📷: Enrique Razon
The country’s 15 richest Filipinos hold a combined wealth of ₱2.6 trillion, yet a modest wealth tax on them could generate more revenue than cutting oil excise taxes for an entire year, according to IBON Foundation executive director Sonny Africa.
“A puny wealth tax on them of 1% on wealth over ₱1 billion, 2% over ₱2 billion, and 3% over ₱3 billion will generate ₱153.5 billion — or more than if oil excise taxes were cut for a whole year,” Africa said.
He stressed that even after such a tax, the billionaires would still retain ₱2.44 trillion, “around as much as the net worth of the poorest 15 million Filipino families.”
“Put starkly: these 15 billionaires will still have more wealth than the 15 million poorest Filipino families combined,” Africa added. “Are some Filipinos really worth a million times more than others?”
Africa argued that a billionaire wealth tax is “the most urgent, rational, and sane fiscal measure for the country,” saying it could fund emergency relief, free and quality public health care and education, and affordable housing.
The call comes as ports and casino tycoon Enrique K. Razon Jr. topped the Forbes 2026 World’s Billionaires List among Filipinos, with his net worth surging 51.38% to $16.5 billion. Razon ranked 175th globally, the only Filipino in the top 200, as ICTSI’s stock rallied to become the country’s most valuable listed firm.
Other Filipino billionaires on the list include Ramon S. Ang ($3.6B), Lucio C. Tan ($3.5B), and Manuel B. Villar Jr., whose net worth plunged 81.98% to $3.1B amid corporate revaluation and insider-trading allegations. Six heirs of SM founder Henry Sy Sr. also made the list, led by Henry Sy Jr. ($2.5B) and Hans Sy ($1.8B).
The global billionaire count hit a record 3,428, with total wealth rising to $20.1 trillion. Elon Musk retained the top spot with $839 billion. (ZIA LUNA)
