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Generate more non-tax revenue- Pacquiao
By Nidz Godino
“Dapat, ‘yung non-tax revenue income, palakasin natin para hindi lamang dun sa tax revenue magre-rely ang bansa,” Presidential aspirant Sen. Manny Pacquiao said at the Panata Sa Bayan Presidential Forum.he will prioritize generating more non-tax revenues, thereby lessening the need to impose more taxes to fund his programs if elected in May.
Non-tax revenues come from collections in relation to direct services of government agencies to the public, as well as those generated from government’s regulatory and investment activities.
Pacquiao said non-tax revenues only account for six percent of government’s income annually.
“Kailangan po, baligtad…dapat ang ating gobyerno mag-rely doon sa non-tax revenue income, at hindi lamang sa tax revenue income para hindi po tayo magtaas nang magtaas ng taxes, resulting to mahal masyado yung mga bilihin ng ating bansa at ang mga tao na naghihirap lalong maghirap,” he said.
He stressed that income being generated from taxes is not enough to fund most government projects forcing government to resort to loans.
This will be one of his agenda if he gets elected to the presidency, he said.
“Pinakamalaking concern talaga natin, mas malaki ang ginagastos natin kaysa kinikita ng ating bansa…lumiliit pa yung kita ng ating bansa dahil sa korapsyon,” Pacquiao said.
The Congressional Policy and Budget Research Department, a think tank of the House of Representatives, noted in April last year that total non-tax revenues consistently grew from P215.4 billion in 2016, to P351.3 billion in 2020.
Pacquiao blamed “systemic corruption” and wrong fiscal policies such as government’s dependence on tax revenues and external borrowings as primary cause of the country’s sluggish economy and looming debt crisis.
“Isa sa dahilan kung bakit nahuli ang ating ekonomiya ay dahil sa korapsyon…korapsyon ang pinakadahilan ng lahat ng ating paghihirap,” said Pacquiao during a speaking engagement before Philippine Christian University (PCU) officials.
” One of the reasons our economy is failing is corruption. Corruption is the main reason for our poverty. That’s what motivates me to run for {resident, to jail the corrupt.”
For next year, Pacquiao said Duterte administration is asking for P5.024-trillion budget while government revenues further slid down to little more than P2.5 trillion.
“Why do they allow the country to incur more expenses than earnings? We are mired in debts because of the same system. That’s what we have to solve, because nobody will grant us loans if were incapable of paying our debts,” Pacquiao said.
Pacquiao said this is why government will have to increase non-tax revenues by maximizing economic potential of all government-owned and controlled corporations (GOCCs) to offset government’s budget deficit.
He said that government can potentially generate P5 trillion a year had previous governments did not privatize three key utility assets which are power, water and telecommunications.
The revenues that can be generated from GOCCs in these three key areas are enough to cover country’s budget requirement without resorting to high-interest loans, Pacquiao said.
Pacquiao also pushed for the lowering of corporate and personal income taxes to create a favorable business climate and boost domestic consumption.
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