In a recent forum, Budget Secretary Amenah Pangandaman disclosed that the proposed 2024 national budget has seen an increase thanks to the anticipated revenue generated from the early implementation of additional taxes on sweetened beverages and salty junk foods. Originally, a 9.2-percent increase was expected in the proposed budget compared to the P5.268 trillion budget in 2023. However, due to the latest revenue measures proposed by the government, the increase has been raised to 9.5 percent during the last Development Budget Coordination Committee (DBCC) meeting.
During the DBCC meeting, it was revealed that the planned revenue measures for sweet and salty food and beverages, originally set to take effect in 2025, will now be advanced to 2024. The government plans to push for a measure to expedite the implementation of these revenue measures. Currently, the tax on sweetened beverages is P6 per liter, but the proposed taxes aim to expand the coverage to include more beverages with sugar and salty food products.
Pangandaman addressed concerns that these proposed taxes might impose an additional burden on consumers. She emphasized that these taxes have a health component and aim to encourage people to reduce their consumption of unhealthy products. Sugar and salt are known to contribute to diseases like diabetes and hypertension. The additional revenues generated from these taxes can be used to support health-related programs, such as PhilHealth.
The 2024 National Expenditures Program (NEP) is nearing completion and will be presented to cabinet officials soon. Once approved, the NEP can be printed out and submitted to Congress days after President Ferdinand Marcos Jr. delivers his second State of the Nation Address on July 24. This is a quicker submission process compared to the previous year, where the proposed 2023 budget was sent to the House of Representatives in August 2022.
There is currently a bill in Congress calling for the implementation of the additional tax on sweetened beverages and food products. Anakalusugan party-list Rep. Ray Reyes believes that the taxes collected from these products can contribute to the implementation of the Universal Health Care (UHC) Act. The Department of Health also supports higher taxes on sweetened beverages and junk food as a means to raise funds for the UHC Law.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
