Lawmakers are proposing a “rich tax” targeting individuals with a net worth exceeding ₱1 billion, with an additional levy of one to two percent annually on accumulated wealth. The measure is projected to generate between ₱50 billion and ₱100 billion each year, with proceeds intended to fund healthcare, education, and direct assistance programs.
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PGMN Anchor Antonette Aquino discussed the proposal within the context of existing fiscal data, noting that government agencies such as the Bureau of Internal Revenue and the Bureau of Customs are already recording their highest collections in history, with total revenues reaching trillions of pesos annually.
“If the government that will collect this tax cannot account for the trillions it already collects, what exactly are we solving?” Aquino said.
She cited data on corporate contributions, including figures from San Miguel Corporation, which reported generating ₱1.593 trillion in economic value in a single year, equivalent to around six percent of the country’s gross domestic product. The company employs nearly 60,000 Filipinos and provides around ₱57 billion in wages and benefits annually. It has also paid more than ₱200 billion in taxes in a year. Its operations include the country’s only oil refinery, capable of supplying about 40 percent of national fuel demand, along with 5,700 megawatts of power capacity, infrastructure projects, and environmental programs that have removed millions of metric tons of waste from rivers.
Aquino also cited comparisons showing that tax payments from a single large corporation can exceed major government relief measures, such as fuel excise tax suspensions previously valued at around ₱136 billion.
Audit reports have continued to document issues in public fund utilization, including questioned expenditures, incomplete documentation, and amounts that remain unaccounted for. Past cases involving public funds, including those allocated for healthcare programs, have also been linked to irregularities.
At the same time, gaps in public service delivery remain visible across sectors. Hospitals continue to face shortages, teachers have reported out-of-pocket expenses for classroom needs, and infrastructure projects have drawn scrutiny over quality and performance.
Data cited in the discussion also points to estimated losses reaching nearly ₱500 billion annually due to tax evasion, inefficiencies, and collection gaps. The Philippines continues to face competition from neighboring countries such as Vietnam, Indonesia, and Thailand in attracting foreign investment, which may affect business expansion, hiring, and capital inflows.
The proposed tax is being discussed within a broader fiscal environment where both high revenue collection and documented issues in fund management are present.
Antonette Aquino is a multi-awarded financial planner and wealth strategist and one of the most followed Filipino finance creators on TikTok globally. She began as a breadwinner at 17 and became a millionaire by 19, with experience spanning investment banking, wealth management, and insurance. She also founded Money Health Check, a platform focused on making financial markets more accessible across different socioeconomic groups.
