Duterte gov’t giving up Php667-B in potential COVID response funds to boost corporate profits
Duterte gov’t giving up Php667-B in potential COVID response funds to boost corporate profits
By IBON Media & Communications
At a time when funds are urgent for the huge COVID-19 response needed, research group IBON said that the Duterte administration is giving up Php667 billion in revenues to boost the profits of the country’s largest corporations. Oligarch profits are boosted at the expense of aiding poor families, containing the spread of the coronavirus, and treating those with COVID-19, said the group.
In a Senate hearing on Tuesday, Department of Finance (DOF) Secretary Carlos Dominguez III said that the administration wants to cut the corporate income tax (CIT) from 30% to 25% starting July this year. The CIT will be lowered again starting 2023 to fall to just 20% by 2027. This will result in an estimated revenue loss of Php42 billion in 2020 and a further Php625 billion over the succeeding five years.
Comments (0)