January 25, 2023 | 8:19 pmTHE PHILIPPINES must focus on developing its own agriculture and industry and de-emphasize the pursuit of foreign direct investment , a progressive-leaning think tank said.
“More countries are closing than opening over the last decade because they are protecting their economies .” Rosario Guzman, IBON’s research head, said the government can strengthen domestic production by directly purchasing from farmers and fisherfolk, creating price supports, providing free crop and climate insurance, and giving farmers subsidized cold storage.
Utilities, transportation, power, water, telecoms, education, health, and housing in the Philippines are mostly handled by the private sector. Excise and value-added tax are equivalent to 3% of gross domestic product, while corporate income tax is 2.8%, Ms. Guzman said building the case for a wealth tax.