“Tax the rich,” progressive groups challenged President Ferdinand Marcos Jr., criticizing what they described as the government’s ineffective response to the ripple effects of the Middle East conflict on commodity prices, particularly fuel.
Lawmakers from the minority bloc on Thursday proposed a Billionaire Wealth Tax through House Bill 8123, seeking to tap the country’s wealthiest individuals as a revenue source.
The measure would impose a tax on assets exceeding P1 billion, alongside provisions penalizing misdeclaration and concealed transactions.
The Makabayan bloc cited a study by the independent think tank IBON Foundation which set the amount that could be raised from a billionaire wealth tax at P508 billion.
If accurate, the figure far exceeds the government’s excise tax revenue of P304 billion. It ranks second to the value-added tax (VAT) revenue of P643 billion, per the Bureau of Internal Revenue’s 2024 annual report.
Ibon cited as an example Ramon S. Ang, president and CEO of San Miguel Corp., Petron Corp., among other top corporations, who has a net worth of P209.8 billion.
It said a wealth tax on Ang would generate P12.4 billion.
“His wealth would remain at a huge P197.4 billion after the tax payments,” Ibon said.
“We call on Congress to urgently act on HB 8123 and advance genuine pro-people measures that will curb profiteering, strengthen regulation, raise wages, and fund social services,” the group said.
“It is time to tax the billionaires and cartels, and to protect the rights of the public,” they added.
However, the President would only be able to act on the provision 15 days after the date of publication, setting the effectivity time frame to between 12 or 13 April.
After President Ferdinand Marcos Jr. issued an executive order recently declaring a state of national energy emergency and signed a law allowing the suspension of fuel taxes, a public uproar erupted over the lack of immediate government assistance.
Jeepney drivers and operators, a sector severely hit by high diesel prices, indicated that subsidies were not reaching most of them, a complaint shared by tricycle drivers and delivery riders who have waited in vain for their cash aid.
Public shortchanged
The House minority bloc blasted the Marcos administration for the insufficient assistance provided to the public amid the ongoing economic struggles.
The group maintained that the President’s response to the various issues arising from the Middle East conflict was insufficient to effectively address the struggles of Filipinos amid the rising inflation.
“The administration’s so-called relief programs remain either delayed, inadequate, or narrowly targeted, while its real priority is keeping the present regressive tax structure intact and shielding big business from meaningful accountability,” the group said in a statement.
The legislators said the President was safeguarding the wealth of the rich by his unwillingness to tax them on what they called “excess funds.” Instead, they pressured the poor to shoulder the burden of the market volatility.
“We, the Makabayan bloc, denounce the Marcos administration for consistently protecting oil companies and the super-rich while neglecting ordinary and poor Filipinos who are being crushed by runaway fuel prices, rising power rates, and escalating costs of basic goods,” they said.
“The real problem is not the crisis in revenue but the crisis in political will and the crisis in providing privileges to oligarchs,” they added.
Nothing after day under sun
Mar Valbuena, chairperson of the transport group Manibela, said members of the group were made to line up all day in the heat, hungry, with no water and nowhere to sit. There was only one tent, probably for the seniors.
He said that only 21 percent of the total number of drivers’ names submitted received assistance.
“Among our members, only eight percent were able to get it. There were even routes where we submitted 60 drivers, but not even one received anything or was included on the list,” Valbuena said.
Stupid scheme
“The lists we submitted were based on plate numbers, which the LTFRB used as a reference, so they would base it on how many vehicles we have that are enrolled or are active with the LTFRB. Those should have been the ones receiving aid. But this time, they asked us to submit the drivers’ names. We complied, and that was actually better, because per plate there can sometimes be two or three drivers. You’re correct, that system is better,” he said.
“We received no aid at all, or only a few did. That’s why we’ve long been suggesting to them: give us a split card system. It would be easier to use. We wouldn’t have to line up for these aid distributions, which disrupt our transport services,” according to Valbuena.
“On the days we line up, we lose a whole day of driving. We spend the entire day in line, so that’s already a deduction. If we could have earned P1,500 that day to share between the driver and the operator, that’s gone. So how much is really left from the P5,000 aid?” he asked.