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IBON Foundation Urges Philippines to Tax the Rich, Cut Oil Excise Tax Amid Middle East Crisis
Call for New Revenue Sources and Wealth Tax Amid Middle East Crisis
IBON Foundation Executive Director Sonny Africa criticized the government's "business-as-usual" approach to the Middle East crisis, urging the exploration of new revenue sources. Beyond cutting or suspending the oil excise tax, Africa emphasized the potential of implementing a wealth tax.
Africa estimated that a wealth tax of 1 to 3% on assets exceeding 1 to 3 billion pesos could generate 500 to 600 billion pesos annually. He further highlighted that a wealth tax on the 15 richest Filipinos alone could raise 155 billion pesos, an amount greater than the collective wealth of the poorest 15 million Filipino families.
Philippine Economy Projected to Slow to 4%
The IBON Foundation predicts that the Philippine economy will likely slow to 4% or less this year, largely due to the impact of the Middle East conflict and resulting oil price shocks. This projection falls significantly below the government's long-term target of 5% growth.
Africa noted that despite minor fluctuations, the Philippine economy has generally reverted to its long-term trend of 5% growth since 2017, but current circumstances are expected to hinder this trajectory.
*Source: YouTube: ABS-CBN News (2026-03-13)*
