Tax Justice Network: Philippines loses $20.7 billion in taxes, hitting more than half of its health spending

The Philippines’ tax revenue losses reached $20.65 billion between 2016 and 2021, according to the latest edition of the State of Tax Justice by Tax Justice Network. This was equivalent to 51.2% of its total health spending during the same period. The country’s share of losses was the second highest among its peers in the East and Southeast Asian region and was significantly higher than Asia’s 10.5% total share. The report monitors the amount of money lost per country in tax to multinational corporations and wealthy individuals who use tax havens to underpay tax.