenium Development Goals and health awareness campaign. The remaining 20 percent shall be allocated nationwide based on political and district subdivisions for medical assistance and health enhancement facilities program, the annual requirements of which shall be determined by the Department of Health.