In response to Finance Secretary Ralph Recto's ambitious goal of collecting P4.3 trillion in taxes next year, the IBON Foundation, an economic think tank, has renewed its call for the imposition of a wealth tax.

Recto, who recently assumed the position, emphasized the importance of bolstering the country's coffers through tax collection as his top priority.

DZBB News has reported that IBON Executive Director Sonny Africa expressed apprehensions over the potential disproportionate impact on the poor and middle classes due to the hefty tax collection target.

While acknowledging the benefits of targeting tax evaders and improving collection methods, Africa argued that achieving the goal would be challenging without fundamental changes to the tax system.

Africa highlighted a trend of decreasing taxes on big companies and affluent families, leading to an increased burden on ordinary Filipinos.

He pointed out additional taxes imposed on the middle class, including those on plastic bags, digital services, motor vehicle user's charge, sweetened beverages, and alcohol.

Recto, during a Palace press briefing, outlined his immediate priorities, emphasizing the need to collect P4.3 trillion in taxes for fiscal sustainability. He specified allocations of P3 trillion to the Bureau of Internal Revenue (BIR), P1 trillion to the Bureau of Customs (BOC), and P300 million to the Treasury.

Recto underscored the daily target of collecting approximately P20 billion to meet the financial needs of the government and ensure responsible spending. Additionally, he disclosed the government's plan to borrow P2.7 trillion by the following year.

The IBON Foundation's call for a wealth tax aligns with concerns about the current tax system's impact on different socio-economic classes.