BSP Governor Benjamin Diokno (File photo) MANILA - Taxing people based on their consumption is better than taxing them based on their income, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said. In a Laging Handa briefing on Friday, Diokno reiterated his earlier stand on the issue, saying "it's better to tax people on the basis of what they take away from society, consumption iyon (that's consumption), rather than what you contribute to society which is your income." "So maganda talaga 'yung value-added tax," he said, referring to the measures to tax digital transactions and the rich. Last month, the House of Representatives approved on final reading House Bill 7425, which slaps a 12 percent VAT on digital transactions to help boost government revenues. Diokno said lawmakers are now pushing for this measure but pointed out that it is better to exclude from this bid small value transactions to encourage people to further use digital modes for