
PSMA tells BBM: Diokno’s plans will harm country’s sugar farmers
The Philippine Sugar Millers Association (PSMA), in a letter to President Ferdinand “BBM” Marcos Jr., expressed its concern over the recent pronouncements of Finance Secretary Benjamin Diokno to increase the excise tax rate on sugar-using beverages and to adopt an open sugar importation policy.Pablo Lobregat, PSMA president, in the letter also noted that Diokno is opting to retain the tax rate on beverages using high fructose com syrup or HFCS.Under the sugar sweetened beverage (SSB) tax provision of the TRAIN Law beverages that use sugar are imposed an excise tax of P6/liter, while those that use HFCS, either entirely or in combination with sugar or other sweeteners, are subject to P12/liter excise tax.“The proposed increase in SSB tax on sugar will benefit a small segment of ...









