PHDuring the plenary session Monday night, lawmakers voted 190-4 to pass on third reading House Bill 11360, which seeks to amend the National Internal Revenue Code to impose structured tax hikes on ******* products. Under the bill, excise tax rates will increase by 2 percent every even-numbered year starting Jan. 1, 2026, and by 4 percent every odd-numbered year from Jan. 1, 2027, until Dec. 31, 2035. Heated ******* products will be taxed at PHP41 per pack, while *********s and **** products will carry a PHP66.15 levy per pack. The bill also grants the President authority to raise tax rates by up to 5 percent if the national government deficit exceeds the target by 2 percent.
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