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Visayan bloc moves to cut P7.8B loss



BY CARLA GOMEZ
Saturday, May 20, 2017

The Visayan Bloc is set to file an amendment to the proposed excise tax on sugar sweetened beverages Monday, which, if not amended could cause the sugar industry losses estimated at P7.8 billion annually, Rep. Alfredo Abelardo Benitez (Neg. Occ., 3 rd District) said yesterday.

He said he is working on getting all the members of the Visayan bloc to jointly file the amendment as Speaker Pantaleon Alvarez has given them until Monday to fine tune the measure.

House Bill No. 292 authored by Nueva Ecija Rep. EstrellitaSuansing proposesto slap a P10 per liter excise tax on sugar-sweetened drinks,but Benitez said their amendment will push for a reduction to P5 to lessen the impact on the sugar industry.

The bill is being heard by the Committee on Ways and Means.

The P7.8 billion annual losses, estimate by the sugar millers, is based on the fact that if prices of beverages go up, less people will buy them, he said.

With less people buying sugar-sweetened drinks that means their manufacturers will be ordering less sugar, he added.

The P10 per liter tax will increase retail prices of beverage products from 30 percent to more than 100 percent.

Benitez said 15 percent of what is collected from the sugar sweetened beverage tax will be given back to the industry, and the proposal is to put it in the Sugar Industry Development Act fund.*CPG

Source: 
The Visayan Daily Star

@senso for A BETTER BACOLOD

Ang isa sa akon mga handom para sa Bacolod.

Ako ang kapitan sg sini nga barko. Indi ini magkadto sa wala ukon sa tuo, kundi derecho sa direksyon sang pagbag-o sang gobyerno para sa kaayuhan sang Bacolodnon.