(GMA News) If the government’s running debt pile of P12.5-trillion will be divided among the the country’s 110 million population , each Filipino owes over P112,000 which will be paid in the form taxes, economic think tank IBON Foundation said Wednesday.
Data presented by IBON showed that the debt per Filipino amounted to P112,678 while each family owes P474,543 in debt if the debt is divided among 26.3 million families.
In his presentation during a forum, IBON executive director Jose Enrique “Sonny” Africa said that the poor bear a “disproportionate burden of repaying debt” due to the “regressive” tax system.
Africa said the last administration’s TRAIN (Tax Reform for Acceleration and Inclusion) and CREATE (Corporate Recovery and Tax Incentives for Enterprises) laws were the “most regressive tax reforms in Philippine history” as these shifted the tax burden from large corporations to the poor and middle class… Read More
