(UPDATE) Labor leader Leody de Guzman on Friday said he would tax the rich if elected president, as he discussed his platform in a live face-off with his rivals.
A wealth tax of 20% on the richest Filipinos will be among the components of his economic plan, de Guzman said. It also includes stopping “endo” or contractualization and putting wages in the regions at par with those in Metro Manila.
“Yung sa mayayaman, kinakailangan para mapaliit natin ang inequality sa ating bansa dahil sobra-sobra na ang layo kailangan natin mag-impose ng wealth tax,” de Guzman said, adding it would target “millionaires and billionaires”.
Asked how he plans to enact the proposed "wealth tax" into law, de Guzman said he would push for the measure through a People's Initiative should Congress block the program.
"Kung hindi ipapasa ng Congress, ang gagawin natin gagamitin natin yung People's Initiative para maaprubahan yung batas na 'yan," de Guzman said.
A People's Initiative is a way to make laws in the Philippines that allows Filipinos to directly initiate statutes as provided for by the 1987 Philippine Constitution.
De Guzman said proceeds from the wealth tax would be used to support farmers and strengthen the health sector. He called for a five-year halt to automatic debt payments to spend the money instead on pandemic recovery.
De Guzman said he would work to recover the ill-gotten wealth of the Marcos family.
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