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Presidential Communications Office Usec. Claire Castro during a press briefing in Malacañang Palace in Manila on July 18, 2025. Revoli Cortez, PPA pool

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PCO- USEC CASTRO

Katrina Domingo

ABS-CBN News

MANILA — The government is considering a proposal to impose a wealth tax on affluent Filipinos but economic managers are cautioning against the measure as fuel prices continue to rise, Malacañang said Thursday.At a Palace briefing, Communications Secretary Claire Castro said President Ferdinand Marcos Jr. remains open to all policy options to address the impact of surging oil prices, quoting a message from Department of Economy, Planning and Development (DEPDev) Secretary Arsenio Balisacan.“Ang sabi nga po ng Pangulo, ‘Nothing is off the table’,” she said.However, Castro also relayed Balisacan&#x27;s position that a wealth tax may do more harm than good.<div><a href="https://www.abs-cbn.com/news/business/2026/3/13/economist-bats-for-wealth-tax-cut-in-local-projects-amid-mideast-war-1441">Economist bats for wealth tax, cut in local projects amid Mideast war </a></div>She said Balisacan described the proposal as “an economist’s dream” but noted that it could trigger capital flight, particularly if implemented during an economic downturn.“Implementing or administering a wealth tax is never easy,” Castro added.Citing international experience, Balisacan said several countries — including Germany, France, and Sweden — have abandoned wealth taxes due to administrative complexity and relatively low revenue generation.While the Philippines has yet to adopt such a measure, Castro assured the public that the government is exploring all legal options to cushion the impact of rising fuel costs.The wealth tax proposal has gained attention as analysts suggest the government could raise additional funds for aid programs by taxing high-net-worth individuals.<div><a href="https://www.abs-cbn.com/video/business/01/17/23/imposing-wealth-tax-an-uphill-climb-says-ex-bir-chief">Imposing wealth tax an &#x27;uphill climb&#x27;, says ex-BIR chief </a></div>This comes amid growing calls to suspend or reduce excise taxes on fuel, a move that could ease the burden on consumers but may also significantly reduce government revenues.

The government is considering a proposal to impose a wealth tax on affluent Filipinos but economic managers are cautioning against the measure as fuel prices continue to rise, Malacañang said Thursday.

The government is considering a proposal to impose a wealth tax on affluent Filipinos but economic managers are cautioning against the measure as fuel prices continue to rise, Malacañang said Thursday.

Wealth tax ‘being considered’ but may ‘encourage capital flight’ — Malacañang

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Wealth tax ‘being considered’ but may ‘encourage capital flight’ — Malacañang

Katrina Domingo,

ABS-CBN News

Published March 26, 2026 06:45 PM PHT

Read More:

wealth tax

oil crisis

state of national energy emergency

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