Metro Manila (CNN Philippines, December 20) — A tax management consultant urged the Marcos administration to prioritize raising taxes on non-essential goods instead of pushing for the Maharlika Investment Fund (MIF).
“The MIF, which has no direct impact or will not address our urgent high inflation issue. I think the president should reprioritize this possible legislation to either increase taxes or rationalize our budget. I think that’s more important than the fund,” Asian Consultant Group chief tax advisor Mon Abrea told CNN Philippines’ The Final Word.
He added that a fiscal restraint or consolidation that compliments the Banko Sentral ng Pilipinas’ monetary policies is also a must to combat inflation.
“For the fiscal policy, we are considering increasing taxes on those that will affect the rich or the wealthy and not the poor or the most vulnerable, and I am referring to the excise tax on non-essential goods,” Abrea said.
Abrea warned that other countries that have sovereign funds also incurred losses while creating it, which he said the country cannot afford right now.
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