PRESIDENT Rodrigo R. Duterte has signed Republic Act No. 11346, which further increases the excise tax on tobacco products, bringing to three the tax reforms that have been enacted halfway into his six-year term.

“… [T]he President has signed into law HB (House Bill) no. 8677/ SB (Senate Bill) no. 2233 increasing the excise tax on tabacco products,” Executive Secretary Salvador C. Medialdea said via text on Thursday.

The new law, which increases the cigarette excise tax rate to P60 per pack by 2023 from P35 currently, is projected to raise annually P74 billion, P77.8 billion, P81.2 billion, P84 billion and P85.6 billion from next year to 2024.

The new law follows RA 10963, which cut personal income tax rates but added or raised levies on several goods and services, and RA 11213 or the Tax Amnesty Act of 2019.