Presidential candidate Senator Manny Pacquiao said he would be pushing for massive tax cuts on personal and corporate income taxes instead of imposing additional taxes to fix the country’s budget deficit should he become the country’s next leader.
Pacquiao said he would do this while shoring up the government’s capability to increase revenues through various non-tax measures.
The senator noted the government’s dependence on tax revenues has resulted in a high cost of living for many Filipinos. Investors are also turned off at the high cost of doing business in the Philippines.
“The more we impose taxes, the heavier for the people. Pahirap sa taong bayan ‘yan lalo mong sinasakal ang mga tao dahil sa dami ng taxes (It is already a burden to the people and people are choking due to the numerous taxes),” Pacquiao said during the 19th Membership Meeting of the Rotary Club of Manila on Thursday.
“Tumataas ang mga bilihin, and lahat tumataas dahil sa taxes (the cost of goods are increasing, everything increases due to taxes),” said Pacquiao.
The Partido ng Demokratikong Pilipino-Laban (PDP-Laban) presidential bet backed by the camp of Sen. Aquilino “Koko” Pimentel III also noted that while the country’s budget has been increasing each year, the amount of revenues that the government generates is steadily declining, and prods it to resort to borrowings.
“Kaya tayo utang ng utang, kasi ang laki ng ginagastos natin, maliit lang naman ang kinikita. Dapat malaki ang kinikita at maliit lang ang ginagastos ng gobyerno (We resort to borrowings because we spend so much, yet we earn so little. We should be earning much while the government should save up),” he pointed out.
The boxing icon turned politician said the government should create a favorable business climate that would allow domestic and foreign direct investments to flourish.
He also said the government should maximize the potential of Government-Owned and Controlled Corporations (GOCCs) which are big revenue earners.
Should he become president, Pacquiao said he would make sure to create more jobs for Filipinos by strengthening micro, small and medium enterprises.
“Ayusin natin ang gobyerno. Kailangan ilagay natin sa tama ang lahat dahil hindi tayo makabangon kung hindi mababago ang sistema (Let’s fix the government. We need to put everything in the right place because we can’t rise up if we don’t change the system),” he stressed.
Pacquiao also agreed for the need to abolish labor contractualization in the Philippine workforce, saying it is also one of his programs for the labor sector.
“Agree ako diyan sa pag-end ng contractualization at masuportahan ang mga workers natin (I agree to end contractualization and the need to boost support for our workers),” he said.
“Pag-aralan natin kasi maraming mga consideration diyan (Let’s study it because there are also many consideration regarding this matter),” the senator said.