New tax reform package might worsen joblessness — Zubiri

Sen. Juan Miguel “Migz” Zubiri (File photo by CATHY MIRANDA / INQUIRER.net)

If the first tax reform package supposedly led to high inflation, the second one might worsen the country’s joblessness.

Millions of Filipinos may lose their jobs if more than 2,000 businesses pull out of the country as a result of losing their fiscal incentives under the proposed second tax reform package, Senate Majority Leader Juan Miguel Zubiri said on Wednesday.

He issued the warning after Senate President Vicente Sotto III indicated his intention to file the measure proposing a new round of tax reforms following the Tax Reform for Acceleration and Inclusion Act.

“There’s something like 2,600 corporations that are utilizing these incentives. I want to ask the [Department of Trade and Industry] how many laborers are working for them?” Zubiri said.

He said it would still be manageable if only tens of thousands of jobs were to be lost, but he feared that it could be more.

“I want to know how many jobs are being employed by the 2,600 companies,” Zubiri said. —DJ Yap