The Freedom from Debt Coalition (FDC) warns that the proposed Corporate Income Tax and Incentive Rationalization Act (CITIRA) shall deepen inequality and will not bring in more FDIs. FDC Executive Director Zeena Bello Manglinong argues that CITIRA, earlier known as TRABAHO, is a regressive measure.

She said: “In America, the presidential aspirants in the Democratic camp have been debating on how the corporate tax should be raised. One candidate is even pushing for a separate additional “wealth tax”, a tax on properties, for the super-rich. The idea is to narrow the gap between the rich and the poor.