MANILA — President Ferdinand Marcos Jr. on Tuesday said he agrees with proposals to increase the tax on luxury items, adding that demand for these goods continues despite high prices.
Speaking to reporters in Pasay, Marcos said the proposal was "reasonable."
"I think because right now the tax on luxury goods only covers very specific items. And luxury goods, as those who have put in some study on these know, hindi nagbabago ang demand niyan kahit anong sitwasyon," Marcos said during a chance interview.
"‘Yung mga luxury items, ‘yung mga magagarang kotse, ‘yung mga designer na damit at saka mga bag, lahat, hindi nagbabago ang presyo niyan dahil may kaya ang mga bumibili," he added.
Albay Rep. Joey Salceda earlier raised the possibility of raising tax on jewelry, perfumes, and yachts to 25 percent or 30 percent to increase government revenue. These goods are currently subject to a 20 percent tax.
Salceda, who is chair of the House tax panel, earlier said that this is a better alternative than proposals to impose wealth tax on billionaires, noting that this may be difficult to implement.
International NGO Oxfam had called on the government to impose a “wealth tax” to address inequality, noting that in the Philippines, the nine richest Filipinos have more wealth than half of the entire population.