BY: CHYREL MACALE CARIAGA
BROADCAST JOURNALIST
The Marcos Administration, under Ferdinand Marcos Jr. and Finance Secretary Ralph Recto, has introduced a regressive tax policy that profoundly affects the Filipino populace. The recent implementation of a 20% final tax on interest income from long-term bank deposits and government bonds exemplifies a concerning movement: punishing hardworking Filipinos for their efforts to save amidst rising inflation and stagnant wages.
This new tax regime effectively targets those who strive to plan for their future, penalizing them for saving their hard-earned money. Previously exempt long-term deposits are now subjected to the same tax rate as short-term investments, disincentivizing savings and undermining financial stability in an already fragile economy.
The hypocrisy of this administration is glaring. While ordinary Filipinos face increased taxation, the Marcos family owes the country billions in unpaid estate taxes that could significantly benefit public services like healthcare and education. This selective enforcement of tax policy reveals a class war against the working class while allowing political elites to escape accountability.
The consequences of such policies extend beyond individual hardship; they threaten economic foundations by discouraging savings, which are vital for stability and growth. Instead of promoting fiscal responsibility among all citizens, this administration chooses exploitation over equitable taxation.
In light of these punitive measures against savers, it is clear that we should demand the repeal of this anti-savings tax. The Filipino people deserve better than fiscal cruelty; they need policies that uplift rather than oppress them during challenging times.Enough with sufferings this government has handed down.
