ADB: To assist the Philippines recover from the pandemic, the country will need to implement substantial tax reforms. Tax yields in the region average at 17.6% of gross domestic product (GDP), significantly below the regional average of 24.9 percent. According to the Asian Development Bank (ADB), several Asian countries collect much less in income tax. According to the report, imposing a larger tax burden on the wealthy can increase income while also promoting equity. According to an Oxfam estimate, the Philippine government could raise $6.3 billion by taxing wealth over $5 million.
News Source: https://www.philstar.com/business/2022/04/11/2173627/bold-tax-reforms-seen-help-economy-recover
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