“As soon as the fear approaches near, attack and destroy it.” – FRANCIS of ASSISI.
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As Israelis struggle to get past the barbaric atrocities committed against them by the terrorist organization Hamas, Filipinos are struggling to get over headaches that have something to do with socio-economic issues. PBBM has suddenly stepped on the brakes on the procedural implementation of the Mahalika Investment Fund vis a viz the Implementing Rules and Regulations.
The pesky jeepney strike is but a speck in the ocean of problems but the stubborness of its organization in complying with the government’s modernization program reminds you of how Hamas continues to pester the Netanyahu leadership no end.
Ugly rumors about who will get appointed to the choice seats and officialdom of the Maharlika Investment Corporation that run amd manage the MIF has been the fodder that is feeding the media to speculate.
Some smart observers are saying loopholes in the MIF law must have been discovered which prompted the Chief Executive from promoptly executing its implementation.
As invoked by Finance Sec. Benjamin Diokno, the MIF should be hitting the ground running by end of this year.
Did the on-going hostilities in the Mid-East, particularly the situation in Israel, have something to do with the suspension?
Reports say PBBM is slated to visit Saudia Arabia for talks with Crown Prince Mohammad Bin Salman (MBS) about the MIF.
MBS is reportedly very familiar with the investment fund concept and might be interested in what PBBM has to offer.
However, the domestic financial scene does not lookm ideal as it appears.
The BSP (Bangko Sentral ng Pilipinas) has reportedly adviced the two state-owned contributors to the MIF, (LandBank of the Philippines and the Development Bank of the Philippines) to be aware of their obligations to maintain a capital reserve fund without jeiopardizing their operations.
To this, the LBP and the DBP asked the BSP that their respective investments to the MIF be considered part of their capital funds without diminishing unduly the capitalization as required.
The financial language they are using may be alien to the laymen and thus there is really a need for the MIF advocates to explain to the Filipino nation why the President suddenly suspended the implementation of the MIF.
Besides, the people are still in a quandary why Malacanang should be pursuing a wealth fund while the problems staring the President in the face are simply basic issues such as agriculture and food security, inflation, job generation, basic education, housing nd opublic health care.
The West Philippine Sea dispute does not even rate a greater rank in a scale of ten.
There are rumors that a cabinet shake-up is in the offing, which is why PBBM suspended the MIF implementaion.
He probably wants to put in some better qualified people, those who can ably help him steer the MIF bus to its destination.
Expert fund managers are what PBBM needs if he envisions the MIF to roll out smoothly.
Filipinos who have international experience with stints in prestgious foreign investment houses are ideally the guys the president must appoint.
These are high salaried top executives who may not be attracted by the compensation in peso currency. Therefore, the government will be forced to offer the qualified apppointees in dollar denomination in order to expect positive, big results.
Otherwise, if the MIC (Maharlika Investment Corporation) is run like the bureacratic manner the government has been (mis) handled for years and decades, then the Filipino people can say goodbye to taxpayers; money.
Who knows actually if the suspension might do good as continuing reviews of the law and the prospective IRR will be subject to meticulous discussion and debate.
When a healthy atmosphere arises, it will be easy to sift the most sensible rationale, aside from being able to temper the same with developing geo-political conditions obtaining at this time.
As old folks say, “haste makes waste.” (EmaIl feedback to fredlumba@yahoo.com). GOD BLESS THE PHILIPPINES!
