PNoy signs sin tax measure into law

Posted at 12/20/2012 12:26 PM | Updated as of 12/20/2012 1:42 PM

MANILA, Philippines - President Aquino on Thursday signed the sin tax bill into law, one of the landmark measures of his administration.

The law, which raises taxes on cigarettes and alcohol, is expected to generate more than P34 billion in revenues during the first year of implementation.

President Aquino said the revenues will be used to expand the government's healthcare program, as well as level the playing field for tobacco and cigarette companies. - With report from Willard Cheng, ABS-CBN News and ANC