INQUIRER.net stock images MANILA  -The Philippine Sugar Millers Association (PSMA) escalated to President Marcos its appeal to reconsider the Department of Finance's (DOF) proposal to double excise taxes on sweetened drinks as this would severely affect the local sugar industry. In a letter to Mr. Marcos, PSMA president Pablo Lobregat said raising the tax on sugar-using beverages would only promote the usage of high fructose corn syrup (HFCS) and the entire local food industry won't benefit from this.

https://business.inquirer.net/409784/dof-tax-hike-bid-on-sugary-drinks-favors-imported-sweeteners

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