IF Filipinos will be able to chart the troubled waters of 2023, Ibon Foundation Inc. said the national government would have to increase social protection to households and micro, small and medium enterprises nationwide this year.
“Put money in people’s pockets to improve their welfare, increase their consumption but also spur domestic demand,” Africa said in a new briefing in Quezon City last Wednesday. “We completely believe in the role of the state in socioeconomic development.” “These 3,000 billionaires, a large part of their wealth comes from valuation of their ownership in corporations,” Africa said. “A large part of their wealth is not prone to capital flight.He added that the government has the ability to monitor the wealth of these billionaires. They can even help encourage the billionaires to pay wealth taxes by promoting their corporate social responsibility efforts and other philanthropies.
“Fundamentally, we disagree that a wealth tax would drive the money abroad. It’s going to generate money for socioeconomic development,” Africa stressed.NONETHELESS, Africa admits that not all debts are bad. He said debts can be justified if these contribute to the country’s development. “Debt in itself is not necessarily a bad thing. If the debt is being used to help the economy grow that might be a short term cost for medium- to long-term development,” Africa said.
Source: Financial Digest (financialdigest.net)
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