ML Party-list Rep.Leila de Lima has filed a bill in the House of Representatives seeking to impose an annual “ultra-wealth tax” on billionaires in the Philippines.The proposed measure, House Bill No.9274 or the Ultra-Wealth Tax Act, aims to amend provisions of the National Internal Revenue Code of 1997.It targets individuals with net taxable assets exceeding P1 billion.

Under the proposal, a graduated tax structure would be applied: 1% for wealth above P1 billion, 2% for wealth above P2 billion, and 3% for wealth exceeding P3 billion.

De Lima explained that the measure is intended to address growing inequality in the country, noting that consumption taxes tend to disproportionately affect low- and middle-income earners while wealthier individuals contribute less in relative terms.She emphasised that the tax would only apply to a very small number of taxpayers but could generate significant revenue.

The proceeds from the proposed tax would be allocated to public services such as healthcare, education, social protection, housing, and employment support programs, as well as assistance for local government units.

De Lima also stressed the importance of social justice and fair taxation, urging the government to ensure that public funds are used effectively for the benefit of ordinary Filipinos.

The proposal comes amid ongoing global discussions on wealth taxes, although some countries in Europe have previously scrapped similar policies due to administrative complexity and limited revenue gains.Malacañang has stated that it is open to considering such proposals as part of broader fiscal policy discussions.