MANILA, Philippines -- (UPDATE 4) The House of Representatives has approved on third and final reading a consolidated measure which promises tax relief amid rising prices of food, fuel and basic commodities.

Following a week-long delay, members of the House of Representatives on Monday voted to approve House Bill No. 3971, which seeks to grant a single individual, a legally separated individual with no qualified dependents, a head of family and each married individual a personal exemption of P50,000.

The amount is more than double the P20,000-exemption allowed for single and married individuals under current tax filings, double the P25,000-exemption for head of family, and much higher than the P32,000-exemption for each married individual.

The bill also seeks to raise the exemption of each of four dependents to P25,000, from the current P8,000.

In effect, it seeks to grant a head of family and his spouse (if both are working), with four dependents, a total exemption of P200,000, the lawmakers said. At present, only a family of six earning P96,000 and below enjoys higher tax exemptions.

At the same time, the bill seeks a simplified net income taxation (SNIT) scheme for the self-employed and professionals.

The proposed legislation, a consolidation of 20 bills, will increase tax exemptions for a family of six with a total annual income of P200,000 and below.

Antique Representative Exequiel Javier, chairman of the House committee on ways that deliberated and approved the proposed legislation, said the inclusion of the SNIT scheme was meant to offset the P11.5 billion expected losses from the higher tax exemptions.

Under the proposed SNIT, a 40 percent discount will be given to self-employed and professionals to encourage them to declare their income.

Javier said the government is expected to raise an additional P14 billion pesos from this scheme or a net gain of P1 billion to P2 billion minus the expected losses from the higher tax exemptions.

The House voted 192-3, with no abstentions.

House Majority Leader Arthur Defensor said the House might transmit the measure to the Senate Tuesday.

Defensor said he hopes to have this bill enacted into law before Congress adjourns sine die on June 13.