Synopsis: Interview during the bicameral conference committee meeting last Dec. 7, 2012 at the House of Representatives
Senator Ferdinand “Bongbong” R. Marcos, Jr. warned that the excessive tax burden imposed against tobacco products adopted by the bicameral panel on the Sin Tax Bill will kill the industry and would put 2.5 million people out of job.
He said that if the measure is really meant to deter smoking and drinking, the bicameral panel should have retained the 60-40 burden-sharing scheme in the Senate version instead of imposing a higher rate for tobacco.
Sen. Marcos said the majority merely brushed aside his objections that the assumptions adopted by the bicameral panel are flawed. He cautioned that the resulting increase in the prices of tobacco products would make it next to impossible to collect the revenues the measure is supposed to generate.