“The main objection against the GSIS and the SSS inclusion was the use of their pension and contribution funds for the MIF, which leaves only the Land Bank and the DBP as a source of the fund”
When the House Bill proposing the creation of a Sovereign Wealth Fund first came out, I did not comment on it either negatively or positively following so much opposition on whether we should have it or not.
On the inclusion of the Government Service System (GSIS) and the Social Security System (SSS) to finance the SWF, it would be agreed upon in the House.
I had my doubts, since, initially, there were so many objections, whether from the House itself and the public as a whole.
Sure enough, Santa Banana, there had been major changes in the Sovereign Wealth Fund, now called the Maharlika Investment Fund, which originally sought a P275 billion investment.
But this has been been reduced to P110 billion with the exclusion of the GSIS and the SSS, and another P25 billion from the national budget to include only the Land Bank, the Development Bank of the Philippines, Pagcor’s excess funds and Bangko Sentral’s profits which answers one of the main objections of the proposed MIF.
The main objection against the GSIS and the SSS inclusion was the use of their pension and contribution funds for the MIF, which leaves only the Land Bank and the DBP as a source of the fund.
Another principal objection is accountability, after the example of Malaysia when its Prime Minister Najib Razak made Malaysia’s sovereign funds his own piggy bank. Razal and his wife were finally convicted and jailed.
The main objection of the opposition to the fund was that it would be managed by President Marcos Jr., my gulay!
Following the objection for the President to head the board and management of the MIF, major amendments were made on the fund where the Finance Secretary Benjamin Diokno and the other economic managers like Felipe Medalla, BSP governor, Arsenio Balicasan, NEDA chief or socio-economic secretary and, Budget Secretary Amenah Pangandaman would instead head the board and management of the MIF.
Since the bill was proposed by House Speaker Martin Romualdez and the President’s son, House Deputy Majority Leader Ilocos Norte Rep. Sandro Marcos, and many other allies of the Marcos administration with the main objections to the bill removed, members of the House have started crossing party lines to endorse the MIF, and more so after the President revealed that the idea of a sovereign wealth fund came from him in an interview with reporters, on his way to Belgium, the passage of the MIF is assured.
And its third and final reading will take place before Congress takes a break for the Christmas and New Year holiday.
Now the big question. Do we need the MIF at this time when our foreign debt is close to P300 trillion, and with so many crucial problems, like inflation and high prices of prime commodities, and the problem of low wages, are still to be tackled?
As BBM said, give the MIF a chance, since we need investment.
On this matter, I believe, as BBM does, that we need investments to meet problems of high indebtedness, inflation and many other problems and challenges that could result in our failure for economic recovery.
Revisions in the original bill on the Sovereign Wealth Fund have more and more House lawmakers crossing party lines, now more than 90 percent of its members, endorsing the MIF to assure its passage before the session break of Congress.
*** *** ***
President Marcos Jr. is now in his sixth month in office as secretary of the Department of Agriculture.
As DA secretary, BBM has laid the groundwork for food security for the next six years of his administration.
So far, so good, as they say.
And the President’s frequent travels abroad have assured the Philippines, not only the foreign investors, to provide more jobs as he invites more and more investors with his mantra that the “country is open for business”.
But, Santa Banana, before BBM steps down as secretary of agriculture, he would do well to go after so many smugglers of agriculture products, mainly onion, rice, fish and meat products.
Farmers’ organizations have identified about 15 to 20 smugglers in addition to those already identified by the Bureau of Customs and the DA.
There is a need for the President to show zero-tolerance on all matters of corruption, including smuggling, which seems to be a big threat to the capacity of local farmers to produce more.
In his six months as DA secretary, I am sure BBM is fully aware to what extent the continuous smuggling of all kinds of agricultural products can be a big threat to food security.
Mister President, now that these smugglers have been identified, go after them and charge them for economic sabotage.
*** *** ***
It is almost the end of the year 2022 and killer and super typhoons have come and gone, devastating infrastructure and agriculture, killing people and destroying livelihood.
And still the long pending Department of Disaster and Reliance bill is still pending in the Senate, with only Senator Bong Go pushing for its approval.
I cannot understand why the Senate is not pushing for its approval, especially Senate President Migz Zubiri.
I also cannot understand why the President is lukewarm in having the DDR a priority when he knows full well that the Philippines has been listed as one of the top countries in the world that are prone to calamities and disasters in the amount of billions of money lost.
I am talking here not only of killer and super-typhoons, but also of earthquakes, considering the country is within the “ring of fire,” like Japan and Indonesia.
The country is also prone to volcanic eruptions with so many active volcanoes in the country.
It’s for all these reasons why I am saddened with the reluctance of the President to certify the DDR as “urgent” when he knows full well that many lives are lost and the effect of calamities and disasters affecting the country, with billions of pesos lost.
As acting secretary of agriculture, I am sure he is fully aware of killer and super-typhoons that can threaten food security.
I cannot but admire what Senator Bong Go is doing, being the only senator pushing for a DDR.
In this connection, I must say that Senator Go continues to amaze me.
Santa Banana, he had just opened his 153rd Malasakit Center where the poor and the indigents go to for their needs: when they get sick or become the victims of calamities and disasters.
A Malasakit Center is a one-stop shop, located almost always in a hospitals, bringing together the offices of the Dept. of Social Welfare and Development, Department of Health, Philhealth and the Philippine Charity Sweepstakes Office under one roof to ease access to government financial and medical assistance, particularly to poor and indigent patients.
My gulay, after a fire and after a flood almost always ahead of the SWD people, Senator Bong Go is always there lending assistance to the victims, not only to commiserate with them, but even giving them financial assistance.
I wish more senators would follow what Senator Go is doing.
It is for this reason why I am glad Senator Robin Padilla is now joining Go in his effort to help the victims of disasters and calamities.
As for the President, he says that he is for an agency under his office that should be created for disasters and calamities, Santa Banana.
Mister President, while we have the NDRRMC or the National Disaster Risk Reduction and Management Council, an ad hoc body under the Bureau of Civil Defense of the Department of national Defense, we need , like yesterday, a department to focus and strategize in not only saving lives, but to minimize destruction of infrastructure, devastation of agriculture, and to relocate villages and homes prone to landslides.
Only a full-sized department, my gulay, with its own budget allocation in case of relief and rehabilitation can do this.
For the nth time, Santa Banana, I plead with the President and the Senate to enact the DDR immediately.
We need one, like yesterday.