Yasay wants change in RP's socioeconomic policies

MANILA, Philippines - Bangon Pilipinas vice presidential candidate Perfecto Yasay Jr. said yesterday he plans to change the socioeconomic policies in the country if he wins in the May polls.

He said present economic policies favor only the rich and the elite, leaving the poor with fewer opportunities to share in the country’s resources.

“I would like to make sure that the fundamental law of our economic system is dismantled,” he said.

Yasay, who served as chairman of the Securities and Exchange Commission (SEC) from 1995 to 2000, said there are too many “socioeconomic injustices” in the current political and economic system in the country.

“There is the overpowering interest of the elite class.” 

As such, Yasay said he would put in place policies that would enable the rich to share their wealth with others.

He said when he was SEC chairman he pushed for ordinary people’s access to stock market investments.

But while he vowed to dismantle policies that favor the rich, Yasay said he would also push for a more favorable tax environment for businesses and investors.

He stressed that this is the way the country would attract investments.

“We have to make sure policies are stable and we have to have a favorable tax environment.” 

He said he would also be serious in fighting corruption so that investors would be more willing to set up businesses in the country.

“A huge part of the national budget goes to corruption,” he lamented.

Asked if he would push for new taxes if elected, Yasay said there is no need for that.

“We are still borrowing money but it goes to corruption so if we have new taxes, that will just go to corruption,” Yasay said.

He challenged whoever will win as president not to impose new taxes and show that he or she is serious in fighting corruption.

“We should even eliminate existing taxes such as the expanded value-added tax (E-VAT),” Yasay said, adding that this tax is inequitable as it hurts only the consumers and not the manufacturers.

A lawyer by profession, Yasay has experience in the field of legal and judicial systems and has litigated numerous corporate, civil and criminal and immigration cases under the Philippine and American legal and judicial systems and in various quasi-judicial and administrative bodies.