Recent data from the National Nutrition Survey of the Food and Nutrition Research Institute reveal a concerning reversal of a decades-long trend, with smoking prevalence among Filipino adults having increased from 18.5% in 2021 to 23.2% in 2023. Data suggests that this general uptick in smoking rates across age groups is largely driven by the increased use of e-cigarettes. A proposed measure, House Bill No. 11360, seeks to restructure the taxation on tobacco products by raising tax rates on e-cigarettes, simplifying vapor product taxation, and moderating the schedule of annual rate increases. This paper argues that while the bill may yield short-term revenue gains, it misses an opportunity to optimize both fiscal and health outcomes. Specifically, the measure could be strengthened by foregoing downward adjustments to the scheduled annual rate increases and further increasing base rates on all tobacco products. A more aggressive, health-oriented tax structure, one that includes robust tax increases across all tobacco categories, would likely be instrumental in reversing the emerging upward trend in smoking prevalence among Filipinos.