MAKE THE BILLIONAIRES PAY: MARCOS CODDLES OIL GIANTS AND THE SUPER-RICH WHILE SHORTCHANGING THE PEOPLE

We, the Makabayan bloc, denounce the Marcos administration for consistently protecting oil companies and the super-rich while neglecting ordinary and poor Filipinos who are being crushed by runaway fuel prices, rising power rates, and escalating costs of basic goods. Habang nagtitiis ang mamamayan, kumakamal ang kartel at ang iilan sa tuktok; habang hinihingan ng sakripisyo ang mahihirap, binibigyan ng palugit ang mayayaman.

The administration’s so-called relief programs remain either delayed, inadequate, or narrowly targeted, while its real priority is keeping the present regressive tax structure intact and shielding big business from meaningful accountability. This is why the same government that is quick to squeeze revenues from consumption taxes and fees suddenly turns cautious and lukewarm when asked to tax enormous private fortunes. Hindi krisis sa revenue ang problema kundi krisis sa political will at krisis sa pagbibigay-pribilehiyo sa oligarkiya.

To shift the burden away from the public and make the richest shoulder more responsibility especially during this crisis, we filed House Bill 8123, the Billionaire Wealth Tax bill. The measure imposes an annual tax on individuals with net taxable assets above one billion pesos, with progressive rates of 1 percent on wealth above P1 billion, 2 percent above P2 billion, and 3 percent above P3 billion, alongside mandatory wealth self-assessment, anti-avoidance provisions, and stricter penalties for concealment and misdeclaration. Dapat managot ang nagtatago ng yaman at nagbubulsa ng tubo habang nagdurusa ang bayan.

HB 8123 answers a stark reality: wealth in the Philippines is extremely unequal and continues to concentrate in fewer hands even during national emergencies. In 2022, the top 10 percent held around P40 trillion in wealth, more than double the combined wealth of the bottom 90 percent at around P15 trillion, while the top 1 percent held P17.9 trillion, nearly three times the combined wealth of the poorest 50 percent. Samantala, nananatiling mababa ang sahod at patuloy na kinukubkob ng presyo ang araw-araw na buhay ng milyun-milyon.

The bill can generate substantial resources for social needs without punishing the poor. Estimates cited by IBON Foundation show a billionaire wealth tax can raise at least P508 billion annually from the country’s billionaires and around P289 billion annually even from the 50 richest Filipinos alone, while leaving them with vast remaining wealth. These revenues are earmarked for public health, education, social protection and employment, and housing, with transparency requirements for collection and disbursement. Hindi dapat utang at buwis sa konsumo ang laging solusyon ng administrasyong Marcos; dapat kunin ang pondo sa sobrang yaman ng iilan.

The administration’s current posture tells Filipinos everything: it prefers to preserve billionaire fortunes and oil company superprofits, then asks workers, drivers, and poor families to absorb inflation, belt-tighten, and accept crumbs. We call on Congress to urgently act on HB 8123 and advance genuine pro-people measures that curb profiteering, strengthen regulation, raise wages, and fund social services. Panahon nang singilin ang bilyonaryo at kartel, at ipagtanggol ang karapatan ng nakararami. ###