MANILA, Philippines — Plugging loopholes in the country’s taxation system should be the way to go for every administration, since this will generate more income for the government, instead of imposing taxes and further burdening the people, according to Promdi party presidential candidate Sen. Manny Pacquiao.
“We have to improve our revenue-generating income. That is our real problem. This has always been neglected for decades now. We have always focused ourselves on the expenditure side,” Pacquiao said.
“Sadly, because of corruption, our government coffers have always been emptied,” he told CNN Philippines last Sunday, during the media company’s presidential debate hosted by anchors Pia Hontiveros and Pinky Webb and sanctioned by the Commission on Elections.
The Filipino global boxing icon also explained that he is not totally against borrowing funds from lenders like the World Bank or Asian Development Bank, but insisted that the Philippines should be self-sufficient and not rely on foreign debt to pump prime the economy.
“We have to spend only based on what we earn. It’s just like in our homes. For example, the household budget is P50,000. We have to strictly stick to that budget so that our family, or our government, can survive and not just rely on foreign debt,” Pacquiao said.
“There are two kinds of debt: one is investment with return and the other is borrowing for the purpose of spending it. The loan from which it will have investment with return is good, as far as I am concerned,” he added.
For the senator, the good debt is the kind where “I will borrow money to buy a generator.”
“This is not bad because there will be an income return. This will be for the betterment of our nation,” he said.
Filipinos already have too much of empty promises, according to the presidential aspirant, and this should serve as an eye-opener for them to choose a leader who truly cares for the nation and the people, especially the poor, and one who puts God at the center of his life.
He said he does not mind losing the election as long the country’s next leader is a “godly person” and a “godly leader.”
He added that he decided to run because he feels the need to step in and stop the systemic corruption that is the root cause of poverty in the country.
“When I was still starting out as a boxer, I was told that somebody wanted to talk to me. He relayed the information that 70 percent of the proceeds will be given to me. I told them don’t ever try because I will just slap them,” Pacquiao recalled.
“This is the reason why I decided to run for president because our people have already suffered so much because of this corruption for several decades now. I want a leader who fears God. It pains me to see my countrymen die from hunger,” the billionaire-senator added.