PHILIPPINES: Beer prices raised as sin tax hits
Brewers in the Philippines have increased the price of beer on their domestic market. Beer prices in the country were upped yesterday (1 February) by as much as PHP2 (US$0.04) or 14% a bottle to cover the introduction of so-called 'Sin Taxes.'
San Miguel Corp. and its main rival Asia Brewery Inc. had earlier advised its dealers of the price adjustment, saying it would also help recoup additional production costs.
The Philippine Government passed a new law in December last year, increasing taxes on products such as beer, liquor and cigarettes. Collection of the taxes started last month.
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