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MANILA — Partido Lakas ng Masa presidential bet Leody de Guzman said Tuesday that his proposed wealth tax will be a one-time tax, while the annual wealth tax will only be just 1-5 percent.

De Guzman said he also plans to repeal the TRAIN or Tax Reform for Acceleration and Inclusion law, which he said was disadvantageous to the poor.

The labor leader earlier said during the Kapisanan ng mga Brodkaster ng Pilipinas Forum that he would push for a 20-percent wealth tax on the 500 richest families in the country to fund social services.

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Business groups, however, said that this would have an "adverse effect" on the country's economy, and said that the government should improve tax collection and attract investments instead.

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On ANC's In Focus, De Guzman clarified that the 20 percent wealth tax he proposes will be imposed just once, and that the program will benefit the poor.

"Ang aking layunin ay gamitin ang perang iyon una, kayang kaya nila 'yon at hindi sila maghihirap kung kuhanan natin sila ng tax at gamitin para sa pagbangon ng ating ekonomiya," the labor leader told ANC.

(My goal is to use that money first, they can afford it and they won't suffer if we tax them and use it for the recovery of our economy.)

De Guzman said he also plans to repeal the Tax Reform for Acceleration and Inclusion (TRAIN) Law in favor of a more "progressive taxation."

"Gusto ko progressive, yun naman ang nasa konstitusyon, progressive taxation. Dapat ang tax ay batay sa kinikita ng tao," he said.

(I want a progressive tax system, that's what's in the constitution, progressive taxation. The tax should be based on a person's income.)

The labor leader also dismissed suggestions that the TRAIN law cannot be repealed. He said that if the Constitution can be changed via people's initiative, then tax laws can also be changed.

De Guzman said he also plans on removing the VAT on products commonly consumed by the poor, like sardines and noodles.