📷: IBON Foundation | FB
The Makabayan bloc on Friday denounced the Marcos administration for “consistently protecting oil companies and the super-rich while neglecting ordinary and poor Filipinos” amid surging fuel prices, rising power rates, and escalating costs of basic goods.
“Habang nagtitiis ang mamamayan, kumakamal ang kartel at ang iilan sa tuktok; habang hinihingan ng sakripisyo ang mahihirap, binibigyan ng palugit ang mayayaman,” the bloc said in a joint statement.
Lawmakers assailed the government’s relief programs as “delayed, inadequate, or narrowly targeted,” accusing Malacañang of prioritizing the preservation of a regressive tax structure and shielding big business from accountability.
“Hindi krisis sa revenue ang problema kundi krisis sa political will at krisis sa pagbibigay-pribilehiyo sa oligarkiya,” the bloc added.
Push for Billionaire Wealth Tax
To shift the burden away from the public, the group filed House Bill 8123, the Billionaire Wealth Tax bill. The measure proposes an annual levy on individuals with net taxable assets above ₱1 billion, with progressive rates of 1 percent on wealth above ₱1 billion, 2 percent above ₱2 billion, and 3 percent above ₱3 billion. It also mandates wealth self-assessment, anti-avoidance provisions, and stricter penalties for concealment and misdeclaration.
“Dapat managot ang nagtatago ng yaman at nagbubulsa ng tubo habang nagdurusa ang bayan,” the bloc stressed.
Stark Wealth Inequality
Citing IBON Foundation data, Makabayan underscored the country’s extreme wealth gap. In 2022, the top 10 percent held around ₱40 trillion in wealth, more than double the combined ₱15 trillion of the bottom 90 percent. The top 1 percent alone controlled ₱17.9 trillion, nearly three times the combined wealth of the poorest 50 percent.
“Samantala, nananatiling mababa ang sahod at patuloy na kinukubkob ng presyo ang araw-araw na buhay ng milyun-milyon,” the bloc said.
Revenue Potential
The proposed tax could generate at least ₱508 billion annually from billionaires, and around ₱289 billion from the 50 richest Filipinos alone, according to IBON estimates. Revenues would be earmarked for public health, education, social protection, employment, and housing, with transparency requirements for collection and disbursement.
“Hindi dapat utang at buwis sa konsumo ang laging solusyon ng administrasyong Marcos; dapat kunin ang pondo sa sobrang yaman ng iilan,” the bloc declared.
Call to Action
Makabayan concluded by urging Congress to act swiftly on HB 8123 and adopt pro-people measures to curb profiteering, strengthen regulation, raise wages, and fund social services.
“Panahon nang singilin ang bilyonaryo at kartel, at ipagtanggol ang karapatan ng nakararami,” the bloc said. # (ZIA LUNA)
