“The ultimate authority must always rest with the individual’s own reason and critical analysis.” DALAI LAMA.
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Because it is one of PBBM’s most urgent agenda, the MIF (Maharlika Investment Fund) saw immediate
legislative passage, both in the HOR and the Senate. As media reports said, it was past midnight when the Senate’s majority made a flashy move to approve the controversial bill because it needed to beat the sine die Congress adjournment.
The Lower House has signified its total adoption of the Senate version. While the incumbent economic managers were one in endorsing the concept, a few sober senators and one or two financial experts threw in their two cents worth of opinion. Sen. Imee Marcos, the president’s elder sister, said senators should not act in haste to approve the measure but should spend more time studying it.
The vote was 19-1-1 (yes, no, abstention). Sens. Marcos, Escudero and Pimentel were not able to cast their vote because the trio was not physically present when the voting was conducted while Risa Hontiveros submitted a “NO.”
“Ako, kung minamadali yan, hindi ako papayag kasi malaking pera yan. Mababaon ang ating mga anak sa utang,” Ms. Imee told senate reporters. There were still amendments being awaited because she said the proposed bill is somewhat crued in form. Sen. Marcos noted that only when a nation (government) receives a windfall, that would be the best time to create a wealth fund. “I don’t feel any windfall right now, I feel utang,” she added.
Okay, while this is already happening, it might be of consequence that the proponents and even Malacanang itself explain to the Filipino nation why there was a G-R-E-A-T need for the MIF. What’s in it for Juan dela Cruz and his family? Remember – as Sen. Imee stated – we are talking here of money, not just a simple sum but a very huge one that will be sourced from taxpayers’ money. The details and mechanics are not too publicly known which puts Pinoys in the dark.
Former BSP Gov. Diwa Gunihundo said if the idea is to raise money to build infrastructure and fund government big ticket projects like school buildings, classrooms and housing for the poor, then why doesn’t the government pour the money straight into them as appropriated by Congress. One word of caution that this corner wishes to convey to our legislators and government authorities: Germany has just entered into recession.
There are fears that a global recession is approaching sparked initially by the two-year Covid 19 pandemic and the ensuing repressive deathly lockdowns. J
ust as when Europe, the US and other western countries as well as those in Asia were beginning to recover their poise and sanity, Russia attacked Ukraine that put many countries in peril. Sen. Imee is correct. The MIF is not timely. Should the recession now being felt in Germany spread to Europe and thence to the US, Asia and South America, will our economy not be in danger too? Our currency is attached to the US dollar.
Anytime, the dollar plunges, the peso value plunges, too. Besides, when categorically asked if pension funds won’t be used to invest in the MIF, the GSIS chief Veloso could not say no. He merely said they will obey what the law says. With a litany of corruption stalkiing us from way back (since the first Philippine republic), how can the MIF advocates – with straight faces – say it will be in good hands? No BIG fish has ever been sent to jail for corruption.
Well, at least in Malaysia, they convicted and sent to jail their very own prime minister whose hand was caught inside the cookie jar. Every senator who voted and approved the MIF should be required to explain his vote to the Filipino people. Why? So that in case something tragic and amiss happens,
Pinoys are able to point the blame on all of them. The wealth fund is not a joke. As the term implies, it is an investment fund, a portfolio to be used by the government to earn more funds.
However, at this time when there is an on-going war in Ukraine, another war seems imminent in Taiwan and Israel is beleaguered by its enemies in the Middle East while Iran threatens to unleash its soon-to- achieve nuclear power, there is no sense floating the MIF. Pinoys should observe simple economics.
Find ways to feed the people first. (Email feedback to fredlumba@yahoo.com). GOD BLESS THE PHILIPPINES!
