Share of the Philippines’ Php12.5-trillion debt for each Filipino has touched Php112,000.
The share of the government’s debt of Php12.5-trillion among 110 million population for each Filipino remains Php112,000, the economic think tank IBON Foundation said Wednesday.
In his presentation during a forum, IBON executive director Jose Enrique “Sonny” Africa said the debt per Filipino amounted to Php112,678 while each family owes Php474,543 in debt “if the debt is divided among 26.3 million families.”
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Jose Enrique added that poor bore a “disproportionate burden of repaying debt” due to the “regressive” tax system noting that the previous administration’s Tax Reform for Acceleration and Inclusion (TRAIN) and Corporate Recovery and Tax Incentives for Enterprises (CREATE) laws were the “most regressive tax reforms in Philippine history.”
He said the laws shifted the tax burden from large corporations to the poor and middle class.
