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Taxes on POGO, e-sabong: Joey Salceda finds funding sources for Bayanihan 3 (SABONGARENAS)

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House Committee on Ways and Means chairperson and Albay Rep. Joey Salceda is confident that Congress can fund the proposed Bayanihan to Arise As One (Bayanihan 3) without borrowing. “In all likelihood, there will be a third Bayanihan measure. It will be deficit-neutral, if my work with Secretary (Carlos) Dominguez succeeds,” Salceda said. Salceda said Bayanihan 3 is largely composed of lifeline measures or measures to immediately alleviate poverty and hunger. “The tug-of-war was between those who wanted ayuda by increasing our debt, and those who said we could not borrow anymore. We need ayuda, so I mediated by providing options that will not increase our deficit, including more GOCC remittances, capital withdrawal from GOCCs, and taxes on POGOs and e-sabong. That intervention appears to have broken the gridlock. We will have Bayanihan 3,” Salceda said. Salceda said the full-blown stimulus should be made when the mobility of people is already maximized. “When the velocity of money is slow, it is unwise to infuse liquidity for growth. But we need to feed our people. So, actually, Bayanihan 3 will not be stimulus, but mainly lifeline,” Salceda explained. “Stimulus will be much more effective later, when we begin returning to normalcy. Our top priority now is to keep our people alive.” The current draft of the technical working group (TWG) on Bayanihan 3 includes P108 billion for universal basic income of P1,000 per head, with another P108 billion in standby funds; P12 billion in direct funding for assistance for individuals in crisis situations (AICS) of the Department of Social Welfare and Development, and P3 billion for Medical Assistance for Indigent Patients (MAIP). Salceda said the package can also include the P54 billion needed to fund the Pension and Gratuity Fund that the Speaker. To fund Bayanihan 3, Salceda proposed to increase mandatory dividend remittance of Government Owned and Controlled Corporations (GOCCs) from 50% to 75%, temporarily. He said the Finance department can also allow capital withdrawals from overcapitalized GOCCs. “Authorizing a distribution in excess of dividends, in favor of the government, would allow us to mobilize sleeping money for COVID-19 response without hurting our overall fiscal standing,” Salceda said. Passing the proposed taxes in E-sabong and Philippine Offshore Gaming Operators (POGOs), Salceda said will also generate additional revenue for the government. “Secretary Dominguez supports the POGO taxes. He is also inclined to endorsing the e-sabong tax, but wants a study on the matter. I have already asked the Committee secretariat to supply the necessary materials so his staff can run the numbers,” Salceda added. The Senate is likely to pass POGO taxes as soon as session resumes, and will discuss the e-sabong taxes soon as well, said Salceda.

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