P20B instant income for gov’t: Winnie Monsod wants 17 bilyonaryos on Forbes list taxed

Former Socioeconomic Planning Secretary Winnie Monsod wants the government to impose a “wealth tax” on the 17 richest Filipinos so it will have more funds to tap for COVID-19 response.

Monsod patterned the idea after United States President Joe Biden’s plan to tax the wealthiest one percent of Americans. The tax will be imposed on their annual net wealth, instead of the income.

The economics professor at the University of the Philippines said the government can collect P20 billion by taxing the 17 richest Filipinos listed on Forbes magazine’s ranking of bilyonaryos worldwide.

“These 17 billionaires had a total net worth of US$45.6 billion or P2.2 trillion (P48.2 = US$1) in 2021, and all but one (Roberto Ongpin, whose net worth reportedly fell by 29 percent) increased their wealth from the previous year, with Lucio Tan’s wealth reportedly growing by 93 percent (from P82.5 billion to P160 billion),” Monsod said in her May 1 column for the Philippine Daily Inquirer.

“So don’t feel any pity for them. Anyway, assuming an across-the-board 1 percent tax on net worth above P5 billion, the wealth tax on 17 billionaires (in US dollars) will earn the government P20 billion. Not bad. What more from 11,000 or 22,000 families?” she asked.

The 17 wealthiest Filipinos included in Forbes’ list are:

· Manuel Villar, $7.2 billion

· Enrique Razón Jr., $5 billion

· Lucio Tan, $3.3 billion

· Hans Sy, $3 billion

· Herbert Sy, $3 billion

· Andrew Tan, $3 billion

· Harley Sy, $2.7 billion

· Henry Sy Jr., $2.7 billion

· Teresita Sy-Coson, $2.7 billion

· Elizabeth Sy, $2.4 billion

· Tony Tan Caktiong, $2.4 billion

· Ramon Ang, $2.2 billion

· Inigo Zobel, $1.4 billion

· Lance Gokongwei, $1.2 billion

· Roberto Ongpin, $1.2 billion

· Ricardo Po Sr., $1.1 billion

· Edgar Sia II, $1.1 billion

Source: Latest Politics News Today (Politics.com.ph)