Connect with us

Hi, what are you looking for?


Labor candidate for President to fund recovery with wealth tax

LABOR LEADER and Presidential candidate Leodigario Q. de Guzman said his P1-trillion recovery plan will be financed by a one-time 20% wealth tax on the 500 richest families in the Philippines, with relief measures to be focused on workers in financial distress due to the pandemic.

“We are very confident that our campaign will touch the hearts and minds of our countrymen,” he told BusinessWorld in a Viber message. “With the help of a free and independent mass media, we will be able to get our message of real change across.”

He expects his platform to be blocked by “old and backward political forces” who have “long protected and advanced the interests of billionaires and big businesses,” and is counting on support for his plan from independent workers.

The recovery plan will include a P475-billion public jobs generation program, P400 billion in health stimulus, and P125 billion for micro, small, and medium enterprises (MSMEs), all designed to address the public health and livelihood crises.

“We cannot primarily rely on the private sector to revive the economy. ‘Trickle-down economics’ is a sham. Its promise of poverty alleviation as a by-product of business growth is untrue,” he said in English and Filipino in a statement Saturday.

The P475-billion jobs program, he said, is expected to create 2.45 million jobs, reducing the unemployment rate by half. Targeted jobs include barangay health workers, forest rangers and forest biodiversity caretakers, teaching assistants and school personnel, agriculture workers, construction workers, and builders workers involved in public works projects.

The P400-billion health program will eliminate all health-related out-of-pocket expenses for one year.

The MSME recovery plan will set a fixed wage subsidy for 1 million workers who will be selected based on labor intensity, level of distress in the industry, and the prevailing unemployment rate in the province where the MSME is based.

Eligible MSMEs will receive a subsidy equivalent to 75% of the worker’s wages for at least one year, on the condition that all employees are paid in full, according to Mr. De Guzman, whose Labor First Policy is also pushing for a minimum wage of P750 a day.

In his plan for 2023 onwards, the government will institutionalize the job generation program via P500 billion per year employment guarantee for 2 million workers to be funded by a recurring tax on financial assets of between 1% and 5% depending on wealth thresholds.

It will also include a P90 billion per year subsidy which will provide a P500 daily allowance to 1.3 million involuntarily unemployed workers for half a year, funded through an additional 10% corporate income tax that may require reversing the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law.

He proposed a P250-billion annual budget to support a single-payer healthcare system, and to better compensate healthcare workers. All private healthcare contractors will also be enrolled in fixed-price public-private partnership contracts with the government, to be financed by a 5% Real Property Tax, which will be transferred from local government units to the national healthcare service. — Alyssa Nicole O. Tan

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



The national pig herd has lost-one tenth of all sows over the last six months, farmers’ associations have revealed, after breeders were forced into...


EasyJet plunged £213 million into the red in the Christmas quarter and is still burning through £150 million in cash each month, putting its...


A new range of healthy yet indulgent cookies will launch in Booths this month for just £1 per pack with the UK-born snacks by...


Payments firm has raised $1bn (£730m), giving it a $40bn (£29bn) valuation and crowning it the UK’s most valuable private fintech. The London-headquartered...


Sylvera, a UK-based startup that provides ratings for carbon offsets, has raised $32.6m (£24.1m) in a Series A funding round to accelerate and expand...


UK-based fintech Everything has raised €2m (£1.67m) to reinvent a decades-old financial product: premium bonds. The raise was led by a group of angel...

You May Also Like


Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...


Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...


Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...


As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.