LINGAYEN–The Sangguniang Panlalawigan passed on Monday a resolution approving the participation of Pangasinan in the monetization program of the League of Native and Burley Tobacco Growing LGUs, Inc. (LNBTG-LGU).

The resolution also authorized Gov. Amado Espino Jr. to sign the subscription agreement relating to the monetization program and other related agreements on behalf of the province with respect to its share in the P6.3 billion unreleased incremental revenue from the excise tax on tobacco products for calendar years 1997-2007.

Republic Act 8240, enacted into law in 1997, is intended to provide benefits to communities or local government units producing native and burley tobacco.

The law mandates that 15 percent of the incremental revenue collected from the excise tax on tobacco products shall be allocated and divided among LGUs producing burley and native tobacco in accordance with the volume of tobacco leaf production.

The long delay in the release of the funds was due to the absence of Implementing Rules and Regulations (IRR) on the law. #

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