THE MANGAHAS INTERVIEWS

Finance expert says 2022 prexy aspirants' economic agenda 'all motherhood statements'

Public finance and tax reform expert Dr. Milwida Guevara finds the economic agenda of presidential aspirants in the 2022 elections lacking.

On the "The Mangahas Interviews," Guevara said the presidential aspirants' economic agenda are merely “motherhood statements,” lacking details on how to utilize the “power of taxation” and the power of allocating the government’s resources.

She also talked about the taxation problem in the country, the state’s debt, and pandemic recovery that the next chief executive will have to address in the next six years.

The tax expert batted for a “wealth tax” as a solution to unequal distribution of income.

Guevara said the country’s debt is not a huge problem since the yearly obligation for debt services in only 5% of gross domestic product. The problem, she said, is with the utilization of the debt.

The tax reform expert also noted that the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law, which reduced corporate income tax from 30% to 20%, “have lots of loopholes” and “created problems in the country’s income,” adding that big enterprises and corporation benefitted more than small business.

Guevara has an optimistic outlook concerning the country’s recovery from the pandemic, but said here is a need to focus on the agriculture sector. —Ted Cordero/KBK, GMA News