'With sin tax, prices of cigars will rise sky-high'

Posted at Aug 27 2012 02:45 PM | Updated as of Aug 27 2012 10:57 PM

Local cigar makers fear if the proposal to impose just one tax rate for all cigars is implemented, the prices of their products will rise sky-high and they may end up closing their businesses.

Tabaqueria de Filipinas general manager Tirso Ripoll says his company's cheapest cigar is currently priced at P12 a stick. But if the sin tax bill is enacted, the cigar's unit price will rise to as much as P160. [email protected], August 27, 2012